Which type of shares does not have to have a stated par value?

No par value shares are a specific category of stock that does not carry a par value assigned to them. Par value is a nominal value assigned to shares that can sometimes represent the minimum legal capital that must be maintained by the corporation. Unlike preferred shares, cumulative shares, or common shares, which may be issued with a set par value, no par value shares are issued without any predetermined value. This flexibility allows companies the freedom to issue shares without the constraints that par values can impose, making them more appealing in certain business contexts. The absence of a par value does not affect shareholders’ rights or the company's obligations and can simplify various aspects of accounting and capital structure management.