The competition in international sales, capital, and labor markets forces German companies to increase their flexibility in management and corporate organization. Recently, several well-known German companies have attempted to meet these demands by introducing virtual holding structures. This has led to public discussions. The subject of this work is the corporate and group law permissibility of virtual holdings. Among other things, it addresses the possibilities for delegating tasks, organizing the board of directors, subordinate management levels, and business areas, as well as questions regarding the liability of board members and other executives.