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The participation right is recognized by customary law since the early Middle Ages and appeared for the first time in the 14th century as a form of financing docomentary on.

Participation rights have a securities law basis and grant a share in the profits of an enterprise; so no fixed interest rate. The participation rights take on success (profit) of the company, but also to some losses.

The participation rights are issued in registered participation rights and entered into a participation right tab. The transferability of capital markets for legal reasons but limited. The paticipation rights are issued accordingly as so-called restricted registered participation rights without securitization. There is no obligation to make.

In tax law, income from participation rights are classified from capital assets and are subject to withholding tax plus solidarity surchage. The tax is withheld and paid by the company.

Bonds are in accordance with the law of obligations contracts ยงยง 793 et seq of the Civil Code with a creditor's right to recive ("money at interest") and is intended to finance companies.

Bonds, thought whatever forms are capital market legislation basically securities regardless of whatever a securitization by a physical security takes place or not. The importance of bonds is that they provide investors a fixed annual interest rate and a scheduled repayment date.

At a maximum amount of euros 100,000.00 represents the German Securities Prospectus Act issuing bonds free of a prospectus is required.

The participating loan is a loan with a qualified subordination of the invester behind the claims of senior creditors. The capital is at fixed interest rates. In the participating loan's annual interest payment and later his repatriation take place until after the setisfaction of unsecured financing partners (eg banks) of the company.

The claims of the participating loan encoder are thus makes use of secondary importance. As far as can the relevant due date be no payment of the company, but the claims remain (only with a time shift). In the event of liquidation or insolvency of the company's payments on the partriarchal loan may only be carried out after all unsecured creditors get payed for their demands.

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