What is a simplified joint-stock company, commonly known as SAS? Like any company, the SAS has a legal status. The SAS is relatively flexible and facilitates business management. Formalities, capital, shares, statutes… We talk to you in details about the SAS.
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- SAS and its specificities
- The conditions for the creation of a SAS
- What formalities to complete to create your SAS?
- How does a SAS work?
- Advantages of the Simplified Business
- Company Disadvantages of the Simplified Stock
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The SAS and its specificities
Are you an entrepreneur and you want to form an SAS? We explain all the specifics of the SAS before you start.
When we talk about SAS, we do reference to a company but also to its legal status. The very name of the legal status of the company determines its operation. Thus, an SAS has a legal status as a company very close to the so-called personal and capital companies.
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In France, the operation of an SAS is regulated by law. It is possible to create a society with few means thanks to the simplified approach encouraged by law.
The conditions for creating a SAS
To create your SAS, certain criteria must be met, so that your simplified joint-stock company is recognized as such:
- An SAS consists of at least two partners, otherwise it will be a single-personal simplified joint-stock company (SASU);
- No minimum amount is required for the capital of your SAS;
- Registration of any SAS at RCS (Register of Companies and Businesses) is mandatory;
- The maximum duration of an SAS is 99 years;
- At the time of the creation of the SAS, the partners must release their cash shares and solish them no later than 5 years after the registration of the simplified joint-stock company;
- The statutes of the SAS must be determined and handwritten;
- All information concerning the leaders responsible for the creation of the SAS must be included in the statutes of the SAS
- The statutes of the SAS must include the contributions made by each partner as well as the mandatory particulars;
- The terms and conditions for the appointment of the officer of the SAS must also be clearly specified: it is required by law;
- The registration file of the SAS must be filed with the CFE (Centre de formalité des enterprises) and the court of trade.
What formalities to complete to create your SAS?
The statutes of your SAS must be written in a handwritten manner. Once the signatures are affixed, each partner concerned with the creation of the SAS must be registered with the tax services . The mandatory documents to be included in the file of incorporation of an SAS are as follows:
- A copy of the statutes of the SAS;
- Form M0 (CERFA 13959*03);
- The complete list of policyholders;
- Proof of the occupation of the premises of the SAS;
- An attestation on all deposits of funds made;
- For the officer (s), the act of appointment;
- An identity copy of each officer if applicable;
- Application fee for formalities: provide a cheque;
With all these documents, you can formally establish your SAS and file your complete file for the creation of a simplified joint stock company.
How does a SAS work?
It is our business that partners in an SAS may be either natural persons or legal persons . Part of the shares must be acquired in this direction.
The partners of an SAS have the right to information about everything that happens within the company. They also have a right and a political duty : they must participate in the meetings of associates of the SAS. Each partner of an SAS has financial rights , which implies that they can fully enjoy the profits of the company. Moreover, each partner can dispose of his shares if he so wishes.
Pros and cons of an SAS
Creating an SAS involves many advantages but also disadvantages.
Benefits of the Simplified Stock Company
The Simplified Joint Stock Company (SAS) has many advantages, the main of which is to be an autonomous company. Many companies choose to be SAS for several reasons:
- No large budget is required, which means that in terms of capital you can start from a small amount.
- Each partner may make their own decisions in accordance with the law governing SAS;
- No auditor is obligatory for a simplified joint-stock company: a great advantage over other corporate statutes. If the number of employees exceeds 20, and the turnover without duty exceeds EUR 2 000 000, the simplified joint-stock company may have a commissioner for accounts.
- Every executive of SAS shall be treated as an employee and are entitled to social protection;
- No social contributions are provided for in the Simplified Business Corporations.
Disadvantages of the Simplified Stock Company
As with any business creation, the SAS is not immune to certain specificities:
- The drafting of the statutes is quite complex and can take time and resource;
- Excellent legal control is necessary in order to draft articles in a consistent and appropriate manner: it is advisable to call a lawyer if you wish to establish your simplified joint-stock company. The latter is competent in drafting the articles of association of companies;
- The formalities associated with the creation of a simplified share company can be seen as cumbersome.
Before you create your society, weigh the pros and cons of all the statutes you are interested in. The legal form (or legal status) of the SAS is relatively simple (simplified status ) and has fewer constraints than other legal statutes.
Once the legal form is chosen, you are free to initiate the process of creating yourcompany.