Which type of shares may be issued with or without par value?

The correct answer is that common shares may be issued with or without par value. Common shares typically represent equity ownership in a corporation and do not necessarily have a predefined par value. Par value is an arbitrary amount assigned to shares, often set at a nominal value, which can be used as a legal minimum in some jurisdictions.

Companies have the flexibility to issue common shares without par value, allowing for more leeway in setting the price per share during issuance. Par value shares might be relevant for certain accounting and legal purposes, but many modern corporations choose to issue shares without par value to simplify their capital structure and avoid the limitations that a par value may impose.

While preferred shares can also be issued with or without par value, the question specifically pertains to the type of shares that are most commonly associated with the possibility of having no par value. Hence, while both share types have this capability, the common shares are predominantly highlighted in this context.