The ultrafast excited state dynamics of the small donor-acceptor molecules ortho-, meta- and para-nitrophenol, their corresponding phenolates as well as selected type-I photoinitiators have been studied by means of steady state UV-Vis and femtosecond time-resolved transient absorption spectroscopy in the liquid phase. The investigated compounds are characterized by intramolecular charge transfer in the ultra violet. The experimental findings were assisted by ab initio calculations at the (TD)-DFT and the CASSCF level of theory.