the Limited partnership based on shares ist eine Gesellschaftsform, bei der mindestens ein Gesellschafter (Komplementär) den Gesellschaftsgläubigern gegenüber unbeschränkt haftet. Die restlichen Gesellschafter (Kommanditaktionäre) sind an dem in Aktien zerlegten Grundkapital beteiligt, ohne persönlich für die Schulden der Gesellschaft zu haften.
The KGaA is thus a mixture of KG and AG. The legal bases are therefore both the HGB (for the fully liable) and the Stock Corporation Act (for the shareholders).
Foundation of a KGaA
It is similar to the AG (see stock corporation), with at least five founders all fully liable.
Organs of the KGaA
They correspond to those of the stock corporation. The following exceptions must be taken into account:
The general partners together form the company's board of directors. He cannot be recalled as he is also not appointed by the Supervisory Board.
As with the AG, the supervisory board is made up of the limited partners and the employees (in companies with more than 500 employees).
The general meeting consists of the limited partners. However, the resolutions of the AGM require the consent of the general partners for those matters for which the consent of all shareholders is also required in the case of the KG.
Importance of the KGaA
The KGaA is very rare in the Federal Republic of Germany. The advantages lie in the procurement of a larger equity capital without limiting the management and representation powers of the general partners. A particular disadvantage is that the shareholders cannot dismiss the board of directors even if the management is inadequate.