A master thesis from Aalborg University
Generationsskifte af kapitalselskaber
[Generational change of capital companies]
Forfatter(e)
Semester
4. semester
Uddannelse
Udgivelsesår
2025
Afleveret
2025-05-10
Antal sider
48 pages
Abstract
Abstract Earlier in Denmark it has not been possible to rely on a model for generational handover, since TSS-cirkulære 2000-9 and 2000-10 has been functioning as guiding models for the un- derlying valuation of companies with share capital up to a generational handover. On the 8th of April, the Danish parliament adopted the rules for the new schematic valuation model which basically is based on former TSS-cirkulærer, but with the great benefit that interested parties can rely on the valuation as long as the conveyance is happening with succession and with partial conveyance to the low gift tax. Many times, the preparation of a general handover can be a profound process where the new generation, together with the current owner, can choose to use a theory about restructuring to e.g. control which assets to generationally handover, create a better company structure with- out effect of liquidity in consequence of payment of tax and in other cases to avoid a rule of money bin. Afterwards I have constructed a practical example of a general handover of the case company called Enterprise Holding A/S. First and foremost, there is a focus on obvious possibilities of restructuring that do not only have to work short term, but also long term where the current owner wishes to be left with a holding company from where you can make investments in stock as well as real estate with active rental in mind. After the desired company structure was achieved with help from different methods of restructuring, the valuation of the concern was calculated with help from the new schematic valuation model. In closing different possibilities of funding of the generational handover in the case assign- ment have been discussed. The result of this discussion shows that it is both most lucrative for the new generation to enter the concern, but also that the former generation achieves the pro- ceeds they see as being appropriate after many years of active running.
Emneord
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