Company Law

The public limited company (SA) and the limited liability company (Sarl) present similarities which justify their being traditionally contrasted with partnerships of individual people. Like the SA, the Sarl is a commercial company with the limited liability, but its spirit is the same as a partnership. However, the partners are generally more numerous, and its company participations are not negotiable. Although the situation of the partner in a Sarl is not really different from that of the shareholder in an SA as regards his right to information and right of control, conversely, reciprocal rights in securities are fundamentally different. The other essential difference between the two types of company concerns the situation of the directors, different in every way: their organisation, their company and fiscal status, their powers, the organs which control them, etc. new statute dated January 3 1994 created a third type of entity, a corporation called the 'SAS' (Societe par Action