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

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

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

The minimum share capital required for an SARL is FF 50,000 (or 8.000 Euros) whereas the minimum share capital required for an SA is normally FF 250,000 (or 40.000 Euros) except in the case of companies publicly offering their securities in which case the minimum required is FF 1,500,000. Capital for either an SA or an SARL can be formed by contributions in cash or in kind. In the case where contributions are made in cash for an SA, only 50% of the capital must be 

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