selskaber

Selskaber is a Danish term that refers to organised business entities with legal personality. In Danish law the term covers several forms used to conduct commercial activity, including joint-stock and limited liability companies, as well as partnerships. The most common forms are aktieselskab (A/S) and anpartsselskab (ApS), with partnerships such as interessentskab (I/S) and kommanditselskab (K/S) also included under the umbrella of selskaber.

Aktieselskab (A/S) is a public limited company. It can issue shares to the public and investors, and liability is limited to the contributed capital. The minimum share capital is 400,000 Danish kroner. Governance typically involves a board of directors and executive management, and larger A/S may have a supervisory board. A/S are registered and regulated under the Danish Companies Act and must be registered with the Danish Business Authority (Erhvervsstyrelsen) and obtain a CVR number. They usually hold annual general meetings and publish financial statements.

Anpartsselskab (ApS) is a private limited company. It also provides limited liability, but it has a lower minimum capital requirement, currently 40,000 Danish kroner. ApS are simpler to manage than A/S and are common for small and medium-sized enterprises. Shares in an ApS are not as freely traded as those in an A/S, and governance arrangements follow the rules set in the company’s articles of association and the Companies Act.

Interessentskab (I/S) and kommanditselskab (K/S) are partnership forms. In an I/S all partners generally have unlimited personal liability for the business’s debts. In a K/S there are general partners with unlimited liability and limited partners whose liability is capped at their contributed capital. These forms are often used for professional practices or family businesses and are taxed differently from corporations.

Selskaber are distinct from foreninger (associations) and stiftelser (foundations), which have different purposes and governance requirements.