Polymerisation of butadiene using different Rh‐compounds, specially Rh(NO3)3, in allyl alcohol results in oligobutadienes with carbonyl functionality of 1 and hydroxyl functionality between 0—1. Under proper conditions telechelics are formed. Catalysis by Rh(NO3)3 can be accelerated by the addition of alcoholate or phosphine. The oligomers have exclusively 1,4‐trans‐structure. The combined use of alcoholate and triphenylphosphine results in oligobutadienes with 40% 1,4‐cis‐, 35% 1,4‐trans‐ and 25% 1,2 structure. Determination of the structure of isolated oligomers shows that both functional groups are incorporated by insertion of a complete allyl alcohol unit. According to the frequently found endgroup CH2C(CH2OH) … the incorporation of the hydroxyl group in the termination reaction by β‐hydride transfer is most likely. The carbonyl functionality is formed in the initiation step by hydride transfer from allyl alcohol to Rh. Analogous use of allyl chloride or allyl bromide results in telechelic oligobutadienes containing two halogens per molecule. but the structure of isolated oligomers shows that only one allyl halogenide unit is incorporated. The second terminal halogen is fixed to a butadiene unit. Again the characteristic group CH2C(CH2Cl)—… is found, suggesting a termination by β‐hydride transfer.