By the end of June 2008, the European Commission has presented a proposal for a Statute on a European Private Company (SPE). This new company form shall enable small- and medium-sized enterprises (SMEs) to do business throughout the European Union, with the aim of cutting costs and encouraging growth in this area. Compared to traditional types of companies in the member states of the European Union, one of the most important advantages of the SPE is its high degree of flexibility: Since efficient businesses need legal structures that can be adapted to their size and are able to evolve as activity develops, shareholders of the SPE are free to determine in their articles of association the internal organisation which is best suited to their needs. As a result, they may opt for one or more individual directors, a unitary or a dual board system. Christian Feltl takes a close look at the various types of management structure.