SAS, SRL or S.A.: which type suits me

Before incorporating, the key decision is the type: SAS, SRL or S.A. Each has advantages depending on the number of partners, the need for investors, costs and how much complexity you are willing to take on. Here we compare them so you can choose wisely.

Liability

In all three types, partners limit their liability to what they contribute. In the SRL, partners also jointly guarantee that contributions are paid in (sec. 150 CA).

Bodies and complexity

The SAS has a flexible, digital structure; the SRL is run by managers; the S.A. by a board and — where applicable — a statutory audit. An S.A. under sec. 299 requires more bodies and state supervision.

Procedure and cost

The SAS is usually formed quickly and digitally; the SRL and S.A. follow the traditional registry procedure. The S.A. tends to be the most costly to maintain, given its bodies and accounting duties.

Which to choose

To start up with agility, the SAS; for an SME with few partners, the SRL; to bring in investors, issue shares or scale, the S.A. The decision is best taken with advice, looking at the business plan.

Common mistakes

• Choosing the type by 'what someone else did' without looking at your case
• Underestimating the upkeep cost of the S.A.
• Ignoring that falling under sec. 299 changes the obligations
• Forming a SAS without checking the rules in force

Applicable rules

• Sec. 146 CA — SRL.
• Sec. 163 CA — S.A.
• Sec. 299 CA — state supervision.

Frequently asked questions