Vorratsgesellschaften - Begriff und Bedeutung (German Edition)


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Inter-Company Loan Purchase Price. Mono Use IP Rights. Relevant JV Sale Permission. Straddle Period Tax Return. Any English language term to which a German or any other translation has been added in parentheses shall be interpreted throughout this Agreement within the meaning assigned to it by the German or the other translation, as the case may be. Sale and Purchase of Shares. As promptly as practicable following the Signing Date, Seller shall, or shall cause the French Entities to, initiate the French Works Councils Process and Seller will use best efforts to take all actions necessary to complete the French Works Councils Process as soon as practicable after the Signing Date.

Seller shall not be obliged to sell or to cause the respective Share Selling Affiliates to sell the French Shares and shall be free to accept the French Offer with respect to the French Entities during the Offer Period. Seller has provided in section The Parties agree and acknowledge that, in the ordinary course of business, due to, inter alia, terminations and replacements, the list of Business Employees will undergo certain changes during the period between the Signing Date and the Closing Date and such list will be updated as of the Closing Date to reflect the same.

Notwithstanding the foregoing, from the Signing Date until the Closing Seller shall, and shall cause its Affiliates to, use commercially reasonable efforts to maintain the services of the Business Employees. Seller is a value-driven company. Its core values include, inter alia, compliance with all legal requirements, social responsibility and a trustful cooperation with its employees and their representatives. These values reflect the manner in which Seller runs its business and all its business transactions. Against this background, the Parties agree that the following general principles shall be applied with regard to the envisaged transfer of the Business Employees:.

In connection with the transfer of the Business Employees to Purchaser or a Purchaser Designee, each Party shall comply, and shall cause their respective Affiliates to comply, with all applicable Laws and any agreement with any relevant trade union, works council, other employee representative body, or with any individual Business Employee. If, despite the intention of the Parties, any individual other than the Business Employees currently being employed by Seller or any Affiliate of Seller will claim after Closing his or her employment with Purchaser or a Purchaser Designee, a Sold Entity or a Sold JV Entity, Seller shall indemnify Purchaser and hold Purchaser harmless against any and all claims which Purchaser or the relevant Purchaser Designee, a Sold Entity or a JV Majority Participation, may be subject to in that respect and against any and all costs Purchaser or a Purchaser Designee, a Sold Entity or a JV Majority Participation may suffer as a result thereof.

The Parties agree and acknowledge that, in this event, the employment relationships of the respective Business Employees will, subject to the non-objection by the individual Business Employee, to the extent such objection is permitted by the legal requirements of the respective jurisdiction, transfer to Purchaser or the Purchaser Designee automatically.

Insofar as required by the legal requirements of the respective jurisdiction, Seller or the respective Selling Affiliate shall notify the respective Business Employees in accordance with the applicable legal requirements. This shall include making Business Employees. Seller shall consult with Purchaser about the wording of the information. The Parties undertake to disclose the information necessary for such notification and make it accessible to one another.

Purchaser shall furnish Seller and the respective Asset Selling Affiliate with sufficient and correct information within its sphere which is required by Seller or the respective Asset Selling Affiliate to fulfil all information obligations towards the respective Business Employees pursuant to the applicable legal requirements.

Purchaser shall indemnify Seller and the respective Asset Selling Affiliate from any and all losses incurred or suffered by Seller and the respective Asset Selling Affiliate as a result of any failure by Purchaser to provide sufficient and correct information. Seller shall indemnify Purchaser from any and all losses incurred or suffered by it as a result of any failure by Seller or the respective Asset Selling Affiliate to provide sufficient and correct information. The Parties shall comprehensively inform one another without undue delay about objections of Business Employees to the transfer of their employment relationship and shall, without undue delay, make any correspondence in this context available to the other Party.

Insofar as permitted and enforceable and if requested by Purchaser, the workload to be done by those Business Employees, who have not accepted the Employment Offers, will be continued on the basis of transitional service agreements against reimbursement of costs in order to ensure a continuous operation of the business.

For avoidance of doubt, Purchaser will not be liable for any severance benefits or payments for individuals who refuse to transfer to Purchaser upon Close. Seller shall indemnify Purchaser and hold Purchaser harmless against any and all claims which Purchaser or the relevant Purchaser Designee, a Sold Entity or a JV Majority Participation may be subject to in that respect and against any and all costs Purchaser or a Purchaser Designee may suffer as a result thereof.

None of Seller or any Selling Affiliate shall issue a competing offer of employment as contemplated by such Retention Agreements. Purchase Price; Purchase Price Adjustment. If on the basis of the final and binding Closing Date Statements,. Any items not disputed in the Objection Notice shall be final and binding on the Parties.

von Margarete Payer

Each representation and warranty of Seller contained in this Agreement other than the Fundamental Representations shall be true and correct as of the Closing as though such representation and warranty was made on and as of such time or. Each covenant and agreement of Seller required by this Agreement to be performed by it at or prior to the Closing will have been duly performed and complied with in all material respects as of the Closing. Seller shall have delivered to Purchaser a certificate, dated as of the Closing Date and duly executed by a senior executive officer of Seller, to the effect that the conditions set forth in this Section have been satisfied;.

Seller shall cause the Share Selling Affiliates to deliver Certificates if any representing the Sold Shares, duly endorsed in blank or accompanied with appropriate stock powers if stock, or duly executed assignments thereof if not held in the form of stock, or evidence that the Share Selling Affiliates shall have taken such other actions as may be necessary under applicable Laws to transfer ownership of such Sold Shares to Purchaser or its Purchaser Designee;.

The execution and performance by Seller of this Agreement and each of the Ancillary Agreements to which Seller is or will be a party are within its corporate powers, do not violate its articles of association or by-laws and have been duly authorized by all necessary corporate action.

Except for the Merger Control Clearances and the Chinese Approval, the execution and performance of this Agreement and each of the Ancillary Agreements to which Seller or its Affiliates is or will be a party do not require any approval by any Governmental Authority and do not violate any applicable Law or decision by any Governmental Authority binding on Seller or any of its Affiliates. Seller is the direct or indirect owner of substantially all of the assets including operating subsidiaries and operates substantially all of the businesses indirectly owned and operated by TRW Automotive Holdings Corp.

The Sold Entities, the JV Majority Participations and the Asset Selling Affiliates either own, or are legally entitled to use on the basis of valid license agreement with third parties, all software currently used within the Business. Except as set forth in Schedule Except as disclosed in Schedule Selling Affiliates, received any notice, report, citation, complaint, summons, directive, order, claim, information request, or other communication from any Governmental Authority or other Person regarding any actual, potential, or alleged Environmental Condition, violation of or liability under Environmental Laws.

All insurance policies maintained by the Sold Entities and the JV Majority Participations are in full force and effect and have not been terminated. Each of the Sold Entities and the JV Majority Participations is, and has been, in full compliance with all terms and conditions of such insurance policies.

The accounts receivable reflected in the books and records of the Sold Entities or the JV Majority Participations are legally existing. Except as set forth on Schedule Purchaser shall take commercially reasonable steps to procure that the Sold Entities or JV Majority Participations including their advisors provide Seller with such information and assistance as Seller or its advisors may reasonably request to investigate the Third Party Claim. The following terms shall have the following meanings:.

Tax Returns and Tax Assessments. Purchaser will prepare and timely file, or cause to be prepared and timely filed, all other Tax Returns that are required to be filed in respect of the Sold Assets, the Business and the Sold Entities and JV Majority Participations. For the avoidance of doubt, such cooperation shall include: Any and all payments made by Purchaser hereunder, including, without limitation, the payment of any Purchase Price shall, except to the extent contemplated hereunder or as otherwise required by Law be free and clear of withholding.

Any amount withheld hereunder, or as otherwise required by Law shall be treated as paid hereunder and received by Seller or Seller Affiliate as applicable, for all purposes hereof. Subject to the terms and conditions of this Agreement, Seller shall indemnify and hold harmless Purchaser Indemnified Parties from and against any Environmental Losses of Purchaser Indemnified Parties actually paid or payable and resulting from: For the avoidance of doubt, the preceding sentence shall not limit any direct Environmental Losses suffered by a Purchaser Indemnified Party other than a Sold JV Entity.

If and to the extent Seller or Purchaser has borne costs exceeding its share of the Individual Incident Cost Sharing Amount, it shall be reimbursed the exceeding amount by the counter-party. Those exceeding amounts shall be deemed Individual Incident Costs. The Parties agree to notify each other promptly of all material communications from governmental authorities and third-parties regarding Current Remediation Measures, Future Remediation Measures and Investigated Sites Remediation Measures and shall provide copies of any such written material communications and upon request provide written summaries of any such verbal material communications to the counter-party.

Seller shall indemnify and hold harmless Purchaser Indemnified Parties from and against any Environmental Losses of the Purchaser Indemnified Parties actually paid or payable and resulting from the other remediation matter set forth on Schedule Such Environmental Losses shall be subject to the Liability Cap.

Product Liability Claims and Recalls. Purchaser shall not settle any Product Liability, Recall and Warranty Claim without the consent of Seller, such consent not to be unreasonably withheld or delayed by Seller. In the case of government mandated recalls or recalls of defective Products Seller will retain the right to be consulted in advance and must agree the level of costs and contribution if any required to the extent attributable to Seller.

The Parties will jointly discuss and evaluate what action, if any, is to be taken. Costs and actions will need to be agreed in advance on a case by case basis and the costs must be reasonable. Purchaser is a limited liability company, duly incorporated and validly existing under the Laws of the Federal Republic of Germany. The Purchaser has all corporate powers required to carry on its business as currently conducted. Purchaser is acquiring the Business on its own behalf and not as an agent or trustee nor with a view to an immediate on-sale or distribution of any part thereof after the Closing Date.

Purchaser acknowledges that there are uncertainties inherent in attempting to make such estimates, projections and other forecasts and plans, that Purchaser is familiar with such uncertainties, that Purchaser is taking full responsibility for making its own evaluation of the adequacy and accuracy of all estimates, projections and other forecasts and plans so furnished to it including the reasonableness of the assumptions underlying such estimates, projections and forecasts , and that Purchaser shall have no claim against Seller, the Selling Affiliates, the Sold Entities and the Sold JV Entities, any of their respective Affiliates or any other Person with respect thereto.

Accordingly, Seller makes no representations or warranties whatsoever with respect to such estimates, projections and other forecasts and plans including the reasonableness of the assumptions underlying such estimates, projections and forecasts , and Purchaser has not relied thereon. From the Signing Date to the Closing Date, except as in the ordinary course of business and in accordance with past practice or otherwise contemplated hereunder or with the prior consent of Purchaser and, in each case, to the extent.

From the Signing Date to the Closing, Seller shall use best efforts in order to obtain the consents to the transfer of the contracts listed on Schedule Until the French Closing, the French Entities continuing to conduct the Business in substantially the same manner as conducted by the French Entities on the Signing Date;. Cooperation and Post Closing Obligations. Unless otherwise set forth in any Ancillary Agreements, in respect of any tangible assets that are used equally or mainly by Seller or any Selling Affiliate with respect to businesses other than the Business the Parties shall reasonably cooperate and agree on a solution as to allow Purchaser a smooth and expedient transition of the Business, including to continue a shared use of such asset for a reasonable transition period against a reasonable cost sharing.

Kulturen von Arbeit und Kapital

This shall include for the Seller an opportunity to visit and inspect all properties, assets and premises pertaining to the Business during regular business hours and upon reasonable advance notice and for each Party, to the extent legally permitted, the right to examine, copy or photograph any such documents and an opportunity to discuss with the representatives of the Sold Entities, the Sold JV Entities or the Purchaser or, as the case may be, the Seller or the Selling Affiliates all matters which are in the reasonable opinion of the requesting Party relevant for the matter in fact.

Seller shall and shall procure that the Selling Affiliates properly maintain and preserve all Retained Business Records and other Business Records and all other assets, documents, records and accounts, information which have not been transferred to Purchaser, in each case to the extent they relate to the Business. Purchaser agrees to grant, and hereby grants, to Seller a fully paid up, royalty free, world-wide, perpetual, irrevocable, non-exclusive license, with the right to sublicense, in any Sold IP Right if such right is also used in a retained business of the Seller or an Affiliate of Seller that existed prior to the Closing Date and is not in competition with the Business.

From and after the Signing Date, the Seller shall: To the extent the liens, pledges, mortgages, charges or other security interests or encumbrances set forth on Schedule Executive Vice President and General Counsel. Senior Vice President and General Counsel.

New York, New York All notarial fees, transfer taxes, stamp duties, Unrecoverable VAT, registration duties and other charges and costs payable in connection with the notarization, execution and completion of this Agreement and the transactions contemplated in this. Agreement, including any fees for the Merger Control Clearances, shall be borne by the Purchaser, except where the legal incidence of such cost under applicable Law is imposed on the Seller.

All other costs and expenses incurred by a Party in connection with this Agreement including the costs of professional advisors shall be borne by the Party legally responsible for such costs. No Party shall take any action that would cause such Party to be unable to satisfy its obligations under this Agreement. The terms and conditions of this Agreement shall be binding on, and inure to the benefit of, the Parties and their respective successors and permitted assigns. Purchaser shall only be entitled to terminate the appointment of the Purchaser Service Agent upon appointment of another Purchaser Service Agent who is a lawyer Rechtsanwalt admitted and domiciled in Germany.

Without undue delay upon the appointment of any new Purchaser Service Agent, Purchaser shall issue a written power of attorney Vollmachtsurkunde to the Purchaser Service Agent and shall instruct the Purchaser Service Agent to submit such power of attorney in connection with any service of process hereunder. Signed under Power of Attorney. GmbH, a German limited liability company, having its registered seat in Frankfurt am Main, registered in the commercial register of the local court of Frankfurt am Main under no.

Purchaser is, inter alia , engaged, through its Affiliates, in the manufacture and sale of original and aftermarket automotive products. Prior to the conclusion of this Agreement, Purchaser had the opportunity to carry out a review and to assess the Business. The information disclosed to Purchaser comprises, inter alia , documents contained in the VDR. Shall mean a memorandum stating that all Closing Conditions have been fulfilled and that all Closing Actions have been either completed or waived and that Closing has occurred.

By way of example, if x remediation of a specific chemical caused by a leak from a specific area is identified in Schedule Shall, subject to Section By way of example, existence of soil contamination by petroleum on one part and groundwater contamination by chlorinated solvents on a different part of a Covered Property, shall be regarded as two distinct and different Individual Incidents. By way of further example, each of the Existing Environmental Conditions identified in Schedule Migration of a Hazardous Substance originating on a Covered Property from one location to another location does not constitute separate Individual Incidents.

By way of example, existence of groundwater contamination by chlorinated solvents at one location that has migrated to another location shall be regarded as a single Individual Incident. In the absence of Environmental Laws in a particular jurisdiction, the Parties agree to conduct Current Remediation Measures, Future Remediation Measures and Investigated Sites Remediation Measures based on the risk-assessment principles documented in Schedule The following other terms shall have the meanings as specified in this Agreement indicated below:.

The headings in this Agreement are inserted for convenience only and shall not affect the interpretation of this Agreement. The sale and transfer of the Sold Shares shall include all ancillary rights Nebenrechte pertaining thereto, including the rights to any undistributed profits of the Sold Entities for the current and any prior business year, if any.

Purchaser hereby makes the French Offer for the French Shares pursuant to the terms and conditions of this Agreement. Completion of the French Works Councils Process shall be deemed to take effect with respect to a French Entity upon Seller considering that it has concluded the French Works Councils Process in respect of the proposed transaction in accordance with the applicable legislation. In the event that the French Works Councils fail to provide an opinion within the timeframe required by applicable French Law or any applicable collective bargaining agreement, after having been appropriately informed and consulted, which shall be determined by Seller, having regard to French legal requirements and past practice, Completion of the French Works Councils Process will be deemed to take effect upon such date as the Parties, acting reasonably and in good faith, determine jointly, that no further information and consultation process is required with the French Works Councils in respect of the contemplated transaction.

Seller shall not make, propose or accept any Works Councils Commitment which could affect or prejudice the financial, legal or other position of any of the French Entities or of Purchaser or any of its Affiliates, including but not limited to a change in any of the terms of the French Sales Agreement to any of the French Works Councils, without the prior approval of the Purchaser. Purchaser shall be under no obligation to accept any Works Councils Commitment or change in terms of its French Offer. An Acceptance Notice shall be contingent on the consummation of the Closing.

The Parties acknowledge that the outcome of the French Works Councils Process may influence the terms and conditions of the French Offer in respect of the French Shares, although it is also acknowledged that there is no obligation for either Party to agree towards each other on any changes to these terms and conditions. If with respect to the French Shares Seller delivers an Acceptance Notice at or prior to Closing, the French Closing shall occur concurrently with and as part of the Closing pursuant to the terms and conditions of this Agreement and the French Sales Agreements.

If Purchaser elects to waive such Closing Condition,. Subject to the terms and conditions of this Agreement, Seller hereby sells verkauft and agrees to cause the Asset Selling Affiliates to sell the Sold Assets to Purchaser or a Purchaser Designee, and Purchaser hereby accepts or agrees to accept this sale, in each case in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, Excluded Assets shall mean. Seller undertakes to, with effect from the Closing Date, discharge Purchaser from, and to perform and fulfil, any of the Excluded Liabilities and shall hold harmless and indemnify, without any limitation as set forth in this Agreement, Purchaser from any Losses resulting from Excluded Liabilities.

Purchaser is aware and hereby acknowledges that it is in the sole responsibility of Purchaser to arrange for the necessary and appropriate financing of the Business as of the Closing Date. This shall include making Business Employees aware of the possibility that Seller might not be in a position to continue to employ the Business Employees in such cases.

Any out-of-pocket expense payments made by a Business Employee to a health insurance plan by Seller or any of the Selling Affiliates during the plan year shall count towards any out-of-pocket limits in health plans of Purchaser or Purchaser Designee. Sie ist nach Art. KG muss dort unbedingt angegeben und darf nicht einfach durch KG ersetzt werden, obwohl die Firma selbst eigentlich Kommanditgesellschaft ist. Etwas anderes gilt bei einer Beteiligung an einer Aktiengesellschaft.

Steuerlich wird zwischen einer atypischen stillen Gesellschaft und der typischen stillen Gesellschaft unterschieden. Die Einlage kann entweder in Geld oder auch in Sach- oder Dienstleistungen bestehen. In contrast to the main attribute of limited liability of the owners as stakeholders of public and private companies, partners of a general partnership or partnership have unlimited liability. The major characterists of a general partnership include the following:. Kapitalgesellschaften incorporated firm Deutschland-spezifisch.

Die beteiligten Unternehmer bzw. Ist dieses verbraucht, so erlischt die Gesellschaft siehe Insolvenz und Konkurs. Die Kapitalgesellschaft ist rechtlich gesehen eine juristische Person, sie kann als Unternehmen Klagen einreichen und verklagt werden. Handelsrechtlich ist sie ein "Formkaufmann". Im deutschsprachigen Raum kamen und kommen auch noch andere Formen der Kapitalgesellschaft vor, so die seerechtliche Reederei, die bergrechtliche Gewerkschaft und heute noch im Bereich des Sparkassenwesens - z.

Der Gesellschaftsvertrag - die Satzung - muss notariell beurkundet werden. Nennbetragsaktien lauten auf einen bestimmten Nennbetrag. Der Mindestnennbetrag einer Aktie liegt bei einem Euro. Dieser muss nicht einem glatten Euro-Wert entsprechen. Die Leitung einer Aktiengesellschaft hat der Vorstand, der sich im Regelfall aus mehreren Personen zusammensetzt. Der Vorstand kann aus einer oder mehreren Personen bestehen.

Eröffnungsbilanz selbst erstellen

Wer Vorstandsvorsitzender wird, kann der Aufsichtsrat oder der Gesamtvorstand bestimmen. Der Vorstand wird durch einen schuldrechtlichen Vertrag, in der Regel einem Dienstvertrag, angestellt. Der Aufsichtsrat bestellt den Vorstand und beruft ihn auch ab. Der Hauptversammlung obliegt unter anderem die Wahl und Abberufung der Vertreter im Aufsichtsrat und die Entscheidung zur Gewinnverwendung.

In Deutschland sind viele Aktiengesellschaften durch Beteiligungen miteinander verbunden in der so genannten Deutschland AG. Der fehlende Teil des Aktienkapitals kann als 'nicht voll einbezahlte Namenaktien' liberiert werden. Der Nennwert einer Aktie muss mindestens 0. Besteht der Firmenname aus einem Personennamen z. Erst mit dem Eintrag ins Handelsregister gilt eine AG als entstanden - vorher existiert sie als Einfache Gesellschaft mit deren Haftungsbedingungen.

Die Organe der AG sind die Generalversammlung abk. GV , der Verwaltungsrat abk. VR und die Revisionsstelle. Die Mehrheit des VR muss zudem in der Schweiz wohnhaft sein. Von ihren Erkenntnissen erstellt sie einen Bericht, der jeweils an der GV vorgelegt wird. In der Praxis findet sich in der Schweiz eine grosse Anzahl von sog. Dezember in Kraft. Oktober in Kraft getreten.

Die Richtlinie entfaltet keine unmittelbare Rechtswirkung. Sie muss daher von den EG-Mitgliedstaaten in nationales Recht umgesetzt werden. Dezember in Kraft getreten ist. Die "erste Europa-AG" gibt es jedoch schon seit dem Joint Stock Company Abb.: Stocks up — stocks down. A share also represents how much of the profit each shareholder receives. Since a joint stock company is not necessarily a corporation, a share also represents how much of the loss each shareholder is liable for.

A for-profit corporation is a joint stock company, except that the shareholders have no liability towards the corporation's debts. The joint stock company was a financing model that allowed companies to raise large amounts of capital while lowering risk by diversifying contributed capital among multiple ventures. Europeans, initially the British, trading with the Near East for goods, pepper and calico for example enjoyed spreading the risk of trade over multiple sea voyages.

The joint stock company became a more viable financial structure than previous guilds or state regulated companies. Transferrable shares often earned positive returns on equity which is evidenced by investment in companies like the British East India Company who used the financing model to manage trade in India. Joint stock companies paid out divisions, dividends, to its shareholders by diviing up the profits of the voyage in the proportion of shares held. Divisions were usually cash, but when working capital was low and it was detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo which could be sold by shareholders for profit in the market.

It also made it affordable to support early colonists in America. Jamestown, for instance, was financed by the Virginia Company. It is because of Joint stock companies that the colonization and settlement of America were made possible. Die Satzung muss enthalten. In der Satzung der GmbH kann ein Aufsichtsrat vorgesehen werden. Ein Gesellschafter kann durch gerichtliches Urteil aus der Gesellschaft ausgeschlossen werden, wenn ein in seiner Person liegender wichtiger Grund die Fortsetzung der Gesellschaft mit ihm unzumutbar macht.

Sitz im In- oder Ausland ist. GmbHs wurden erstmals durch das am Nach der Schaffung dieser Gesellschaftsform in Deutschland breitete sich das Konzept in der ganzen Welt aus. Das Bundeskabinett hat am 1. Das Gesetz soll zum 1. Januar in Kraft treten. Das Stammkapital einer GesmbH muss mindestens Die GmbH wird immer ins Handelsregister eingetragen. Einen Aufsichtsrat gibt es nicht. Het besloten karakter ligt in het feit dat de aandelen niet vrij overdraagbaar zijn.

Dit is geregeld in de wet maar de statuten van de vennootschap kunnen dit besloten karakter versoepelen of verstrengen. Men spreekt van toetredingsregelingen of blokkeringsregelingen, al naargelang het gezichtspunt. Meestal houdt de regeling in dat de zittende vennoten het toetreden van een nieuwe vennoot moeten goedkeuren, ook als die de aandelen van een andere vennoot overneemt, bijvoorbeeld door erfenis of koop. De BV houdt een register bij waaruit blijkt welke personen deelnemen in de BV en voor welk aantal aandelen. Besloten vennootschappen met beperkte aansprakelijkheid.

Een BV heeft vermogen nodig. Zoals hierboven vermeld dient dat minimumkapitaal ten minste achttienduizend euro te bedragen. Daartoe kan geld worden gestort op een bankrekening ten name van de vennootschap. In dat geval is een zgn. Een veel voorkomende vorm van inbreng is de inbreng van eenmanszaak. Men ziet dit vaak wanneer eenmans-ondernemers na een succesvolle onderneming te hebben opgericht behoefte hebben aan meer juridische bescherming zie hieronder bij aansprakelijkheid.

De activa bedrijfsmiddelen, gebouwen, en dergelijke van de voormalige eenmansonderneming wordt dan in eigendom overgedragen aan de vennootschap. Men spreekt dan van inbreng in natura. Over de waarde van het ingebrachte moet een zgn. Men dient hierbij in het oog te houden dat de AVA niet te allen tijde het laatste woord heeft. Dit vloeit voort uit de wet, die een negatieve formulering gebruikt: Dit is door de Hoge Raad onderstreept in het Forumbank-arrest uit de jaren vijftig. Het bestuur wordt in de regel door de AVA benoemd en ontslagen.

Bij bepaalde vennootschappen,de zgn. Tot op het moment dat aan alle oprichtingseisen is voldaan, zijn de oprichters van de BV hoofdelijk aansprakelijk. Wanneer aan de eisen is voldaan zijn de aandeelhouders alleen aansprakelijk tot het bedrag waarvoor zij deelnemen in de BV. De bestuurders van de onderneming RvB zijn niet aansprakelijk voor schulden van de BV.

In geval van faillissement kunnen de bestuurders hoofdelijk aansprakelijk worden gesteld. Er moet dan wel sprake zijn van onbehoorlijk bestuur en dat moet tevens een belangrijke oorzaak van het faillissement zijn. In een aantal gevallen kan een vennootschap ook haar ex- bestuurder aansprakelijk stellen wegens wanbeleid. Op dit argument valt wel het een en ander af te dingen nu de zgn. De persoonlijke aansprakelijkheid in geval van wanbeleid kan dan eenvoudigweg verzekerd worden.

Over de winst van de BV dient vennootschapsbelasting betaald te worden. De AVA beslist op welke wijze de winst na belasting wordt verdeeld. Een deel van de winst zal veelal worden opgenomen in de algemene- of winstreserve om bedrijfsuitbereiding te realiseren. Ook zal een deel van de winst aan de aandeelhouders worden uitgekeerd, het zogenaamde dividend.

Grootaandeelhouders betalen over hun dividend inkomstenbelasting. These have existed in German-speaking countries for some time—in Germany itself since The concept was adopted by many English-speaking countries because LLCs have some advantages over corporations. It is sometimes said that an LLC is "kind of a 'light' version of an Inc. Basically, an LLC allows for the flexibility of a sole proprietorship or partnership structure within the framework of limited liability, such as that granted to corporations.

An advantage of an LLC over a limited partnership is that the formalities required for creating and registering LLCs are much simpler than the requirements most states place on forming and operating corporations; because of the lack of requirement for annual meetings of shareholders LLCs have "members" or bylaws, for instance - however, most LLCs will choose to adopt an Operating Agreement or Limited Liability Company Agreement to provide for the governance of the Company, and such Agreement is generally more complex than a corporation's bylaws. Note, too, that some states such as New York require an operating agreement.

For purposes of U. An LLC with one owner, for example, is treated as a sole proprietorship by default but this one owner LLC can also elect to be treated as a C corporation or as an S corporation. Further, an LLC with more than one owner is treated as a partnership by default but a multiple owner LLC can also elect to be treated as a C corporation or as an S corporation. One reason that businesses choose to be organized as an LLC is to avoid "double taxation.

This single level of taxation can lead to significant savings over the corporate form. Another reason that businesses choose to be organized as an LLC is to exploit the tax classification flexibility that LLCs allow. A new business experiencing losses might choose to operate as a sole proprietorship or partnership in order to pass through those losses to the owners.

A slightly more established business might operate as an S corporation to save on self-employment taxes. A large mature business with many owners might operate as a C corporation. Furthermore, LLCs are more likely to be subject to a state's franchise taxes. Die Kapitalstruktur der KGaA ist zweigeteilt: Im Vergleich zur AG besteht weitgehende Gestaltungsfreiheit.

Die praktische Bedeutung der KGaA war bislang eher gering. Es gab nur wenige Unternehmen in Deutschland, die diese Rechtsform hatten. Das statistische Jahrbuch gibt ihre Zahl noch mit 30 an. Weltweit sind mindestens einige hundert Millionen Mitglieder an Genossenschaften beteiligt. Genossenschaften in den Wirtschaftswissenschaften. In den Wirtschaftswissenschaften wird traditionell zwischen Produktionsgenossenschaften und Konsumgenossenschaften unterschieden.

In modernen Volkswirtschaften nehmen die Formen der Dienstleistungsgenossenschaft und der Mediengenossenschaft an Bedeutung zu. In der Schweiz sind die beiden bedeutenden Handelsketten Migros und Coop heute noch als Genossenschaften organisiert. Eine Spezialform ist der Genossenschaftsverband: Dabei handelt es sich um eine Genossenschaft, deren Mitglieder Genossenschaften sind.

Der bekannteste Genossenschaftsverband ist der Migros-Genossenschafts-Bund, welcher aus den verschiedenen regionalen Genossenschaften besteht. Die rechtlichen Grundlagen befinden sich im Schweizerischen Obligationenrecht Artikel bis Es gibt Genossenschaften mit Anteilsscheinen und solche ohne. Obwohl die Menge und der "Wert" der Anteilsscheine pro Mitglied nicht limitiert ist, hat jeder Genossenschafter nur eine Stimme an der Generalversammlung. Im Todesfall eines Mitglieds werden je nach dem die Genossenschaftsanteile an die Erben ausbezahlt; oder ein Vertreter der Erbengruppe wird zum neuen Mitglied ernannt.

Wie im Nachbarland findet man Genossenschaften vor allem in den Bereichen:. Dabei sind bei den Genossenschaftsbanken und Wohnungsbaugesellschaften meist die Kunden Genossenschaftsmitglieder, bei den Handelsgenossenschaften und den landwirtschaftlichen Genossenschaften die Anbieter Kleinunternehmer und Bauern. Insgesamt hat die Bedeutung der meist regional organisierten Genossenschaften durch die Globalisierung und den zunehmenden Druck von international agierenden Konzernen jedoch abgenommen.

Im Gegensatz zu einem eingetragenen Verein e. Die Genossenschaft ist juristische Person und wird als Kaufmann im Sinne des Handelsrechts bezeichnet. Rechtliche Grundlage ist das Genossenschaftsgesetz vom Eine weitere Option ist die Mitglieder gegen die Nachschusspflicht zu versichern. Vorherrschende Betriebsform in den nichtindustriellen Wirtschaftszweigen sind die Genossenschaften. Daneben gibt es eine ganze Reihe spezieller Landwirtschaftlicher Betriebsformen.

Bis zur Reorganisation der Wirtschaftsverwaltung Ende der 70er Jahre, nach deren Abschluss nahezu alle zentralgeleiteten Industriebetriebe in Kombinate zusammengefasst waren, bestanden auch in der Industrie in der Form der Vereinigungen Volkseigener Betriebe VVB mittlere Leitungsinstanzen. Mit ihrer Umwandlung in Kombinate wurde die mittlere Leitungsebene in die den Industrieministerien direkt unterstellten Kombinate verlagert. Die typische Organisationsstruktur der Betriebe und Kombinate ist hierarchisch nach dem Stab-Linien-Prinzip angelegt und weist verschiedene Ebenen auf vgl.

An der Spitze der Kombinate und Betriebe steht kein Kollegialorgan oder ein Rat, sondern der alleinverantwortliche Generaldirektor bzw. Betriebsdirektor Prinzip der Einzelleitung. Die Direktoren der Kombinatsbetriebe werden von den Generaldirektoren der Kombinate ernannt. Der seit Mitte der 50er Jahre anhaltende Trend, die Zahl der Betriebe durch Zusammenlegungen zu reduzieren, wurde durch diese Verstaatlichung jedoch nicht aufgehalten.

Die BSB hatten bis zur Verstaatlichung ca. Die entsprechenden Anteile der privaten Betriebe lagen bei 1,3 v. Im Jahr entfielen 96,5 v. In den 50er Jahren wurden Kombinate vor allem in der Grundstoffindustrie und Metallurgie sowie der chemischen und elektrotechnischen Industrie gebildet. Verbreitet sind Kombinate im Gewinnungs- und Verarbeitungsbereich der Braunkohle, wo die Produktionszweige der Kohlenindustrie, Energieerzeugung und chemischen Industrie vereinigt wurden z. Kombinate bestehen weiterhin in der Eisen- und Stahlindustrie z. Kombinate der weiterverarbeitenden Industrie wurden besonders in den Jahren gebildet.

Kombinate sind damit zur dominierenden Wirtschaftsorganisation geworden. Sie ist besonders kompliziert bei Kombinaten, die unterschiedliche Verarbeitungsprozesse vereinen z. Der Betriebsdirektor des Stammbetriebs leitet zugleich als Generaldirektor das Kombinat z. Kombinat Carl Zeiss Jena gesteuert werden. Verbreiteter ist als vierter Typ rd. Kombinat Deko, Plauen , die die Produktion bestimmter Erzeugnisgruppen leiten vgl. Auch die vertikale Arbeitsteilung zwischen den Kombinat-Betrieben bleibt zu entwickeln, da die Kombinat-Bildung in der Regel nicht mit Produktionseinstellungen bzw.

Finanzwirtschaftlich sind sie das Zwischenglied zwischen dem Staatshaushalt und den unterstellten Betrieben. Die VVB haben eine doppelte Leitungsfunktion: Es gab damals ca. Verluste gegeneinander aufgerechnet werden konnten. Mit der Reform des Jahres , deren Hauptmerkmal die Konzentration der Planungs- und Leitungsbefugnisse bei der Staatlichen Plankommission war, wurden die Verwaltungen Volkseigener Betriebe wieder in Vereinigungen Volkseigener Betriebe umbenannt und den Fachabteilungen der Staatlichen Plankommission unterstellt. Im Unterschied zu den VVB vom Jahr waren sie nun keine direkt wirtschaftenden Organe mehr, sondern wurden zu zentralen Staatsorganen.

Neben den ihnen unterstellten zentralgeleiteten volkseigenen und gleichgestellten Betrieben wurden auch private und halbstaatliche Betriebe durch die Mitgliedschaft in Erzeugnisgruppen in den Leitungsbereich der VVB einbezogen. Kooperation in der Industrie Der Intensivierung und Stabilisierung der zwischenbetrieblichen Verflechtung dienen die Erzeugnisgruppen. Sie sind eine Reaktion auf die steigende betriebliche, volkswirtschaftliche und internationale Arbeitsteilung. Eine generelle Rechtsgrundlage hat die Eigentums-Ordnung durch die Art. Grundlage der Volkswirtschaft in der DDR ist das sozialistische Eigentum, das seinerseits in 3 Erscheinungsformen vorkommt: Mit ihr werden sowohl der sozialistische Charakter der Gesellschaft als auch z.

Das sozialistische Eigentum 1. Die Volkseigenen Betriebe wirtschaften im Rahmen ihrer Aufgaben eigenverantwortlich. Das genossenschaftliche Gemeineigentum gilt als niedrigere Entwicklungsstufe des sozialistischen Eigentums, da das Subjekt dieses Eigentums ein kleineres Kollektiv und nicht das gesamte Volk ist. Objekte sind insbesondere Verlagsbetriebe sowie soziale und kulturelle Einrichtungen. An vielen Privatbetrieben bestanden jedoch bereits staatliche Beteiligungen sog, halbstaatliche Betriebe.

Im Einzelnen bedeutet dies. Die Herausgabe von Aktien bezeichnet man als Emission. Der Anteil einer Aktie am Unternehmen kann als Nennwert angegeben werden, also z. Der Buchwert einer Aktie berechnet sich wie folgt: Man unterscheidet dabei insbesondere Stammaktien und Vorzugsaktien. Des Weiteren werden Aktien in Inhaberaktien , Namensaktien und vinkulierte Namensaktien unterschieden. Im Gegensatz zu den Inhaberaktien werden bei den Namensaktien die Besitzer der einzelnen Aktien in ein Aktienbuch eingetragen.

Zwingend vorgeschrieben ist die Verwendung von Namensaktien in Deutschland zum Beispiel bei Luftverkehrsgesellschaften z. Verkauf dieser Aktien ist an bestimmte Bedingungen, normalerweise die Zustimmung der Gesellschaft gebunden. Sie wird bis zur vollen Dividendenberechtigung von den alten Aktien getrennt notiert. Das Unternehmen das die Aktien ausgibt wird im Emissionsverfahren auch Emittent genannt.

Zu der Preisermittlung gibt es Verschiedene Verfahren: In British English, the word stock has another completely different meaning in finance, referring to a bond. It can also be used more widely to refer to all kinds of marketable securities. Where a share of ownership is meant the word share is usually used in British English. The first company that issued shares is considered to be the Northern-European copper mining enterprise Stora Kopparberg, in the 13th century.

The owners and financial backers of a company may want additional capital to invest in new projects within the company. If they were to sell the company it would represent a loss of control over the company. Alternatively, by selling shares, they can sell part or all of the company to many part-owners. The purchase of one share entitles the owner of that share to literally share in the ownership of the company, including the right to a fraction of the assets of the company, a fraction of the decision-making power, and potentially a fraction of the profits, which the company may issue as dividends.

However, the original owners of the company often still have control of the company, and can use the money paid for the shares to grow the company.

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  • Unternehmensformen und Finanzierung (Kapitaleignerkulturen).

In the common case, where there are thousands of shareholders, it is impractical to have all of them making the daily decisions required in the running of a company. Thus, the shareholders will use their shares as votes in the election of members of the board of directors of the company. However, the choices are usually nominated by insiders or the board of the directors themselves, which over time has led to most of the top executives being on each other's boards. Each share constitutes one vote except in a co-operative society where every member gets one vote regardless of the number of shares they hold.

Thus, if one shareholder owns more than half the shares, they can out-vote everyone else, and thus have control of the company. A shareholder has no right to these without the company's permission, even if that shareholder owns almost all the shares. This is important in areas such as insurance, which must be in the name of the company not the main shareholder.

In most countries, including the United States, boards of directors and company managers have a fiduciary responsibility to run the company in the interests of its stockholders. Nonetheless, as Martin Whitman writes:. Even though the board of directors run the company, the shareholder has some impact on the company's policy, as the shareholders elect the board of directors. Each shareholder has a percentage of votes equal to the percentage of shares he owns.

So as long as the shareholders agree that the management agent are performing poorly they can elect a new board of directors which can then hire a new management team. Owning shares does not mean responsibility for liabilities. If a company goes broke and has to default on loans, the shareholders are not liable in any way.

However, all money obtained by converting assets into cash will be used to repay loans, so that shareholders cannot receive any money until creditors have been paid. Financing a company through the sale of stock in a company is known as equity financing. Alternatively debt financing for example issuing bonds can be done to avoid giving up shares of ownership of the company. Shares of stock are usually traded on a stock exchange, where people and organizations may buy and sell shares in a wide range of companies. A given company will usually only trade its shares in one market, and it is said to be quoted, or listed, on that stock exchange.

However, some large, multinational corporations are listed on more than one exchange. They are referred to as inter-listed shares. There are various methods of buying and financing stocks. The most common means is through a stock broker. Whether they are a full service or discount broker, they are all doing one thing — arranging the transfer of stock from a seller to a buyer.

Most of the trades are actually done through brokers listed with a stock exchange such as the New York Stock Exchange. There are many different stock brokers to choose from such as full service brokers or discount brokers. The full service brokers usually charge more per trade, but give investment advice or more personal service; the discount brokers offer little or no investment advice but charge less for trades.

Another type of broker would be a bank or credit union that may have a deal set up with either a full service or discount broker. There are other ways of buying stock besides through a broker. One way is directly from the company itself. If at least one share is owned, most companies will allow the purchase of shares directly from the company through their investor's relations departments.

However, the initial share of stock in the company will have to be obtained through a regular stock broker. Another way to buy stock in companies is through Direct Public Offerings which are usually sold by the company itself. A direct public offering is an initial public offering a company in which the stock is purchased directly from the company, usually without the aid of brokers. When it comes to financing a purchase of stocks there are two ways: Buying stock on margin means buying stock with money borrowed against the stocks in the same account.

These stocks, or collateral, guarantee that the buyer can repay the loan; otherwise, the stockbroker has the right to sell the stocks collateral to repay the borrowed money. He can sell if the share price drops below the margin requirement, at least 50 percent of the value of the stocks in the account.

Buying on margin works the same way as borrowing money to buy a car or a house using the car or house as collateral. Moreover, borrowing is not free; the broker usually charges you percent interest. Selling stock in a company goes through many of the same procedures as buying stock. Generally, the investor wants to buy low and sell high, if not in that order; however, this is not how it always ends up. Sometimes, the investor will cut their losses and claim a loss. As with buying a stock, there is a transaction fee for the broker's efforts in arranging the transfer of stock from a seller to a buyer.

This fee can be high or low depending on if it is a full service or discount broker. After the transaction has been made, the seller is then entitled to all of the money. An important part of selling is keeping track of the earnings. It is important to remember that upon selling the stock, in jurisdictions that have them, capital gains taxes will have to be paid on the additional proceeds, if any, that are in excess of the cost basis. Stock trading has evolved tremendously. Since the very first Initial Public Offering IPO in the 13th century, owning shares of a company has been a very attractive incentive.

Even though the origins of stock trading go back to the 13th century, the market as we know it today did not catch on strongly until the late s. Co-production between technology and society has led the push for effective and efficient ways of trading. Technology has allowed the stock market to grow tremendously, and all the while society has encouraged the growth. Within seconds of an order for a stock, the transaction can now take place. Most of the recent advancements with the trading have been due to the Internet.

The Internet has allowed online trading. In contrast to the past where only those who could afford the expensive stock brokers, anyone who wishes to be active in the stock market can now do so at a very low cost per transaction. Trading can even be done through Computer-Mediated Communication CMC use of mobile devices such as hand computers and cellular phones. These advances in technology have made day trading possible. The stock market has grown so that some argue that it represents a country's economy.

This growth has been enjoyed largely to the credibility and reputation that the stock market has earned. There are several types of shares, including common stock, preferred stock, treasury stock, and dual class shares. Preferred stock, sometimes called preference shares, have priority over common stock in the distribution of dividends and assets, and sometime have enhanced voting rights such as the ability to veto mergers or acquistions or the right of first refusal when new shares are issued i.

A dual class equity structure has several classes of shares for example Class A, Class B, and Class C each with its own advantages and disadvantages. Treasury stock are shares that have been bought back from the public. A stock option is the right or obligation to buy or sell stock in the future at a fixed price. Stock options are often part of the package of executive compensation offered to key executives. Some companies extend stock options to all or nearly all of their employees.

This was especially true during the dot-com boom of the mid- to late- s, in which the major compensation of many employees was in the increase in value of the stock options they held, rather than their wages or salary. Some employees at dot-com companies became millionaires on their stock options. This is still a major method of compensation for CEOs. The theory behind granting stock options to executives and employees of a corporation is that, since their financial fortunes are tied to the stock price of the company, they will be motivated to increase the value of the stock over time.

Schuldverschreibung mit Zinscoupons [Bildquelle: Schuldverschreibung, Anleihe, Rentenpapier, Obligation , international auch: Bond sind auf den jeweiligen Inhaber lautende Schuldverschreibungen. Dieses Recht ist in einer Urkunde Wertpapier verbrieft. Die Urkunde besteht aus Mantel und Bogen. Zinsen dienen, und gegebenenfalls einem Erneuerungsschein Talon. Die Anleihe gilt als eher risikoarme Anlageform. Die Unterscheidung von Anleihen nach ihrer Laufzeit ist rein formaler Natur, vor allem deshalb, weil es viele Mischformen mit anderen Finanzprodukten gibt s.

Dies bedeutet, dass der Emittent die Anleihe vorzeitig tilgen kann. Der Finanzmarkt hat in den letzten zwei Jahrzehnten eine Vielzahl von innovativen Finanzinstrumenten hervorgebracht, wobei Anleihen eine bedeutende Rolle gespielt haben. Juni an B verkaufen. Die meisten Anleihen notieren in Prozent des jeweiligen Nominalwerts. Die Quotierung einzelner Anleihen ist unterschiedlich.

Manche Anleihen werden nach Rendite gehandelt z. In den letzten Jahren setzten sich bei immer mehr Anleihearten elektronische Handelssysteme durch. Der Marktzinssatz ist der wichtigste, gleichzeitig aber auch der volatilste Parameter zur Bewertung einer Anleihe. Das Inflationsrisiko kann durch den Erwerb von inflationsindexierten Anleihen ausgeschaltet werden. Genusscheine Profit participation rights Abb.: Stattdessen beinhaltet der jeweilige Kurs den rechnerisch aufgelaufenen Zins.

Das Prinzip eines Investmentfond [Bildquelle: Most mutual funds are open-end funds. This means that at the end of every day, the investment management company sponsoring the fund issues new shares to investors and buys back shares from investors wishing to leave the fund. A mutual fund can also be a closed-end fund. The sponsor of a closed-end fund registers and issues a fixed number of shares at the initial offering, similar to a common stock. Investors then can buy or sell these shares through a stock exchange. The sponsor does not redeem or issue shares after a closed-end fund is launched, so the investor must trade them through a broker.

An innovation, the exchange traded fund ETF combines characteristics of both open and closed end mutual funds. An ETF usually tracks a stock index, like an index fund, but can be redeemed on demand for its underlying holdings, eliminating the discounts and premiums that are common with closed-end funds and forcing prices to remain very close to the net asset value NAV. ETFs are traded throughout the day on a stock exchange, just like closed-end funds. The net asset value , or NAV, is a fund's value of its holdings, usually expressed as a per-share amount.

For most funds, the NAV is determined daily, after the close of trading on some specified financial exchange, but some funds update their NAV multiple times during the trading day. Closed-end funds may trade at a higher or lower price than their NAV; this is known as a premium or discount , respectively. If a fund is divided into multiple classes of shares, each class will typically have its own NAV, reflecting differences in fees and expenses paid by the different classes.

Some mutual funds own securities which are not regularly traded on any formal exchange. These may be shares in very small or bankrupt companies; they may be derivatives; or they may be private investments in unregistered financial instruments such as stock in a non-public company. In the absence of a public market for these securities, it is the responsibility of the fund manager to form an estimate of their value when computing the NAV.

How much of a fund's assets may be invested in such securities is stated in the fund's prospectus. Many mutual funds divide their assets up among multiple classes of shares. All of the assets of each class are effectively pooled for the purposes of investment management, but classes typically differ in the fees and expenses paid out of the fund's assets.

These differences are supposed to reflect different costs involved in servicing investors in various classes; for example, one class may be sold through brokers with a front-end load, and another class may be sold direct to the public with no load but a "12b-1 fee" included in the class's expenses. In some cases, by aggregating regular investments by many individuals, a retirement plan such as a k plan may qualify to purchase "institutional" shares and gain the benefit of their typically-lower expense ratios even though no members of the plan would qualify individually.

Turnover is a measure of the amount of securities that are bought and sold, usually in a year, and usually expressed as a percentage of net asset value. It shows how actively managed the fund is. A caveat is that this value is sometimes calculated as the value of all transactions buying, selling divided by 2 ; i. This makes the turnover look half as high as would be according to the standard measure.

Turnover generally has tax consequences for a fund, which are passed through to investors. In particular, when selling an investment from its portfolio, a fund may realize a capital gain, which will ultimately be distributed to investors as taxable income. The very process of buying and selling securities also has its own costs, such as brokerage commissions, which are borne by the fund's shareholders.

Dalbar found that the average stock fund returned 14 percent; during that same period, the typical mutual fund investor had a 5. A front-end load or sales charge is a commission paid to a broker by a mutual fund when shares are purchased, taken as a percentage of funds invested.

The value of the investment is reduced by the amount of the load. Some funds have a deferred sales charge or back-end load which is paid to the broker out of the proceeds when shares are redeemed. This is distinct from a redemption fee , which is also paid out of proceeds, but is kept by the fund. Many funds charge redemption fees when shares are sold a short time after they are purchased, to discourage investors from market timing.

Load funds are sold through financial intermediaries such as brokers, financial planners, and other types of registered representatives who charge a commission for their services. It is possible to buy many mutual funds directly from the fund sponsor, without paying a sales charge. These are called no-load funds. Some discount brokers will sell no-load funds, sometimes for a flat transaction fee or even no fee at all. This does not necessarily mean that the broker is not compensated for the transaction; in such cases, the fund may pay brokers' commissions out of "distribution and marketing" expenses rather than a specific sales charge.

Mutual funds can invest in many different kinds of securities. The most common are cash, stock, and bonds, but there are hundreds of sub-categories. Stock funds, for instance, can invest primarily in the shares of a particular industry, such as high technology or utilities. These are known as sector funds.

Bond funds can vary according to risk high yield or junk bonds, investment-grade corporate bonds , type of issuers government agencies, corporations, or municipalities , or maturity of the bonds short or long term. Both stock and bond funds can invest in primarily US securities domestic funds , both US and foreign securities global funds , or primarily foreign securities international funds.

By law, mutual funds cannot invest in commodities and their derivatives or in real estate. However, there do exist real estate investment trusts, or REITs, which invest solely in real estate or mortgages, and mutual funds are allowed to hold shares in REITs. Likewise, another type of fund, hedge funds, which are restricted to the wealthy, are allowed to invest in real estate as well as sell short and certain other practices which mutual funds may not do A mutual fund may restrict itself in other ways.

These restrictions, permissions, and policies are found in the prospectus, which every open-end mutual fund must make available to a potential investor before accepting his or her money.