Articles of an SAS

Description

SAS is a capital company characterised by its great flexibility. Thus, it may be formed between natural and/or legal persons, without the creation of a board of directors, or a management board and a supervisory board. The SAS is limited liability, i.e. the partners’ liability is limited to their shares in the company. The amount of the share capital is freely fixed by the articles of association. Flexibility is also reflected in its functioning since it is almost a matter of the freedom of the parties, with only a few texts imposing precise rules. Thus, the members freely determine in the articles of association the nature and functions of the management bodies, as well as the conditions and forms in which collective decisions are taken. This operation is no longer necessarily performed by an auditor since the 2008 LME law, the latter’s presence being subject to certain conditions being met. Finally, SAS can be single-person.