1. Legal ... financial requirements of both SA ... SARL:<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

1.1 Main characteristics of both companies :

 A SA  and a SARL are both limited liability company ³formed by one ... more persons who bear losses only ... the extent of their contributions". Whereas ... SARL needs only one partner (in which case it ... called an EURL), an SA must be formed by seven shareholders ... should maintain that number throughout its whole duration.  In a SA one shareholder ... however entitled ... own all ... stock except six shares (i.e., one for each of ... other six shareholders). Both SA ... SARL are governed by ... Company Law of 24 July, 1966 ... the decree of 23 March, 1967.

 An SARL ... formed by ... subscription for ... entire amount of ... capital ... the adoption of by-laws by (i) a minimum of two ... a maximum of fifty business associates (associés) ... (ii) by only one partner (in which case it ... called an EURL). An SARL comes into legal existence upon its registration ... the Commercial Register.

 A SA ... incorporated by ... subscription ... the capital ... the adoption of by-laws by a minimum of seven bonafide shareholders. ... adoption of ... by-laws ... made subject ... specified procedures, publicity requirements, ... registration formalities. ... formalities of incorporation vary, depending upon whether ... corporation ... publicly ... privately held. A SA comes into legal existence upon its registration with ... Commercial Register.

The minimum share capital required for an SARL ... FF 50,000 (or 8.000 Euros) whereas ... minimum share capital required for an SA ... normally FF 250,000 (or 40.000 Euros) except ... the case of companies publicly offering their securities ... which case ... minimum required ... FF 1,500,000. Capital for either an SA ... an SARL can be formed by contributions ... cash ... in kind. ... the case where contributions are made ... cash for an SA, only 50% of ... capital must be initially paid up, ... balance being payable within five years at ... call of ... board of directors.  For an SARL, ... capital must be fully paid up immediately.

1.2 Advantages of ... SARL over ... SA

 Management: Management of an SA ... slightly more complex ... that it necessarily has three levels of decision instead of two (shareholders ... managers). Quorum rules for ... board of directors imply that at least half of ... directors be readily available ... <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />France ... attend board meetings (which ... in fact mandatory once a year).

 Audits: Small SARL can avoid ... expenses of an auditor.

Limitation of number of officers: An individual can manage any number of SARL whereas subject ... exception for affiliated companies, he can only be director of eight S.A. ... president of two

Restrictions related ... employment contracts: ... an SA, a director cannot be given a salaried position even though he receives fees. An employee can be appointed director ... keep ... benefit of his employment contract if ... latter ... prior ... his appointment ... if his work ... effective. ... any event, only one third of ... directors can be salaried employees. ... SARL, such limitations ... employment contract for managers do not exist.

1.3 Advantages of ... SA over ... SARL

Liability: Shareholders of an SARL are responsible during five years for ... value given ... contributions ... kind if ... value ... different from ... one evaluated by ... "commissaire aux apports".

Borrowings from ... company: Shareholders ... an SARL can never borrow from ... company nor have it guarantee their commitments ... all agreements entered into by shareholders with ... company are subject ... special rules.

Managers: ... an SARL, they cannot be dismissed without cause, whereas Directors, President ... general managers of SAs can be dismissed provided it ... not ... an humiliating manner. Managers of an S.A.R.L. who were deemed ... be holding a majority interest therein, cannot benefit from favourable tax social security systems applicable ... employees, whereas ... president ... general managers of an SA can.

1.4 Information ... be provided for registration of an SA ... an SARL:

Attached as Annexes 2 (for an SA) ... 3 (for an SARL) are ... lists of information ... documents requested for ... registration of both companies.

To briefly summarise, please note that ... particular ... following documents are required for purposes of registering both SA ... SARL ... the Commercial Register:

4 original copies of ... articles of association duly signed by all ... partners ... an SARL ... by all ... shareholders ... an SA ;

 For an SA, 2 original copies of ... minutes of ... first Board of directors meeting ;

2 original copies for an SA of ... certificate of deposit of funds issued by a bank (only one copy ... requested for an SARL) ;

For ... directors (SA) ... the manager (gérant) ... an SARL, (i) for an individual a copy of ... identity card ... of ... passport (for a non French individual) ... required ... (ii) for a legal entity appointed as director ... manager, an evidence of ... legal entity¹s existence ... registration (such as recent certificate of incorporation ... certified translated copy of ... legal entity¹s articles of association) ... required. ... addition ... both SA ... SARL, a declaration of non condemnation ... non bankruptcy ... required for ... individuals ... the permanent representative of ... legal entities appointed ... such company ;

For both SA ... SARL, a document evidencing ... existence of ... registered office (free domiciliation ... paid domiciliation i.e. a lease) ... required ;

For an SA, 2 original copies of ... list of shareholders ... required ;

Several information and/or documents are required concerning ... statutory auditor appointed ... a SA (we remind you that it ... not mandatory ... small SARL ... appint such a statutory auditor).

Lastly, please note that some miscellaneous information such as number of employees ... tax regime shall be provided for.

2. Time required for ... incorporation of an SA ... an SARL:

The time period needed ... obtain ... certificate of incorporation (extrait K Bis) ... approximately two weeks ... Paris. This implies we are given all ... relevant information ... documents (as mentioned ... Annexes 2 ... 3 hereto attached) ... that a bank account has been opened ... France ... the funds are deposited. As mentioned above, ... time period ... obtain ... extrait K Bis may be longer if ... company ... not ... be registered ... Paris.

3. Fees ... expenses

The fees ... legal expenses for ... preparation of ... documentation (drafting of articles of association, minutes ... various documents) required for ... registration of a company ... for said registration as well as ... fulfilment of ... corporate formalities ... amounted ... approximately  FF 25.000 ex VAT, being specified that this estimation does not include any translation costs (articles of association for instance) 

 

Das vollständige Dokument können Sie nach dem Kauf sehen, als Word-Dokument (.docx) speichern und bearbeiten.

Jetzt registrieren für Zugang zu allen Dokumenten

Sie haben bereits einen Zugang? Bitte hier einloggen.



Sofort downloaden und anpassen: Alle Verträge können Sie gleich nach dem Kauf in den üblichen Programmen (z.B. Word) bearbeiten und anpassen.

Kompetente Beratung durch unsere Rechtsanwälte: Falls Sie das Dokument oder einen anderen Vertrag bzw. Vorlage anwaltlich anpassen wollen stehen Ihnen unsere Rechtsanwälte gern zur Verfügung. Fragen Sie uns nach einem Kostenvoranschlag!