GmbH & Co. KGaA

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Leitung / Führung Organisatorische Struktur Borussia Dortmund

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It consists of two different types of shareholder: general partners with unlimited liability and limited liability shareholders. The modified DFB- (German Football Association) approved form, GmbH & Co. KGaA, however, allows the partner with unlimited personal liability to be a company, which itself, has only limited liability. The foundation of a GmbH (limited liability company), acting as general partner of the KGaA (a limited partner with share capital), minimizes the risks inherent in unlimited liability status. The DFB’s special provisions concerning this legal form of business organization not only allows the company to gain more capital through the stock exchange than would be possible for an AG (public limited company), but enables the club to retain control over the company.


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All professional football clubs in Germany were structured as registered members’ associations (eingetragener Verein (e.V.)) prior to 1998. However, since then clubs were given the option to convert their professional section into an external limited company. There are different structures of limited companies football clubs have adopted, BVB Dortmund, is one of the majority of clubs to select the most common: a GmbH &Co KG aA & GmbH & Co KG – combination of a limited company with a Kommanditgesellschaft (KG) (limited partnership) or a Kommanditgesellschaft auf Aktien (aA) (stock company).