Kommanditaktionäre

Kommanditaktionäre are a unique type of shareholder found in German corporate law, specifically within the Kommanditgesellschaft auf Aktien (KGaA), or partnership limited by shares. Unlike a typical Aktiengesellschaft (AG) where all shareholders have limited liability, the KGaA structure blends elements of a partnership and a stock corporation. Kommanditaktionäre are essentially the limited partners within this hybrid structure.

Their primary characteristic is that their liability is limited to the amount of their capital contribution, similar to shareholders in a standard AG. They do not participate in the day-to-day management of the company. Instead, management responsibilities are typically vested in the general partner(s), who are known as Komplementäre and have unlimited liability. Kommanditaktionäre acquire their shares on the capital market, much like regular stock. They are entitled to dividends and may have voting rights on certain fundamental company decisions, as stipulated in the company's articles of association. The KGaA structure is often chosen by family-controlled businesses or companies seeking to raise capital while retaining a degree of managerial control.