(1) Upon commencing their commercial business and as per the close of each financial year, merchants are to draw up a statement showing the relationship between their assets and debt obligations (opening balance sheet, balance sheet). The provisions applying to annual financial statements are to be applied accordingly in drawing up the opening balance sheet insofar as they pertain to the balance sheet.
(2) The merchant is to draw up accounts juxtaposing, as per the close of each financial year, the expenditures and earnings of the financial year (profit and loss account).
(3) The balance sheet and the profit and loss account constitute the annual financial statements.
(4) Subsections (1) through (3) are not to be applied to sole traders within the meaning of section 241a. In cases in which a business has been newly established, the legal consequences set out in sentence 1 will ensue already if the limits stipulated by section 241a sentence 1 are not exceeded on the first balance sheet date following the establishment of the business.