{"id":2161096,"date":"2025-11-16T12:56:34","date_gmt":"2025-11-16T11:56:34","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161096"},"modified":"2026-11-04T20:55:06","modified_gmt":"2026-11-04T19:55:06","slug":"shareholders-agreement-lawyer","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/shareholders-agreement-lawyer\/","title":{"rendered":"Shareholders agreement lawyer Paris: organising decision-making, exit and valuation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161096\" class=\"elementor elementor-2161096 elementor-1750678\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v51e939 e-con-full e-ecs-flex e-flex e-con e-parent\" data-id=\"v51e939\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v51e939w elementor-widget elementor-widget-html\" data-id=\"v51e939w\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div class=\"kcv\" id=\"kci-root\" data-refresh-marker=\"refonte-fr-v3-1750678-20261014\">\n<section class=\"kcv-hero\" aria-labelledby=\"kch-h1\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-head\">\n      <p class=\"kk\">Shareholders' agreement \u2014 founders, investors, managers<\/p>\n      <h1 id=\"kch-h1\"><em>Shareholders agreement lawyer<\/em> Paris:<span class=\"kcv-tail\"> organising decision-making, exit and valuation.<\/span><\/h1>\n      <p class=\"kcv-sub\">Confidential where the articles of association are public, a shareholders' agreement sets out the priced exit, the detailed governance, anti-dilution and vesting. A shareholders agreement lawyer in Paris relies on its contractual force under Article 1103 of the French Civil Code (Code civil), and promises to transfer shares can now be enforced by the courts.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n      <p class=\"kcv-urg\">The agreement is negotiated before signing the investor's term sheet, never after: the exit terms imposed by the fund are discussed while you can still say no.<\/p>\n    <\/div>\n    <div class=\"kcv-stagewrap\"><div class=\"kcv-stageshadow\"><div class=\"kcv-stage\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3\/kohen-fr-1750678-paysage-20261014.webp\" media=\"(min-width:761px)\" fetchpriority=\"high\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3\/kohen-fr-1750678-paysage-1080-20261014.webp\" media=\"(max-width:760px)\" fetchpriority=\"high\">\n      <div class=\"kcv-media\" aria-hidden=\"true\" style=\"--kcv-img:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3\/kohen-fr-1750678-paysage-20261014.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3\/kohen-fr-1750678-paysage-1080-20261014.webp')\"><\/div>\n      <div class=\"kcv-panel kcv-glass\" id=\"kch-form\">\n        <div class=\"kcv-panel-head\">\n          <div>\n            <p class=\"kcv-panel-k\">Shareholders' agreement \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Before a fundraising, when an equity manager joins or in the face of a breach: send the articles of association, the capitalisation table and the existing agreement. The firm replies within 24 business hours.<\/p>\n          <\/div>\n          <div class=\"kcv-chip kcv-glass\"><p class=\"kcv-chip-n\">24 \u00e0 48 h<\/p><p class=\"kcv-chip-x\">first legal<br>review<\/p><\/div>\n        <\/div>\n        <div class=\"kcf-wrap\">\n<form id=\"kcf-2form\" data-kcf data-api-url=\"https:\/\/kohenavocats.fr\/wp-json\/kohen-form\/v1\/submit\" data-vps-url=\"https:\/\/upload-fr.46-224-152-225.sslip.io\/submit\" data-max-size=\"1073741824\" data-max-files=\"500\" novalidate enctype=\"multipart\/form-data\">\n  <input type=\"hidden\" name=\"rendered_at\" value=\"1776847557\">\n  <div class=\"kcf-hp\" aria-hidden=\"true\"><label for=\"kcf-2website\">Do not fill in<\/label><input id=\"kcf-2website\" name=\"website\" type=\"text\" tabindex=\"-1\" autocomplete=\"off\"><\/div>\n  <div class=\"kcf-price\">\n    <span class=\"kcf-price-amount\">\u20ac80<small>incl. 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l'\u00c9tat.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur data.gouv.fr\"},{\"titre\":\"Commentaires des d\u00e9cisions de justice par l'IA g\u00e9n\u00e9rative\",\"url\":\"https:\/\/www.data.gouv.fr\/reuses\/commentaires-des-decisions-de-justice-par-lia-generative\",\"citation\":\"R\u00e9utilisation des donn\u00e9es publiques de justice publi\u00e9e par Kohen Avocats et r\u00e9f\u00e9renc\u00e9e sur data.gouv.fr.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la r\u00e9utilisation sur data.gouv.fr\"}]},\"awwwards\":{\"nom\":\"Awwwards\",\"articles\":[{\"titre\":\"Kohen Avocats, site nomm\u00e9 aux Awwwards\",\"url\":\"https:\/\/www.awwwards.com\/sites\/kohen-avocats\",\"citation\":\"Le site du cabinet figure parmi les sites nomm\u00e9s (\u00ab Nominee \u00bb) par Awwwards, r\u00e9f\u00e9rence internationale du design web.\",\"auteur\":\"Awwwards\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur 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\u00e0 la location ?\",\"url\":\"https:\/\/www.leboncoin.fr\/guide\/immobilier\/bouilloires-thermiques-bientot-interdites-a-la-location-hfpj70o6.html\",\"citation\":\"Le guide immobilier cite une analyse de kohenavocats.fr parmi ses sources.\",\"auteur\":\"Leboncoin\",\"paraphrase\":true}]},\"femme-actuelle\":{\"nom\":\"Femme Actuelle\",\"articles\":[{\"titre\":\"S\u00e9paration ou divorce : quelle banque et quel cr\u00e9dit pour repartir sur de bonnes bases ?\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.femmeactuelle.fr\/vie-pratique\/news-vie-pratique\/separation-ou-divorce-quelle-banque-et-quel-credit-pour-repartir-sur-de-bonnes-bases-2211980\",\"citation\":\"L'article cite une analyse de kohenavocats.com parmi ses sources.\",\"auteur\":\"Femme Actuelle\",\"paraphrase\":true}]},\"economie-matin\":{\"nom\":\"\u00c9conomie Matin\",\"articles\":[{\"titre\":\"Nouveau bail 2026 : ce que les propri\u00e9taires doivent anticiper d\u00e8s 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La loi ne fixe pas un calendrier d\u2019allumage commun \u00e0 tous les immeubles.\",\"auteur\":\"Cabinet Kohen Avocats\"}]},\"next\":{\"nom\":\"Next\",\"articles\":[{\"titre\":\"Fin de Bloctel, interdiction du d\u00e9marchage d\u00e8s le 11 ao\u00fbt : on fait le point\",\"date\":\"2026-08-04\",\"url\":\"https:\/\/next.ink\/249950\/fin-de-bloctel-interdiction-du-demarchage-des-le-11-aout-on-fait-le-point\/\",\"citation\":\"Selon le cabinet Kohen Avocats, les jurisprudences dans ce secteur devraient \u00ab \u00e9clairer la port\u00e9e du futur r\u00e9gime \u00bb.\",\"auteur\":\"Next\",\"paraphrase\":true}]},\"actu-juridique\":{\"nom\":\"Actu-Juridique\",\"articles\":[{\"titre\":\"Magistrature et franc-ma\u00e7onnerie : que dit le droit ?\",\"date\":\"2026-09-22\",\"url\":\"https:\/\/www.actu-juridique.fr\/professions\/magistrats\/magistrature-et-franc-maconnerie-stupeur-et-evitements\/\",\"citation\":\"L\u2019article cite en r\u00e9f\u00e9rence l\u2019analyse de Ma\u00eetre Hassan Kohen, avocat en droit p\u00e9nal \u00e0 Paris, sur l\u2019avis du Coll\u00e8ge de d\u00e9ontologie du 9 juin 2026.\",\"auteur\":\"Actu-Juridique\",\"paraphrase\":true}]},\"batiweb\":{\"nom\":\"Batiweb\",\"articles\":[{\"titre\":\"Mayotte : Lecornu veut un \u00ab choc de mises en chantier \u00bb\",\"date\":\"2026-08-27\",\"url\":\"https:\/\/www.batiweb.com\/actualites\/urbanisme\/reconstruction-mayotte-lecornu-choc-mises-chantier-49208\",\"citation\":\"Sur les autorisations d\u2019urbanisme n\u00e9cessaires \u00e0 la reconstruction de Mayotte, l\u2019article cite les explications de Me Reda Kohen.\",\"auteur\":\"Batiweb\",\"paraphrase\":true}]},\"berliner-zeitung\":{\"nom\":\"Berliner Zeitung\",\"articles\":[{\"titre\":\"Null Euro Miete, daf\u00fcr Quizabende mit Rentnern: Wie eine 18-J\u00e4hrige ins Seniorenheim zog\",\"date\":\"2026-09-21\",\"url\":\"https:\/\/www.berliner-zeitung.de\/article\/null-euro-miete-dafuer-quizabende-mit-rentnern-wie-eine-18-jaehrige-ins-seniorenheim-zog-10414380\",\"citation\":\"Der Pariser Anwalt Reda Kohen ordnet das Modell als Gebrauchsleihe ein: Die Wohnung wird \u00fcberlassen, nicht vermietet.\",\"auteur\":\"Berliner Zeitung\",\"paraphrase\":true}]},\"startupitalia\":{\"nom\":\"StartupItalia\",\"articles\":[{\"titre\":\"Quasi 13 miliardi di dollari di Nvidia per la sconosciuta Hugging Face. 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aria-selected=\"false\" tabindex=\"-1\">The clauses<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p2\" aria-controls=\"kcv-p2\" aria-selected=\"false\" tabindex=\"-1\">Your documents<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p3\" aria-controls=\"kcv-p3\" aria-selected=\"false\" tabindex=\"-1\">The method<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p4\" aria-controls=\"kcv-p4\" aria-selected=\"false\" tabindex=\"-1\">The timetable<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p5\" aria-controls=\"kcv-p5\" aria-selected=\"false\" tabindex=\"-1\">The checks<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-synthese\" aria-controls=\"kcv-synthese\" aria-selected=\"false\" tabindex=\"-1\">Summary<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-faq\" aria-controls=\"kcv-faq\" aria-selected=\"false\" tabindex=\"-1\">Questions<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-textes\" aria-controls=\"kcv-textes\" aria-selected=\"false\" tabindex=\"-1\">Legal texts<\/button><\/div><\/div>\n    <div class=\"kcv-track\"><div class=\"kcv-slide kcv-on\" id=\"kcv-avocat\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-avocat\" tabindex=\"-1\">\n<div class=\"kcv-pro\">\n  <figure class=\"kcv-pro-photo\"><img fetchpriority=\"high\" src=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/kohen-footer\/portrait-reda-20260920-lignes-orange.jpg\" alt=\"Reda Kohen, lawyer at the Paris Bar\" width=\"1122\" height=\"1402\" loading=\"eager\" decoding=\"async\">\n    <figcaption class=\"kcv-pro-cap kcv-glass\"><span class=\"kcv-pro-capn\">Reda Kohen<\/span><span class=\"kcv-pro-capr\">Lawyer at the Paris Bar<\/span><\/figcaption>\n  <\/figure>\n  <div class=\"kcv-pro-body\">\n    <p class=\"kk\">Company law \u00b7 Paris 17th arrondissement<\/p>\n    <h2>What a <em>shareholders' agreement lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Company law<\/li><li>Firm in Paris, 17th arrondissement<\/li><\/ul>\n    <p class=\"kcv-p\">Lawyer at the Paris Bar \u2014 shareholders' agreements and governance.<\/p>\n    <p class=\"kcv-p\">A shareholders' agreement is relevant from two shareholders onwards and becomes indispensable when an investor or an equity manager comes in. It governs governance (veto, information), exit (drag, tag, leaver, vesting), valuation (formula or expert under Article 1843-4) and anti-dilution. As a contract within the meaning of Article 1103, its breach opens the way to specific performance, damages or termination. The promisor's withdrawal no longer prevents the promised sale from being formed: forced transfer can be argued and won.<\/p>\n    <p class=\"kcv-p\">Send what you have, even if incomplete: the firm will prioritise and complete the file with you. In an emergency, call <a href=\"tel:+33646605822\">06 46 60 58 22<\/a>.<\/p>\n    <p class=\"kcv-pro-meta\"><a href=\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\" target=\"_blank\" rel=\"noopener\">Official profile in the directory of French lawyers (CNB)<\/a><span>Firm at 11 rue Margueritte, 75017 Paris<\/span><\/p>\n  <\/div>\n<\/div>\n<div class=\"kcv-cards\">\n  <div class=\"kcv-card\"><h3>Detailed governance<\/h3><p>Veto over key decisions, quorum, strategic committee, enhanced information rights: the agreement organises power without exposing the strategy on the public register.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Organised exit<\/h3><p>Drag along (forced exit), tag along (joint exit), good and bad leaver with a discounted price: the promises rest on Article 1124 of the French Civil Code and have been enforceable by the courts since 2016.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Valuation planned in advance<\/h3><p>Price formula (EBITDA multiple, last round) or expert under Article 1843-4: an agreement without a price formula ends up being settled before a judge.<\/p><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p1\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p1\" tabindex=\"-1\">\n<p class=\"kk\">The clauses<\/p>\n<h2>What the agreement regulates and the articles of association <em>cannot say<\/em><\/h2>\n<p class=\"kcv-lead\">Four families of clauses structure the agreement.<\/p>\n<ol class=\"kcv-conds\">\n  <li><strong>Governance<\/strong>: veto decisions (sale of assets, borrowing, issue of securities, change of corporate object), supervisory committee, enhanced information rights, arbitration clause.<\/li>\n  <li><strong>Exit<\/strong>: drag along, tag along, good and bad leaver, founder vesting with a cliff \u2014 each clause rests on the unilateral promise under Article 1124 of the French Civil Code.<\/li>\n  <li><strong>Valuation<\/strong>: a calculation formula updated annually, or an expert appointed by the parties or by the president of the commercial court (Article 1843-4) \u2014 a shareholder who refuses to provide the accounts to the expert is exposed to urgent application proceedings (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6746d962d59ab42e659913fe\" target=\"_blank\" rel=\"noopener\">Cass. com., 27 November 2024, No. 23-17.536<\/a>).<\/li>\n  <li><strong>Anti-dilution and liquidation preference<\/strong>: protection of value in the event of a down round, with formulas whose dilutive effects differ greatly for founders.<\/li>\n<\/ol>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Courts may enforce promises in shareholders' agreements: a clause requiring the defaulting shareholder to buy or sell their shares is not annulled under Article L. 227-15 of the French Commercial Code (Code de commerce) on the ground that it contravenes a clause of the articles of association on exclusion, as that provision governs neither the exclusion of a shareholder nor the forced transfer of shares that follows (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6492960517c95e05dbf9dd99\" target=\"_blank\" rel=\"noopener\">Cass. com., 21 June 2023, No. 21-25.952<\/a>), and a unilateral promise to sell is specifically enforceable despite the promisor's withdrawal, even for a contract predating the 2016 reform (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6411732af6c989fb0243569b\" target=\"_blank\" rel=\"noopener\">Cass. com., 15 March 2023, No. 21-20.399<\/a>).<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p2\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p2\" tabindex=\"-1\">\n<p class=\"kk\">Your documents<\/p>\n<h2>What you need to provide to draft <em>or audit<\/em><\/h2>\n<p class=\"kcv-lead\">The agreement is drafted around the actual shareholder structure and the exit horizon.<\/p>\n<div class=\"kcv-duel\">\n  <div class=\"kcv-opt kcv-opt-a\"><p class=\"kcv-opt-k\">Position A<\/p><p class=\"kcv-opt-t\">Founders<\/p><ul><li>Current articles of association and capitalisation table<\/li><li>Exit intentions and liquidity horizon<\/li><li>Investor's term sheet, if any<\/li><li>Job offers to equity managers<\/li><\/ul><\/div>\n  <div class=\"kcv-or\" aria-hidden=\"true\">or<\/div>\n  <div class=\"kcv-opt kcv-opt-b\"><p class=\"kcv-opt-k\">Position B<\/p><p class=\"kcv-opt-t\">Investor or manager<\/p><ul><li>Existing agreement and amendments<\/li><li>Desired governance terms<\/li><li>Protection mechanisms requested: anti-dilution, liquidation preference<\/li><li>Proposed vesting schedule<\/li><\/ul><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Frequent mistakes: signing the term sheet before negotiating the agreement; drafting a vague leaver clause that is inoperative at closing.<\/p><\/div>\n<p class=\"kcv-p\">The firm also drafts:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Shotgun clause (buy or sell)<\/li><li>Arbitration clause<\/li><li>Inalienability (10 years maximum in an SAS)<\/li><li>Enforcement mandates<\/li><\/ul><\/div><div class=\"kcv-slide\" id=\"kcv-p3\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p3\" tabindex=\"-1\">\n<p class=\"kk\">The method<\/p>\n<h2>How the firm <em>supports you<\/em><\/h2>\n<p class=\"kcv-lead\">Rushing the price formula turns an hour saved into months of litigation.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 1<\/p><h3>Strategic framing<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Shareholder structure, intentions, exit horizon, trade-offs on capital and operations.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Review of the articles of association<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Consistency with the public articles of association, identification of contradictions to be resolved, hierarchy of the instruments.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Drafting and negotiation<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Drag, tag, leaver, anti-dilution, price formulas, penalty clause; exchange of drafts and quantified compromises.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Signature and enforcement<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Signature on the same day as the articles of association, safekeeping, then enforcement: formal notice, specific performance or termination in the event of a breach.<\/p><\/div><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>In the event of a breach: specific performance of the transfer, damages (penalty clause) or unilateral termination by notification (Article 1226 of the French Civil Code).<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p4\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p4\" tabindex=\"-1\">\n<p class=\"kk\">The timetable<\/p>\n<h2>The timeline <em>of a shareholders' agreement<\/em><\/h2>\n<p class=\"kcv-lead\">From the term sheet to signature, then to enforcement.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Framing<\/p><p><strong>Week 1.<\/strong> Shareholder structure, intentions, exit horizon, difficult points identified.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Review of the articles<\/p><p><strong>Week 2.<\/strong> Consistency between articles and agreement, contradictions resolved article by article.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Outline<\/p><p><strong>Weeks 2-3.<\/strong> Term sheet or first outline, alternatives on sensitive clauses, validation by the founders.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Drafting<\/p><p><strong>Weeks 3-4.<\/strong> Full agreement: governance, exit, valuation, anti-dilution, penalty clause.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Negotiation<\/p><p><strong>Weeks 4-5.<\/strong> Drafts exchanged, quantified compromises, approval by each signatory.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Signing<\/p><p>Electronic signature on the same day as the articles of association, recording in the register of commitments.<\/p><\/li><\/ol><\/div><div class=\"kcv-slide\" id=\"kcv-p5\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p5\" tabindex=\"-1\">\n<p class=\"kk\">The checks<\/p>\n<h2>What the firm checks before <em>signature<\/em><\/h2>\n<p class=\"kcv-lead\">Nothing is signed until these points have been validated.<\/p>\n<div class=\"kcv-split\">\n  <ul class=\"kcv-check\"><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Consistency between agreement and articles, hierarchy of the two instruments clarified.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Robust price formula or Article 1843-4 expert clause with an obligation to provide the accounts.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Precise leaver clauses: definitions of good and bad leaver, quantified discount, vesting schedule.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Calibrated drag and tag: thresholds, floor price, notification procedures.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Anti-dilution: formula chosen with knowledge of the dilutive effects for founders.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Enforceability: Article 1124 promises, enforcement mandates, proportionate penalty clause.<\/span><\/li><\/ul>\n  <aside class=\"kcv-act\">\n    <p class=\"kcv-act-k\">Case documents<\/p>\n    <p class=\"kcv-act-t\">Send what you have, even if incomplete<\/p>\n    <p class=\"kcv-act-p\">Submit your documents through the confidential form at the top of the page: the firm will prioritise and complete the file with you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><\/div>\n  <\/aside>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-synthese\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-synthese\" tabindex=\"-1\">\n<p class=\"kk\">Summary<\/p>\n<h2>Situation, risk, <em>clause, decision<\/em><\/h2>\n<p class=\"kcv-lead\">The most frequent configurations seen in practice in shareholders' agreements.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Two 50\/50 founders<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Main risk:<\/strong> Complete deadlock and impossibility of selling.<\/p><p class=\"kcv-p\"><strong>Clause to include:<\/strong> Buy or sell (shotgun clause) or arbitration.<\/p><p class=\"kcv-p\"><strong>Recommended decision:<\/strong> Provide a pre-agreed exit mechanism.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>First investor round within twelve months<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Main risk:<\/strong> Exit terms imposed by the fund.<\/p><p class=\"kcv-p\"><strong>Clause to include:<\/strong> Drag along, tag along, liquidation preference.<\/p><p class=\"kcv-p\"><strong>Recommended decision:<\/strong> Negotiate the agreement before signing the term sheet.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Equity manager hired on a permanent contract<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Main risk:<\/strong> Departure before maturity, loss of founder value.<\/p><p class=\"kcv-p\"><strong>Clause to include:<\/strong> Four-year vesting, twelve-month cliff, leaver.<\/p><p class=\"kcv-p\"><strong>Recommended decision:<\/strong> Align the agreement with the job offer.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Historic investor not yet cashed out<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Main risk:<\/strong> No transfer mechanism, capital locked in.<\/p><p class=\"kcv-p\"><strong>Clause to include:<\/strong> Unilateral promise to repurchase, dated deadline.<\/p><p class=\"kcv-p\"><strong>Recommended decision:<\/strong> Document liquidity before three years.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Agreement signed without a price formula<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Main risk:<\/strong> Disagreement on valuation, lengthy expert assessment.<\/p><p class=\"kcv-p\"><strong>Clause to include:<\/strong> Quantified formula or recourse to an Article 1843-4 expert.<\/p><p class=\"kcv-p\"><strong>Recommended decision:<\/strong> Draft the formula in an appendix, with annual review.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Founder removed from office<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Main risk:<\/strong> Keeps the shares without any contribution to the project.<\/p><p class=\"kcv-p\"><strong>Clause to include:<\/strong> Bad leaver with discount, good leaver at value.<\/p><p class=\"kcv-p\"><strong>Recommended decision:<\/strong> Distinguish the reasons for departure and put figures on them.<\/p><\/div><\/div>\n<\/div>\n<\/div><div class=\"kcv-slide\" id=\"kcv-faq\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-faq\" tabindex=\"-1\">\n<p class=\"kk\">Frequently asked questions<\/p>\n<h2>Your questions: <em>shareholders' agreement<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">15 questions<\/p>\n    <p class=\"kcv-act-t\">A situation not listed here?<\/p>\n    <p class=\"kcv-act-p\">Every case has its own features. The firm reads your documents before answering you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><\/div>\n  <\/aside>\n  <div class=\"kcv-faq\"><details><summary>What is the difference between the articles of association and a shareholders&#x27; agreement?<\/summary><div class=\"a\"><p>The articles of association are public, enforceable against third parties and establish the company's existence. A shareholders' agreement is a private contract between its signatories: more flexible and confidential, it regulates what the articles cannot say with as much precision: priced exit, valuation, enhanced governance, anti-dilution, founder vesting. The articles bind everyone; the agreement binds only its signatories. In practice, the two documents are drafted together and signed on the same day.<\/p><\/div><\/details><details><summary>How long should a shareholders&#x27; agreement last?<\/summary><div class=\"a\"><p>Most often ten years, with tacit renewal. Beyond that, certain commitments, notably inalienability in an SAS under Article L. 227-13 of the French Commercial Code (Code de commerce), are capped at ten years. The agreement may provide for a term aligned with the intended exit (stock market listing, industrial sale) or with the duration of a structuring loan. An annual review is recommended.<\/p><\/div><\/details><details><summary>Can a shareholders&#x27; agreement be enforced by the courts?<\/summary><div class=\"a\"><p>Yes, where the clause amounts to a unilateral promise to sell or buy that is sufficiently precise as to its subject matter and price. The Court of Cassation has confirmed that <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the French Civil Code<\/a> allows the beneficiary to obtain the promised contract despite the promisor's withdrawal (Cass. com., 15 March 2023, No. 21-20.399, under the law prior to the 2016 reform). For shares of an SAS, the Court held in 2023 that the nullity provided for by Article L. 227-15 of the Commercial Code sanctions only breach of a clause in the articles of association concerning a freely agreed transfer of shares, and not the forced transfer that follows the exclusion of a shareholder (Cass. com., 21 June 2023, No. 21-25.952).<\/p><\/div><\/details><details><summary>What are the standard exit clauses in a shareholders&#x27; agreement?<\/summary><div class=\"a\"><p>Three families: drag along (forced exit imposed by the majority shareholder), tag along (joint exit for the benefit of the minority shareholder), leaver (the fate of the shares of a founder or manager who leaves). These are often supplemented by a right of first refusal, a right of pre-emption for the other shareholders, and a buy or sell (shotgun) clause in the event of a 50\/50 deadlock.<\/p><\/div><\/details><details><summary>How is valuation set in a shareholders&#x27; agreement?<\/summary><div class=\"a\"><p>Three options: a fixed value annexed and revised annually, a formula with figures (EBITDA multiple, net asset value), or recourse to an expert appointed under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-4 of the French Civil Code<\/a> in the event of disagreement. Best practice combines a readable formula with recourse to an expert in the event of a dispute. The expert assessment binds the parties within the limits of the procedures laid down in the agreement.<\/p><\/div><\/details><details><summary>Drag along and tag along: what should be negotiated?<\/summary><div class=\"a\"><p>For the drag: the trigger threshold (often 50% or 66% of the share capital), the scope (all shares or only certain categories), the information timetable, enforceability against new entrants. For the tag: the eligible share (proportional or full), the response period, the price formula applied. Vague drafting makes the clause inoperative at closing.<\/p><\/div><\/details><details><summary>Bad leaver and good leaver: what is the impact on the price?<\/summary><div class=\"a\"><p>The good leaver (departure through retirement, disability, dismissal without serious cause) allows the shares to be bought back at full expert-assessed value. The bad leaver (resignation before maturity, gross misconduct, unfair competition) triggers a buy-back at a heavily discounted value (often 30 to 70% lower) or at nominal value. The grounds must be listed precisely, and the assessment must be objective.<\/p><\/div><\/details><details><summary>What is an anti-dilution ratchet clause?<\/summary><div class=\"a\"><p>A clause under which an investor receives new shares at no cost if a later capital increase is made at a lower valuation than at its entry (down round). It protects the economic value of the previous round. Several formulas exist (full ratchet, broad-based weighted average, narrow-based weighted average) with very different dilutive effects for founders.<\/p><\/div><\/details><details><summary>What is the difference between ordinary shares and preference shares?<\/summary><div class=\"a\"><p>Preference shares (preferred stock) confer enhanced voting or financial rights: priority dividend, liquidation preference, veto rights, automatic conversion. They are authorised by Articles L. 228-11 et seq. of the Commercial Code and are mainly used in an SAS for fundraising. The agreement specifies the attached rights and the conditions of conversion into ordinary shares.<\/p><\/div><\/details><details><summary>What should be done if a signatory breaches the agreement?<\/summary><div class=\"a\"><p>Three remedies are available: specific performance of the commitment (transfer or buy-back), damages (the penalty clause provided in the agreement or full compensation), and unilateral termination by notification under the conditions of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041472\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041472\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1226 of the French Civil Code<\/a>. The choice depends on the nature of the commitment and the creditor's commercial interest. A prior formal notice is recommended.<\/p><\/div><\/details><details><summary>Is a shareholders&#x27; agreement enforceable against third parties?<\/summary><div class=\"a\"><p>No, as a rule. The agreement binds only its signatories (relative effect of contracts, Article 1199 of the French Civil Code). Third parties acting in good faith cannot have imposed on them a clause of which they are unaware. This is why heavy commitments (inalienability, approval, exclusion) must also appear in the articles of association if they are to take effect against new shareholders or transferees.<\/p><\/div><\/details><details><summary>Should the agreement be signed by notarial deed or by private signature?<\/summary><div class=\"a\"><p>A private signature is sufficient in almost all cases. Qualified electronic signature is now widely used for remote signing between founders and investors. A notarial deed becomes useful where the agreement contains transfers of real estate or gifts between shareholders. The firm manages the electronic signature for you.<\/p><\/div><\/details><details><summary>How much does it cost to draft a shareholders&#x27; agreement?<\/summary><div class=\"a\"><p>For a simple agreement between two or three founders with no outside investor, fees start at around \u20ac1,800 incl. VAT. For a full agreement with an investor, drag, tag, leaver, anti-dilution and a price formula, the budget is generally between \u20ac3,500 and \u20ac7,000 incl. VAT depending on the complexity of the round. The firm sends a written quote after an initial discussion.<\/p><\/div><\/details><details><summary>Which court hears a dispute over the agreement?<\/summary><div class=\"a\"><p>Disputes between shareholders fall within the jurisdiction of the commercial court of the registered office, that is, the Paris commercial court (tribunal de commerce) for a company registered in Paris. The agreement may provide for an arbitration clause before a sole arbitrator or an arbitral tribunal, which speeds up the decision and preserves confidentiality. The firm regularly pleads before the Paris commercial court.<\/p><\/div><\/details><details><summary>Can a shareholders&#x27; agreement be amended after signature?<\/summary><div class=\"a\"><p>Yes, by an amendment signed between the original parties and any new signatories. Every change must be traceable, dated and signed. When a new investor becomes a shareholder, it is common to sign a new agreement that cancels and replaces the previous one (novation clause). The firm ensures consistency between the old and new commitments.<\/p><\/div><\/details><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-textes\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-textes\" tabindex=\"-1\">\n<p class=\"kk\">Sources and related pages<\/p>\n<h2>Official texts and <em>related pages<\/em><\/h2>\n<p class=\"kcv-lead\">The sources for this page and the firm's related areas of practice.<\/p>\n<div class=\"kcv-arts\"><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/texte_lc\/LEGITEXT000006070721\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/texte_lc\/LEGITEXT000006070721\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">French Civil Code<\/span><span class=\"kcv-art-t\">Articles 1103, 1124, 1226 and 1843-4<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/texte_lc\/LEGITEXT000005634379\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/texte_lc\/LEGITEXT000005634379\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">French Commercial Code<\/span><span class=\"kcv-art-t\">Article L. 227-13, inalienability in an SAS<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<h3 class=\"kcv-center\">Further reading<\/h3>\n<div class=\"kcv-pgs\"><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/articles-of-association-lawyer\/\"><span class=\"kcv-pg-t\">Drafting articles of association<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/share-transfer-lawyer\/\"><span class=\"kcv-pg-t\">Transfer of shares<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/share-capital-lawyer\/\"><span class=\"kcv-pg-t\">Changing the share capital<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/shareholder-disputes-lawyer\/\"><span class=\"kcv-pg-t\">Disputes between shareholders<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/m-and-a-lawyer\/\"><span class=\"kcv-pg-t\">Mergers and acquisitions (M&amp;A)<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/\"><span class=\"kcv-pg-t\">Company law lawyer in Paris<\/span><span class=\"kcv-pg-s\">The firm's practice group<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/\"><span class=\"kcv-pg-t\">Business law in Paris<\/span><span class=\"kcv-pg-s\">Related practice group<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/contact\/\"><span class=\"kcv-pg-t\">Contact<\/span><span class=\"kcv-pg-s\">Write to or meet the firm<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<p class=\"kcv-small kcv-center\">Page updated on 11 June 2026.<\/p><\/div><\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-cta\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-cta-card\">\n      <h2>Let us arrange a discussion about <em>your agreement<\/em>.<\/h2>\n      <p>Before a fundraising, when an equity manager joins or in the face of a breach: send the articles of association, the capitalisation table and the existing agreement. The firm replies within 24 business hours.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n<div class=\"kcv-news-band\"><h2>The latest <em>news.<\/em><\/h2><\/div>\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"What is the difference between the articles of association and a shareholders' agreement?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The articles of association are public, enforceable against third parties and establish the company's existence. A shareholders' agreement is a private contract between its signatories: more flexible and confidential, it regulates what the articles cannot say with as much precision: priced exit, valuation, enhanced governance, anti-dilution, founder vesting. The articles bind everyone; the agreement binds only its signatories. In practice, the two documents are drafted together and signed on the same day.\"}}, {\"@type\": \"Question\", \"name\": \"How long should a shareholders' agreement last?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Most often ten years, with tacit renewal. Beyond that, certain commitments, notably inalienability in an SAS under Article L. 227-13 of the French Commercial Code (Code de commerce), are capped at ten years. The agreement may provide for a term aligned with the intended exit (stock market listing, industrial sale) or with the duration of a structuring loan. An annual review is recommended.\"}}, {\"@type\": \"Question\", \"name\": \"Can a shareholders' agreement be enforced by the courts?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, where the clause amounts to a unilateral promise to sell or buy that is sufficiently precise as to its subject matter and price. The Court of Cassation has confirmed that Article 1124 of the French Civil Code allows the beneficiary to obtain the promised contract despite the promisor's withdrawal (Cass. com., 15 March 2023, No. 21-20.399, under the law prior to the 2016 reform). For shares of an SAS, the Court held in 2023 that the nullity provided for by Article L. 227-15 of the Commercial Code sanctions only breach of a clause in the articles of association concerning a freely agreed transfer of shares, and not the forced transfer that follows the exclusion of a shareholder (Cass. com., 21 June 2023, No. 21-25.952).\"}}, {\"@type\": \"Question\", \"name\": \"What are the standard exit clauses in a shareholders' agreement?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Three families: drag along (forced exit imposed by the majority shareholder), tag along (joint exit for the benefit of the minority shareholder), leaver (the fate of the shares of a founder or manager who leaves). These are often supplemented by a right of first refusal, a right of pre-emption for the other shareholders, and a buy or sell (shotgun) clause in the event of a 50\/50 deadlock.\"}}, {\"@type\": \"Question\", \"name\": \"How is valuation set in a shareholders' agreement?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Three options: a fixed value annexed and revised annually, a formula with figures (EBITDA multiple, net asset value), or recourse to an expert appointed under Article 1843-4 of the French Civil Code in the event of disagreement. Best practice combines a readable formula with recourse to an expert in the event of a dispute. The expert assessment binds the parties within the limits of the procedures laid down in the agreement.\"}}, {\"@type\": \"Question\", \"name\": \"Drag along and tag along: what should be negotiated?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"For the drag: the trigger threshold (often 50% or 66% of the share capital), the scope (all shares or only certain categories), the information timetable, enforceability against new entrants. For the tag: the eligible share (proportional or full), the response period, the price formula applied. Vague drafting makes the clause inoperative at closing.\"}}, {\"@type\": \"Question\", \"name\": \"Bad leaver and good leaver: what is the impact on the price?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The good leaver (departure through retirement, disability, dismissal without serious cause) allows the shares to be bought back at full expert-assessed value. The bad leaver (resignation before maturity, gross misconduct, unfair competition) triggers a buy-back at a heavily discounted value (often 30 to 70% lower) or at nominal value. The grounds must be listed precisely, and the assessment must be objective.\"}}, {\"@type\": \"Question\", \"name\": \"What is an anti-dilution ratchet clause?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A clause under which an investor receives new shares at no cost if a later capital increase is made at a lower valuation than at its entry (down round). It protects the economic value of the previous round. Several formulas exist (full ratchet, broad-based weighted average, narrow-based weighted average) with very different dilutive effects for founders.\"}}, {\"@type\": \"Question\", \"name\": \"What is the difference between ordinary shares and preference shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Preference shares (preferred stock) confer enhanced voting or financial rights: priority dividend, liquidation preference, veto rights, automatic conversion. They are authorised by Articles L. 228-11 et seq. of the Commercial Code and are mainly used in an SAS for fundraising. The agreement specifies the attached rights and the conditions of conversion into ordinary shares.\"}}, {\"@type\": \"Question\", \"name\": \"What should be done if a signatory breaches the agreement?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Three remedies are available: specific performance of the commitment (transfer or buy-back), damages (the penalty clause provided in the agreement or full compensation), and unilateral termination by notification under the conditions of Article 1226 of the French Civil Code. The choice depends on the nature of the commitment and the creditor's commercial interest. A prior formal notice is recommended.\"}}, {\"@type\": \"Question\", \"name\": \"Is a shareholders' agreement enforceable against third parties?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"No, as a rule. The agreement binds only its signatories (relative effect of contracts, Article 1199 of the French Civil Code). Third parties acting in good faith cannot have imposed on them a clause of which they are unaware. This is why heavy commitments (inalienability, approval, exclusion) must also appear in the articles of association if they are to take effect against new shareholders or transferees.\"}}, {\"@type\": \"Question\", \"name\": \"Should the agreement be signed by notarial deed or by private signature?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A private signature is sufficient in almost all cases. Qualified electronic signature is now widely used for remote signing between founders and investors. A notarial deed becomes useful where the agreement contains transfers of real estate or gifts between shareholders. The firm manages the electronic signature for you.\"}}, {\"@type\": \"Question\", \"name\": \"How much does it cost to draft a shareholders' agreement?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"For a simple agreement between two or three founders with no outside investor, fees start at around \u20ac1,800 incl. VAT. For a full agreement with an investor, drag, tag, leaver, anti-dilution and a price formula, the budget is generally between \u20ac3,500 and \u20ac7,000 incl. VAT depending on the complexity of the round. The firm sends a written quote after an initial discussion.\"}}, {\"@type\": \"Question\", \"name\": \"Which court hears a dispute over the agreement?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Disputes between shareholders fall within the jurisdiction of the commercial court of the registered office, that is, the Paris commercial court (tribunal de commerce) for a company registered in Paris. The agreement may provide for an arbitration clause before a sole arbitrator or an arbitral tribunal, which speeds up the decision and preserves confidentiality. The firm regularly pleads before the Paris commercial court.\"}}, {\"@type\": \"Question\", \"name\": \"Can a shareholders' agreement be amended after signature?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, by an amendment signed between the original parties and any new signatories. Every change must be traceable, dated and signed. When a new investor becomes a shareholder, it is common to sign a new agreement that cancels and replaces the previous one (novation clause). The firm ensures consistency between the old and new commitments.\"}}]}<\/script>\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"LegalService\", \"name\": \"Shareholders agreement lawyer Paris \u2014 Kohen Avocats\", \"url\": \"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/shareholders-agreement-lawyer\/\", \"telephone\": \"+33646605822\", \"email\": \"contact@kohenavocats.fr\", \"address\": {\"@type\": \"PostalAddress\", \"streetAddress\": \"11 rue Margueritte\", \"postalCode\": \"75017\", \"addressLocality\": \"Paris\", \"addressCountry\": \"FR\"}, \"areaServed\": \"The Paris region (\u00cele-de-France)\", \"founder\": {\"@type\": \"Person\", \"name\": \"Reda Kohen\", \"jobTitle\": \"Lawyer at the Paris Bar\", \"sameAs\": [\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\"]}, \"openingHours\": \"Mo-Su 00:00-24:00\"}<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element 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class: .elementor-element-bcaeb6b *\/.elementor-1983483 .elementor-element.elementor-element-bcaeb6b {\n    position: absolute;\n    width: 0;\n    height: 0;\n    overflow: hidden;\n    opacity: 0;\n    pointer-events: none;\n  }\/* End custom CSS *\/\n\/* Start custom CSS for container, class: .elementor-element-5bca5836 *\/.elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n  position: relative;\n  box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\n  transition: all 1.2s cubic-bezier(0.25, 0.1, 0.25, 1);\n  \n  \/* Interlignage responsive pour le texte contenu *\/\n  line-height: clamp(1.5, 1.4 + 0.2vw, 1.8);\n  \n  \/* R\u00e9duction de la taille du texte normal *\/\n  font-size: 0.9em;\n}\n\/* Assurer que le contenu soit au-dessus des pseudo-\u00e9l\u00e9ments *\/\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 > * {\n  position: relative;\n  z-index: 1;\n}\n\/* Interlignage + r\u00e9duction taille pour les titres *\/\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h1,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h2,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h3,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h4,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h5,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h6,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 .elementor-heading-title {\n  line-height: clamp(1.2, 1.15 + 0.1vw, 1.35) !important;\n  font-size: 0.85em !important;\n}\n\/* M\u00e9dia queries pour affiner l'interlignage des titres *\/\n@media (max-width: 768px) {\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n    font-size: 0.85em;\n  }\n  \n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 h1,\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 h2,\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 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\n\n\n\n\n\n\n\n\n\n\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n    flex-shrink: 0 !important;\n    scroll-snap-align: start !important;\n    width: clamp(300px, 30vw, 400px) !important;\n    min-width: 300px !important;\n  }\n\n  @media (max-width: 767px) {\n    .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n      width: 350px !important;\n      min-width: 350px !important;\n      max-width: 350px !important;\n    }\n  }\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157105 post-2157105 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-business-france-vat-registration-fiscal-representative-challenge-abroad\/\">Your Foreign Business Owes French VAT Without a French Company: Registration, Fiscal Representative and How to Challenge the Bill From Abroad<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157013 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157013 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157013 post-2157013 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-pay-abroad-salary-dividends-management-fees\/\">Your French SAS Pays You While You Live Abroad: Salary, Dividends or Management Fees<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156883 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156883 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156883 post-2156883 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-capital-increase-cash-call-filing-abroad\/\">Your French SAS Needs Cash From Abroad: Increase Capital, Call Up Unpaid Shares or Lend Instead \u2014 Filing and New Kbis Without Flying to Paris<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156702 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156702 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/pawel-czerwinski-mIT9kEQBC6Q-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156702 post-2156702 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-hire-first-employee-dpae-contract-trial-pay-abroad\/\">Hiring Your First French Employee While You Live Abroad: DPAE, Contract, Trial Period, Pay and Registration<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156579 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156579 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/viktor-forgacs-5j8nd3QpRbo-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156579 post-2156579 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-close-dissolution-liquidation-tax-radiation-abroad\/\">Closing Your French Company From Abroad: Voluntary Dissolution, Friendly Liquidation, Tax Clearance and Striking Off<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156527 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156527 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/mohamed-nohassi-vGTXy8FS7b0-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156527 post-2156527 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-subsidiary-insolvent-director-liability-45-days-abroad\/\">Your French Subsidiary Goes Insolvent While You Live Abroad: 45-Day Filing, Director Liability and Sanctions Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Confidential where the articles of association are public, a shareholders&#8217; agreement sets out the priced exit, the detailed governance, anti-dilution and vesting. A shareholders agreement lawyer in Paris relies on its contractual force under Article 1103 of the French Civil [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":1749834,"parent":2161036,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161096","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shareholders Agreement Lawyer Paris | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Shareholders agreement lawyer Paris: governance, drag and tag, leaver, anti-dilution and valuation clauses, drafted and negotiated. 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