SARL or SAS? Bylaws, directors, dividends, transfer, fundraising. The definitive 2026 guide for entrepreneurs with co-founders.
PME familiales, projets entre proches, gérant majoritaire qui veut optimiser son net.
Startups, projets avec co-fondateurs, levées de fonds, croissance rapide.
Criterion by criterion. Horizontal scroll on mobile.
| Criterion | SARL | SAS |
|---|---|---|
| Nombre d'associés minimum | 2 (ou 1 en EURL) | 2 (ou 1 en SASU) |
| Capital minimum | 1 € | 1 € |
| Régime social dirigeant | TNS si gérant majoritaire | Assimilé salarié |
| Cession de parts / actions | Agrément obligatoire | Libre par défaut |
| Flexibilité statutaire | Encadrée | Très élevée |
| Commissaire aux comptes | Selon seuils | Selon seuils |
| BSPCE / actions de préférence | Non | Oui |
| Imposition par défaut | IS | IS |
SARL fits stable projects with partners who trust each other and don't need outside funding. SAS is the default for any ambitious, scalable company with modern HR tools (BSPCE) and fluid partner turnover.
Start creationYes, by unanimous partner decision. Count €1,500 to €3,000 including professional fees.
SAS allows free transfers. SARL requires approval by a majority of partners.
Majority SARL manager (TNS) pays around 45% vs ~80% for a SAS president treated as an executive.
Not legally, but 95% of French rounds happen in SAS thanks to shareholders agreements and BSPCE flexibility.
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