{"id":2161190,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161190"},"modified":"2026-11-04T19:44:11","modified_gmt":"2026-11-04T18:44:11","slug":"legal-audit-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/legal-audit-lawyer-paris\/","title":{"rendered":"Legal audit lawyer in Paris: put your SME in order before a sale, a shareholder or a bank"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161190\" class=\"elementor elementor-2161190 elementor-2160644\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59a e-con-full e-ecs-flex e-flex e-con e-parent\" data-id=\"v5bd59a\" 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-v5bd59aw elementor-widget elementor-widget-html\" data-id=\"v5bd59aw\" 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=\"expertise-fr-avocat-audit-juridique-paris-20261101\">\n<section class=\"kcv-hero\" aria-labelledby=\"kch-h1\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-head\">\n      <p class=\"kk\">SME ahead of a sale, the entry of a shareholder or a financing application<\/p>\n      <h1 id=\"kch-h1\"><em>Legal audit<\/em> lawyer in Paris:<span class=\"kcv-tail\"> put your SME in order before the sale, the shareholder or the bank.<\/span><\/h1>\n      <p class=\"kcv-sub\">Articles of association, registers, approved accounts, agreements with the director, beneficial owners, key contracts and bank commitments: a legal audit lawyer in Paris lists what a buyer, an incoming shareholder or a bank will examine, then organises the regularisations before discussions begin.<\/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\">An anomaly found by the buyer or the bank is negotiated against you. Spotted beforehand, it can be regularised, documented or disclosed on terms you choose.<\/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-expertises\/kohen-fr-droit-bancaire-paysage-20261025.webp\" media=\"(min-width:761px)\" fetchpriority=\"high\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-droit-bancaire-paysage-1080-20261025.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-expertises\/kohen-fr-droit-bancaire-paysage-20261025.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-droit-bancaire-paysage-1080-20261025.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\">SME legal audit \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the articles of association, the Kbis extract, the latest minutes, the filed accounts and a note on the planned transaction: the firm reviews the relevant scope and the first anomalies to deal with.<\/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. VAT<\/small><\/span>\n    <div class=\"kcf-price-body\">\n      <p class=\"kcf-price-text\"><strong>Preliminary review of your case.<\/strong> Examination of your documents and a first written analysis by Reda Kohen, within 24 to 48 business hours. Payment is made online after this form is sent.<\/p>\n      <ul class=\"kcf-price-meta\">\n        <li>Up to 1 GB of documents, folders and subfolders accepted<\/li>\n        <li>Secure payment, no banking data stored<\/li>\n        <li><a href=\"\/conditions-etude-prealable\/\" target=\"_blank\" rel=\"noopener\">Terms and fee agreement<\/a><\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-row\">\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2name\">Full name<\/label>\n      <input class=\"kcf-input\" type=\"text\" id=\"kcf-2name\" name=\"name\" placeholder=\"Your name\" required autocomplete=\"name\" aria-describedby=\"kcf-2name-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2name-err\" role=\"alert\"><\/p>\n    <\/div>\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2phone\">Telephone <span class=\"kcf-optional\">(optional)<\/span><\/label>\n      <input class=\"kcf-input\" type=\"tel\" inputmode=\"tel\" id=\"kcf-2phone\" name=\"phone\" placeholder=\"06 00 00 00 00\" autocomplete=\"tel\" aria-describedby=\"kcf-2phone-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2phone-err\" role=\"alert\"><\/p>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2email\">Email address<\/label>\n    <input class=\"kcf-input\" type=\"email\" id=\"kcf-2email\" name=\"email\" placeholder=\"your@email.com\" required autocomplete=\"email\" spellcheck=\"false\" autocapitalize=\"off\" aria-describedby=\"kcf-2email-err\">\n    <p class=\"kcf-field-error\" id=\"kcf-2email-err\" role=\"alert\"><\/p>\n  <\/div>\n  \n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2message\">Message<\/label>\n    <textarea class=\"kcf-textarea\" id=\"kcf-2message\" name=\"message\" placeholder=\"Briefly describe your situation...\" required aria-describedby=\"kcf-2message-err\"><\/textarea>\n    <p class=\"kcf-field-error\" id=\"kcf-2message-err\" role=\"alert\"><\/p>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\">Attachments <span class=\"kcf-optional\">(optional, 500 files max, 1 GB)<\/span><\/label>\n    <div class=\"kcf-dropzone\" id=\"kcf-2dropzone\">\n      <svg class=\"kcf-dropzone-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><polyline points=\"17 8 12 3 7 8\"\/><line x1=\"12\" y1=\"3\" x2=\"12\" y2=\"15\"\/><\/svg>\n      <p class=\"kcf-dropzone-text\"><strong>Click<\/strong> or drag your files here<br>All formats accepted (PDF, Word, images, etc.)<\/p>\n      <input type=\"file\" name=\"attachments\" id=\"kcf-2files\" multiple>\n    <\/div>\n    <div class=\"kcf-file-list\" id=\"kcf-2filelist\"><\/div>\n    <div class=\"kcf-progress\" id=\"kcf-2progress\">\n      <div class=\"kcf-progress-bar\"><div class=\"kcf-progress-fill\" id=\"kcf-2progressfill\"><\/div><\/div>\n      <p class=\"kcf-progress-text\" id=\"kcf-2progresstext\">Sending...<\/p>\n    <\/div>\n  <\/div>\n  <button type=\"submit\" class=\"kcf-btn\">\n    <span class=\"kcf-spinner\"><\/span>\n    <span class=\"kcf-btn-text\">Pay \u20ac80 and send my case<\/span>\n  <\/button>\n  <div class=\"kcf-msg\" role=\"status\" aria-live=\"polite\" aria-atomic=\"true\" tabindex=\"-1\"><\/div>\n  <p class=\"kcf-note\">Payment constitutes a request for immediate performance of your analysis. 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p.knp__watchlink{margin:0 0 2px;padding:0;line-height:17px}.kcv-press.knp a.knp__videos{gap:5px;padding:0;border:0;border-radius:0;background:none;box-shadow:none;font-size:11.5px;letter-spacing:.02em;line-height:17px;transform:none}.kcv-press.knp a.knp__videos:hover{background:none;box-shadow:none;transform:none}.kcv-press.knp a.knp__videos:hover span{text-decoration:underline;text-underline-offset:3px}.kcv-press.knp a.knp__videos svg{width:13px;height:13px}.knp .knp__vc{display:none}@media (max-width:900px){.kcv-press.knp .knp__vl{display:none}.kcv-press.knp .knp__vc{display:inline}}@media (prefers-reduced-motion:reduce){.knp a.knp__videos{transition:none}.knp a.knp__videos:hover{transform:none}}<\/style><p class=\"knp__watchlink\"><a class=\"knp__videos\" href=\"https:\/\/kohenavocats.fr\/en\/media\/\" aria-label=\"Watch the videos and their transcripts\"><svg width=\"18\" height=\"18\" viewBox=\"0 0 20 20\" aria-hidden=\"true\" focusable=\"false\"><circle cx=\"10\" cy=\"10\" 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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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l\u2019obligation de d\u00e9livrer un logement d\u00e9cent pendant toute la dur\u00e9e du bail et l\u2019ordonnance du tribunal judiciaire de B\u00e9ziers du 31 mars 2026 sur une climatisation install\u00e9e sans autorisation.\",\"auteur\":\"Science \\u0026 Vie\",\"paraphrase\":true}]},\"frandroid\":{\"nom\":\"Frandroid\",\"articles\":[{\"titre\":\"Fin de Rakuten France : comment r\u00e9cup\u00e9rer vos factures, vos garanties et vos points Club R\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.frandroid.com\/culture-tech\/web\/3266559_fin-de-rakuten-france-comment-recuperer-vos-factures-vos-garanties-et-vos-points-club-r\",\"citation\":\"Le cabinet Kohen Avocats leur conseille de retirer cet argent et de t\u00e9l\u00e9charger tout leur historique avant le 10 novembre.\",\"auteur\":\"Frandroid\",\"paraphrase\":true},{\"titre\":\"Goutte-\u00e0-goutte et inondation : que faire quand la climatisation du voisin ruine votre terrasse 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aria-controls=\"kcv-p1\" aria-selected=\"false\" tabindex=\"-1\">The rules<\/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\">Business law \u00b7 Paris 17th arrondissement<\/p>\n    <h2>What a <em>legal audit lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Business law<\/li><li>Company law<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, avocat at the Paris Bar, advises SME directors on business law and company law.<\/p>\n    <p class=\"kcv-p\">The legal audit described here is carried out on the company's side, before a third party examines it. The director is preparing a sale, welcoming a shareholder or seeking financing, and wants to know what the other party will find in the corporate documents.<\/p>\n    <p class=\"kcv-p\">The firm reviews the chain of title to the shares, collective decisions, accounts, agreements with the director, key contracts and security interests. It distinguishes what must be regularised, what must be disclosed under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1112-1 of the French Civil Code (Code civil)<\/a>, and what is a simple update.<\/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>The director's point of view<\/h3><p>The audit is carried out before the transaction, to correct or document anomalies while the company still controls the timetable.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Three transactions, three readers<\/h3><p>The buyer looks at liabilities and contracts, the incoming shareholder at governance and valuation, the bank at the accounts and guarantees.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>A usable report<\/h3><p>Each finding is tied to a document, a legal provision and an action: regularise, disclose, secure with a guarantee or leave as it is.<\/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 rules<\/p>\n<h2>Sale, shareholder, bank: <em>the rules that set the scope<\/em><\/h2>\n<p class=\"kcv-lead\">Four sets of rules determine what the audit must cover.<\/p>\n<ol class=\"kcv-conds\">\n  <li>A seller who knows information that is decisive for the buyer must communicate it where the buyer is legitimately unaware of it or places trust in the seller (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1112-1 of the Civil Code<\/a>), and intentional concealment by a seller who knows its decisive nature constitutes fraudulent misrepresentation (dol) (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036829827\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036829827\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1137<\/a>). The argument that the buyer lacked curiosity does not rule out fraudulent concealment (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66eab8db49e2d93736d98a71\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 September 2024, No. 23-10.183<\/a>).<\/li>\n  <li>The transfer of shares in a limited liability company (SARL) to a third party is subject to the approval provided for in <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-14 of the French Commercial Code (Code de commerce)<\/a>, and the transfer of shares in a simplified joint-stock company (SAS) to any clause in the articles of association that may be provided for under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227136\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227136\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-14<\/a> for the SAS. For a SARL, failure to notify the proposed transfer has led to its annulment (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63ca43079066fd7c90fc2743\" target=\"_blank\" rel=\"noopener\">CA Paris, 19 January 2023, No. 22\/03006<\/a>). Entry by way of a capital increase is governed by the rules specific to that transaction and by the articles of association.<\/li>\n  <li>Agreements with the director fall under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Articles L. 223-19<\/a> and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">L. 227-10 of the Commercial Code<\/a>. In a SARL, the accounts are approved within six months of the year-end (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535091\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535091\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-26<\/a>) and then filed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535223\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535223\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 232-22<\/a>); in an SAS, the articles of association set the conditions for the collective decision, the six-month period expressly applying only to the sole shareholder (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-9<\/a>), and filing is governed by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051559583\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051559583\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 232-23<\/a>. Beneficial owners are declared in the register (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051559441\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051559441\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 561-46 of the French Monetary and Financial Code<\/a>), on pain of a court injunction (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051752575\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051752575\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 561-48<\/a>).<\/li>\n  <li>As regards the bank, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027643288\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027643288\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 313-12 of the Monetary and Financial Code<\/a> regulates the reduction of facilities of indefinite duration, and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071230\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071230\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Articles 2297<\/a>, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071224\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071224\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">2299<\/a> and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071221\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071221\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">2300 of the Civil Code<\/a> set the protection of the director acting as guarantor for commitments entered into since 1 January 2022, older ones remaining subject to the previous law. A person who relies on disproportion must in any event prove the disproportion relied on (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6811aea381f47e994feb25e3\" target=\"_blank\" rel=\"noopener\">CA Versailles, 29 April 2025, No. 24\/04166<\/a>).<\/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>The audit does not replace the due diligence carried out by the buyer. It comes before it, on the company's side, and makes its conclusions more predictable.<\/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 to gather depending on <em>the planned transaction<\/em><\/h2>\n<p class=\"kcv-lead\">The scope of documents depends on the third party who will examine the company.<\/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\">Sale of the company or entry of a shareholder<\/p><ul><li>Up-to-date articles of association, shareholders' agreement, register of share transfers and approval minutes<\/li><li>Minutes approving the accounts for the last three financial years and proof of filing<\/li><li>Agreements with the director or shareholders: lease, remuneration, current account, guarantees<\/li><li>Significant customer and supplier contracts, with their clauses on term, exclusivity and change of control<\/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\">Bank financing application<\/p><ul><li>Credit agreements, overdraft authorisations and correspondence on their renewal<\/li><li>Guarantee deeds, signed asset statements and pledges granted<\/li><li>Filed accounts, tax return package and minutes allocating the result<\/li><li>Beneficial owner declaration and a recent Kbis extract<\/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>Do not amend a register or minutes retrospectively. The route to regularisation depends on the defect and the persons concerned: a new decision, a confirmation or a ratification should be proposed only after its conditions and its effects on third parties have been checked.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Buyer's due diligence<\/li><li>Warranty and indemnity agreement<\/li><li>Transfer of shares<\/li><li>Related-party agreements<\/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>conducts the audit<\/em><\/h2>\n<p class=\"kcv-lead\">Start from the transaction, inventory the documents, classify the anomalies, then regularise.<\/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>Frame the transaction and the reader<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Full or partial sale, capital increase, new loan: the firm sets the scope according to what the buyer, the shareholder or the bank will examine.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Inventory the corporate documents<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Articles of association, registers, minutes, accounts, agreements and contracts are cross-checked to verify the continuity of decisions and the chain of title to the shares.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Classify each anomaly<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm distinguishes the points to regularise, those to disclose to the other party, those to cover by a guarantee and those that call for no action.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Regularise and prepare what follows<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Ratification decisions, updates to the articles of association, filings with the court registry and draft representations are prepared before the data room opens or the bank appointment takes place.<\/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>A useful audit can be read in a one-page summary: each anomaly appears with its document, its legal provision, its seriousness and the action chosen.<\/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 an audit before a transaction<\/em><\/h2>\n<p class=\"kcv-lead\">From the first inventory to handing the file to the third party.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Decision to sell, open the capital or borrow<\/p><p><strong>Before any contact.<\/strong> Settle the type of transaction envisaged and the timetable you want, without yet sending any documents to the third party.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Inventory<\/p><p>Gather the articles of association, registers, minutes, accounts, contracts, leases, credit agreements and security interests in a single file.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Analysis and classification<\/p><p>The firm identifies the anomalies and classifies them by seriousness and by the transaction concerned.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Regularisations<\/p><p>Ratification decisions, late filings, declarations to the register and updates to the articles of association are adopted and filed.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Informing employees, where applicable<\/p><p>Where the sale concerns a majority of the share capital and the company is not required to have a social and economic committee (CSE) with the powers of companies of at least fifty employees, the timetable includes the information required by Article L. 23-10-1 of the Commercial Code.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Handing over to the third party<\/p><p>The file is opened to the buyer, the incoming shareholder or the bank, with the prepared representations and the list of points already dealt with.<\/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 <em>before the transaction<\/em><\/h2>\n<p class=\"kcv-lead\">The points that come up in most SME audits.<\/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>Chain of title: subscriptions, transfers, approvals and the register of transfers, from incorporation to date.<\/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>Collective decisions: approval of the accounts within the statutory time limit, allocation of the result and filing with the court registry.<\/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>Agreements with the director or a shareholder: characterisation, exclusion of ordinary transactions entered into on normal terms, report to the shareholders and approval.<\/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>Beneficial owners: consistency between the declaration and the actual breakdown of share capital and voting rights.<\/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>Key contracts: change of control, exclusivity, termination and non-competition clauses.<\/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>Bank commitments: nature of the facilities, covenants, early repayment, guarantees and pledges.<\/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>Anomaly, risk, <em>response<\/em><\/h2>\n<p class=\"kcv-lead\">Frequent situations and the first response to give them.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Accounts for a financial year never approved<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Minutes, prepared accounts, proof of filing with the court registry.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> In a SARL, six months after the year-end, unless extended by the court; in an SAS, as set by the articles of association, and six months for a sole shareholder.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Convene the meeting, approve the accounts, allocate the result and file before the transaction.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Old share transfer without proper approval<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Transfer orders, notifications, approval minutes, the articles of association in force at the time.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> To be dealt with before the new shareholder joins or the sale takes place.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Characterise the defect, then examine whether confirmation by the person who could invoke the nullity, a new transfer or another regularisation is possible.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Lease or director's remuneration without a control procedure<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Contract, report on the agreements, general meeting minutes.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Depends on the company form: prior approval for a non-shareholder manager of a SARL without a statutory auditor, a report to the shareholders in other cases.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Check that it is not an ordinary transaction entered into on normal terms, then apply the regime of the company form and document the agreement.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Beneficial owners not updated<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Declaration filed, share capital breakdown table, agreements and pledges.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Amending entry within thirty days of the event that makes it necessary (Article R. 561-55 of the Monetary and Financial Code).<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> File a corrective declaration reflecting the actual holding without delay if this time limit has passed.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Major contract with a change-of-control clause<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Signed contract, amendments, correspondence with the counterparty.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> The clause must be known before the price is negotiated.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Disclose the clause, prepare the request for the counterparty's consent or a condition precedent.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Director acting as guarantor for several loans<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Guarantee deeds, asset statements, amortisation schedules.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> The assessment is made as at the date of each commitment.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> List the commitments and plan how they will be dealt with in the sale and purchase agreement or the new financing.<\/p><\/div><\/div>\n<\/div><\/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>SME legal audit<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">13 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 an SME legal audit for before a sale?<\/summary><div class=\"a\"><p>The legal audit before a sale is carried out on the side of the company and its shareholders, before a buyer arrives. It lists what the buyer will find in the data room: up-to-date articles of association, registers, approval of the accounts, agreements with the director, key contracts, leases, security interests and disputes. Each anomaly identified can be regularised, documented or disclosed before discussions begin. This preparation matters because <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1112-1 of the French Civil Code (Code civil)<\/a> requires the communication of information whose importance is decisive for the other party's consent. Under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036829827\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036829827\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1137<\/a>, intentional concealment of such information constitutes fraudulent misrepresentation (dol). A seller who knows of a difficulty and says nothing therefore faces a claim for annulment or damages. The audit aims less to embellish the company than to settle, document by document, what will be disclosed, guaranteed or corrected before signing. It also prepares the answers to the buyer's questions, which shortens the verification phase and limits late renegotiation of the price.<\/p><\/div><\/details><details><summary>Can the seller blame the buyer for not making enquiries?<\/summary><div class=\"a\"><p>That argument is not enough to rule out fraudulent misrepresentation (dol). In a transfer of shares, a court of appeal had rejected annulment on the ground that the transferee, a former manager, should have made enquiries about the company's debts, current contracts and bank loan. The Court of Cassation overturned that decision, which it found had been made on \"grounds that the transferee should have enquired, before the transfer, about the company's financial situation, which are insufficient to exclude the existence of fraudulent concealment, which always makes the resulting error excusable\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66eab8db49e2d93736d98a71\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 September 2024, No. 23-10.183<\/a>) (our translation). <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040982\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040982\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1139 of the Civil Code<\/a> provides that an error induced by fraudulent misrepresentation is always excusable. For the director preparing the sale of their SME, the practical consequence is clear: decisive information on liabilities, commitments and financing must be disclosed, and it is prudent to do so in writing in order to be able to prove it. The audit lists this information and checks that it appears in the documents given to the buyer, rather than relying on the buyer's own vigilance.<\/p><\/div><\/details><details><summary>Must the seller disclose everything to the buyer?<\/summary><div class=\"a\"><p>No. The duty of disclosure has a limited scope, as the Court of Cassation reminds us. It holds that \"the pre-contractual duty of information covers only information that has a direct and necessary link with the content of the contract or the capacity of the parties, and whose importance is decisive for the other party's consent\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68242dc1eaabb276d1616de9\" target=\"_blank\" rel=\"noopener\">Cass. com., 14 May 2025, No. 23-17.948<\/a>) (our translation). In that case, the claimant who relied on a failure to inform lost, for lack of establishing the decisive nature of the information in question. The decision therefore went against them and shows that the burden of proof rests on the person complaining. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1112-1 of the Civil Code<\/a> also excludes from this duty the estimate of the value of the performance. The legal audit serves here to sort: on one side the decisive items to communicate and document, on the other the secondary ones. This distinction avoids two excesses, a data room silent on a sensitive point and a data room overloaded with documents without hierarchy, where the useful information gets lost.<\/p><\/div><\/details><details><summary>Can a new shareholder join without approval?<\/summary><div class=\"a\"><p>It all depends on the company form and the articles of association. In a SARL, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-14 of the Commercial Code<\/a> makes the transfer of shares to persons outside the company subject to the consent of a majority of the shareholders representing at least half of the shares, unless the articles of association require a higher majority. The proposed transfer must be notified to the company and to each shareholder. The Paris Court of Appeal annulled a share transfer for lack of any notification, holding that \"breach of the prescribed formalities results in the annulment of the transfer made\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63ca43079066fd7c90fc2743\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 19 January 2023, No. 22\/03006<\/a>) (our translation). An annulled transfer is deemed never to have existed. In an SAS, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227136\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227136\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-14<\/a> allows the articles of association to make any transfer of shares subject to the company's prior approval. Before a shareholder joins, the audit therefore re-reads the articles of association, any shareholders' agreement, earlier approval minutes and the keeping of the register of share transfers. An irregular chain of title undermines each person's status as shareholder and may call the planned transaction into question.<\/p><\/div><\/details><details><summary>Do agreements entered into with the director pose a risk?<\/summary><div class=\"a\"><p>Yes, where they did not follow the procedure provided for the company form. In a SARL, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-19 of the Commercial Code<\/a> requires a report on agreements entered into with a manager or a shareholder, on which the general meeting votes. In an SAS, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-10<\/a> provides for a report on agreements with the chairman, a company officer or a shareholder holding more than 10% of the voting rights. In both cases, an unapproved agreement takes effect, but the harmful consequences may remain the responsibility of the person concerned. For a public limited company (soci\u00e9t\u00e9 anonyme) with a supervisory board, the Court of Cassation held that \"failure to comply with the related-party agreements procedure constitutes, in itself, a breach of the statutory provisions applicable in this area and a fault within the meaning of Article L. 225-251\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68ca5a7a892376614a834575\" target=\"_blank\" rel=\"noopener\">Cass. com., 17 September 2025, No. 23-20.052<\/a>) (our translation). The audit lists the leases granted by the director, their remuneration, current accounts and guarantees, then checks how they were handled under the provision applicable to the company's form.<\/p><\/div><\/details><details><summary>What should be checked in the annual accounts before approaching a bank?<\/summary><div class=\"a\"><p>The bank will in principle ask for the latest accounts, and it can consult those filed with the register. In a SARL, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535091\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535091\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-26 of the Commercial Code<\/a> requires the annual accounts to be submitted for the shareholders' approval within six months of the financial year-end, unless extended by the court. Failing that, the public prosecution or any interested person may apply to the president of the court for an urgent order to have the meeting convened. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535223\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535223\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 232-22<\/a> then sets filing with the court registry within one month of approval, or within two months in the case of electronic filing. The audit checks consistency between the minutes, the filed accounts and the allocation of the result. It also identifies missing collective decisions, absent signatures and financial years left unapproved. These anomalies can often be regularised by ratification decisions, but it is better to deal with them before the credit institution or the investor notices them itself in its own review of the file.<\/p><\/div><\/details><details><summary>Is the beneficial owners register part of the audit?<\/summary><div class=\"a\"><p>Yes, because a missing or inaccurate declaration exposes the company to a court injunction and weakens its presentation to a bank or a buyer. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051752575\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051752575\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 561-48 of the Monetary and Financial Code<\/a> allows the president of the court, of their own motion or at the request of the public prosecutor (procureur de la R\u00e9publique) or any interested person, to order a company, if necessary subject to a penalty, to declare its beneficial owners or to correct inaccurate or incomplete information. The provision also allows for the company to be struck off the register of its own motion in the event of non-compliance. The Court of Cassation has clarified that the entities subject to such an injunction \"have, pursuant to Articles 496, paragraph 2, and 497 of the Code of Civil Procedure, the option of asking the president of the court that made it to withdraw the order\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66eab8d749e2d93736d98a6d\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 September 2024, No. 22-20.771<\/a>) (our translation). The audit compares the declaration in force with the actual breakdown of share capital and voting rights, taking into account agreements, pledges over shares and indirect holdings.<\/p><\/div><\/details><details><summary>Is a director who acts as guarantor for the SME protected?<\/summary><div class=\"a\"><p>In part, but the protection is subject to precise conditions. For guarantees entered into since 1 January 2022, earlier commitments remaining subject to the former law under <a href=\"https:\/\/www.legifrance.gouv.fr\/loda\/article_lc\/LEGIARTI000044045544\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/loda\/article_lc\/LEGIARTI000044045544\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 37 of the Order of 15 September 2021<\/a>, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071230\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071230\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 2297 of the Civil Code<\/a> requires a guarantor who is an individual to write the statement of the commitment and its amount in their own hand, on pain of nullity. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071224\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071224\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 2299<\/a> places on the professional creditor an obligation to warn where the principal debtor's commitment is unsuited to its financial capacity. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071221\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071221\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 2300<\/a> reduces a manifestly disproportionate guarantee to the amount the guarantor could secure. A guarantor who relies on disproportion must still prove it. In a case governed by the former Consumer Code, the Versailles Court of Appeal recalled that \"it is for the guarantor who relies on it to show the manifest disproportion of the commitment at the time it was entered into\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6811aea381f47e994feb25e3\" target=\"_blank\" rel=\"noopener\">CA Versailles, ch. com. 3-2, 29 April 2025, No. 24\/04166<\/a>) (our translation). It upheld the order against the director-guarantor to pay more than \u20ac436,000, a result that went against them. The asset statement signed when the loan was granted must therefore be accurate and kept.<\/p><\/div><\/details><details><summary>Can the bank reduce an overdraft or a credit line without notice?<\/summary><div class=\"a\"><p>In principle no, for a facility of indefinite duration other than an occasional one. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027643288\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027643288\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 313-12 of the Monetary and Financial Code<\/a> requires written notification and a notice period of at least sixty days, on pain of nullity of the termination. The provision reserves two exceptions: seriously reprehensible conduct by the beneficiary, or an irremediably compromised situation. The Court of Cassation specifies that notification of termination at the expiry of a notice period \"does not turn it into a fixed-term facility\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/650a8b3ce0a8bb8318102a2a\" target=\"_blank\" rel=\"noopener\">Cass. com., 20 September 2023, No. 22-15.878<\/a>) (our translation). It also holds that \"a business that suffers the reduction or interruption of a bank facility may, even after the notice period has expired, ask the bank for the reasons\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63870199bf732905d49c4ffb\" target=\"_blank\" rel=\"noopener\">Cass. com., 30 November 2022, No. 21-17.703<\/a>) (our translation). The audit carried out before a financing application therefore records the exact nature of each facility, the covenants, the early repayment clauses and the security granted, so that the director knows what the bank can do and within what time.<\/p><\/div><\/details><details><summary>Why inform employees before selling a majority of the share capital?<\/summary><div class=\"a\"><p>Because the law requires it in certain companies and failure to do so can be penalised. In its wording in force since 28 May 2026, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000054140991\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000054140991\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 23-10-1 of the Commercial Code<\/a> covers companies that are not required to set up a social and economic committee (CSE) exercising the powers provided for in the second paragraph of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036262407\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036262407\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 2312-1 of the French Labour Code (Code du travail)<\/a>, that is, those of companies with at least fifty employees. Where the owner of a holding of more than 50% of the shares of a SARL, or of shares giving access to a majority of the capital of a company limited by shares, wishes to sell it, the employees are informed no later than one month before the sale. They can thus submit a purchase offer. The sale may take place before that period ends if each employee has stated their decision not to submit an offer. Where a liability action is brought, the court may, at the request of the public prosecution, impose a civil fine capped at 0.5% of the sale amount. The audit checks the headcount, the situation regarding the social and economic committee and the timetable of the transaction, in order to build this information into the sale's reverse timetable.<\/p><\/div><\/details><details><summary>Are minority shareholders who sell alongside the majority shareholder jointly and severally liable?<\/summary><div class=\"a\"><p>They can be, and this outcome often goes against them. The Court of Cassation approved a court of appeal which, after noting that the transfer covered all of the shares, had inferred that the deed was a commercial act. It held that the court of appeal, \"having correctly stated that the transfer of control was assessed by reference to the transferee alone\" (our translation), did not have to examine whether the two shares transferred by minority shareholders affected that control. It adds that the sellers' obligations \"were performed jointly and severally, in the absence of a clause in that deed expressly excluding joint and several liability\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/64eee0a101e49dd969c48aa4\" target=\"_blank\" rel=\"noopener\">Cass. com., 30 August 2023, No. 22-10.466<\/a>) (our translation). In that case, the minority sellers therefore remained bound to return part of the deposit on the same footing as the others. Before a joint sale, the audit identifies each shareholder's position and checks whether the sale and purchase agreement should expressly apportion the obligations of repayment and warranty between the sellers, rather than leaving joint and several liability to apply.<\/p><\/div><\/details><details><summary>How is the price set for the shares of a shareholder leaving the company?<\/summary><div class=\"a\"><p>The price first follows the articles of association and the agreements between shareholders. The expert valuation 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 Civil Code<\/a> comes into play only in the event of a dispute and in two situations: where the law refers to that provision to set the price of a transfer or buy-back, or where the articles of association provide for the transfer or buy-back of rights without their value being determined or determinable. The expert, appointed by the parties or, failing that, by the president of the court, then applies the valuation rules laid down in the articles of association or in any agreement binding the parties. The valuation date can change the result significantly. For the withdrawal of a partner from a civil-law company (soci\u00e9t\u00e9 civile), the Court of Cassation holds, citing Articles 1843-4 and 1869 of the Civil Code and in the absence of contrary provisions in the articles of association, that \"the value of the corporate rights of the withdrawing partner must be determined at the date closest to that of the reimbursement of the value of those rights\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/636b6d2067b11ddcd1c423c4\" target=\"_blank\" rel=\"noopener\">Cass. com., 9 November 2022, No. 20-20.830<\/a>) (our translation). In that case, the expert who had taken the date of their report as the reference had made a gross error, and the appeal to the Court of Cassation by the withdrawing partner was dismissed. This outcome is not a general rule for every exit of a partner from a commercial company. Before a shareholder joins or leaves, the audit therefore re-reads the valuation, exit and buy-back clauses, to check that they provide a workable method and date, and to identify the cases in which statutory expert valuation could be requested.<\/p><\/div><\/details><details><summary>Can a poorly drafted warranty and indemnity agreement turn against the seller?<\/summary><div class=\"a\"><p>Yes, because the judge interprets the clause according to its terms and the parties' common intention. In a dispute over a liability warranty, the Paris Court of Appeal noted that, under the agreement, \"the transferee must submit its claim within thirty days of the occurrence of the event which, in its view, triggers the warranty. However, this provision contains no forfeiture clause\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/69fc2206cdc6046d47e152f5\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 6 May 2026, No. 25\/13057<\/a>) (our translation). The court overturned the judgment, declared the action admissible and ordered the guarantor to pay more than \u20ac35,000. For the seller, the outcome is unfavourable: they believed the thirty-day notification period was backed by forfeiture, whereas the court held that failure to comply with it \"can give rise only to damages\" (our translation), the warranty remaining confined within its own period of thirty-eight months. The audit carried out before the sale also prepares this text. It ties each risk identified to a specific representation, a cap, a deductible or an exclusion, and checks that the notification periods produce the intended effect. A warranty drafted from a readable audit limits later discussions about its scope.<\/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\/article_lc\/LEGIARTI000032007138\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032007138\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1112-1 of the Civil Code<\/span><span class=\"kcv-art-t\">pre-contractual duty of information<\/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\/article_lc\/LEGIARTI000036829827\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000036829827\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1137 of the Civil Code<\/span><span class=\"kcv-art-t\">fraudulent misrepresentation and concealment<\/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\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1843-4 of the Civil Code<\/span><span class=\"kcv-art-t\">expert valuation of company shares<\/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\/article_lc\/LEGIARTI000044071221\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044071221\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 2300 of the Civil Code<\/span><span class=\"kcv-art-t\">manifestly disproportionate guarantee<\/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\/article_lc\/LEGIARTI000006223059\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 223-14 of the Commercial Code<\/span><span class=\"kcv-art-t\">approval of SARL share transfers<\/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\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-10 of the Commercial Code<\/span><span class=\"kcv-art-t\">related-party agreements 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><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535091\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535091\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 223-26 of the Commercial Code<\/span><span class=\"kcv-art-t\">approval of SARL accounts<\/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\/article_lc\/LEGIARTI000054140991\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000054140991\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 23-10-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">informing employees before the sale of a majority of the capital<\/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\/article_lc\/LEGIARTI000027643288\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027643288\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 313-12 of the Monetary and Financial Code<\/span><span class=\"kcv-art-t\">reduction or termination of bank facilities<\/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\/article_lc\/LEGIARTI000051752575\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051752575\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 561-48 of the Monetary and Financial Code<\/span><span class=\"kcv-art-t\">injunction on beneficial owners<\/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\/business-law-attorneys-paris-75017\/\"><span class=\"kcv-pg-t\">Business law<\/span><span class=\"kcv-pg-s\">Firm's area of practice<\/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\/due-diligence-lawyer\/\"><span class=\"kcv-pg-t\">Legal due diligence<\/span><span class=\"kcv-pg-s\">Firm's area of practice<\/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\/warranty-and-indemnity-lawyer\/\"><span class=\"kcv-pg-t\">Warranty and indemnity agreement<\/span><span class=\"kcv-pg-s\">Firm's area of practice<\/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's area of practice<\/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\/related-party-agreements-lawyer\/\"><span class=\"kcv-pg-t\">Related-party agreements<\/span><span class=\"kcv-pg-s\">Firm's area of practice<\/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 1 November 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>A sale, a shareholder or a loan in preparation? <em>Take stock today<\/em>.<\/h2>\n      <p>Send the articles of association, the latest minutes and a note on the planned transaction: the firm identifies the anomalies to deal with before the third party discovers them.<\/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 an SME legal audit for before a sale?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The legal audit before a sale is carried out on the side of the company and its shareholders, before a buyer arrives. It lists what the buyer will find in the data room: up-to-date articles of association, registers, approval of the accounts, agreements with the director, key contracts, leases, security interests and disputes. Each anomaly identified can be regularised, documented or disclosed before discussions begin. This preparation matters because Article 1112-1 of the French Civil Code (Code civil) requires the communication of information whose importance is decisive for the other party's consent. Under Article 1137, intentional concealment of such information constitutes fraudulent misrepresentation (dol). A seller who knows of a difficulty and says nothing therefore faces a claim for annulment or damages. The audit aims less to embellish the company than to settle, document by document, what will be disclosed, guaranteed or corrected before signing. It also prepares the answers to the buyer's questions, which shortens the verification phase and limits late renegotiation of the price.\"}}, {\"@type\": \"Question\", \"name\": \"Can the seller blame the buyer for not making enquiries?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"That argument is not enough to rule out fraudulent misrepresentation (dol). In a transfer of shares, a court of appeal had rejected annulment on the ground that the transferee, a former manager, should have made enquiries about the company's debts, current contracts and bank loan. The Court of Cassation overturned that decision, which it found had been made on \\\"grounds that the transferee should have enquired, before the transfer, about the company's financial situation, which are insufficient to exclude the existence of fraudulent concealment, which always makes the resulting error excusable\\\" (Cass. com., 18 September 2024, No. 23-10.183) (our translation). Article 1139 of the Civil Code provides that an error induced by fraudulent misrepresentation is always excusable. For the director preparing the sale of their SME, the practical consequence is clear: decisive information on liabilities, commitments and financing must be disclosed, and it is prudent to do so in writing in order to be able to prove it. The audit lists this information and checks that it appears in the documents given to the buyer, rather than relying on the buyer's own vigilance.\"}}, {\"@type\": \"Question\", \"name\": \"Must the seller disclose everything to the buyer?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"No. The duty of disclosure has a limited scope, as the Court of Cassation reminds us. It holds that \\\"the pre-contractual duty of information covers only information that has a direct and necessary link with the content of the contract or the capacity of the parties, and whose importance is decisive for the other party's consent\\\" (Cass. com., 14 May 2025, No. 23-17.948) (our translation). In that case, the claimant who relied on a failure to inform lost, for lack of establishing the decisive nature of the information in question. The decision therefore went against them and shows that the burden of proof rests on the person complaining. Article 1112-1 of the Civil Code also excludes from this duty the estimate of the value of the performance. The legal audit serves here to sort: on one side the decisive items to communicate and document, on the other the secondary ones. This distinction avoids two excesses, a data room silent on a sensitive point and a data room overloaded with documents without hierarchy, where the useful information gets lost.\"}}, {\"@type\": \"Question\", \"name\": \"Can a new shareholder join without approval?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"It all depends on the company form and the articles of association. In a SARL, Article L. 223-14 of the Commercial Code makes the transfer of shares to persons outside the company subject to the consent of a majority of the shareholders representing at least half of the shares, unless the articles of association require a higher majority. The proposed transfer must be notified to the company and to each shareholder. The Paris Court of Appeal annulled a share transfer for lack of any notification, holding that \\\"breach of the prescribed formalities results in the annulment of the transfer made\\\" (CA Paris, p\u00f4le 5 ch. 9, 19 January 2023, No. 22\/03006) (our translation). An annulled transfer is deemed never to have existed. In an SAS, Article L. 227-14 allows the articles of association to make any transfer of shares subject to the company's prior approval. Before a shareholder joins, the audit therefore re-reads the articles of association, any shareholders' agreement, earlier approval minutes and the keeping of the register of share transfers. An irregular chain of title undermines each person's status as shareholder and may call the planned transaction into question.\"}}, {\"@type\": \"Question\", \"name\": \"Do agreements entered into with the director pose a risk?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, where they did not follow the procedure provided for the company form. In a SARL, Article L. 223-19 of the Commercial Code requires a report on agreements entered into with a manager or a shareholder, on which the general meeting votes. In an SAS, Article L. 227-10 provides for a report on agreements with the chairman, a company officer or a shareholder holding more than 10% of the voting rights. In both cases, an unapproved agreement takes effect, but the harmful consequences may remain the responsibility of the person concerned. For a public limited company (soci\u00e9t\u00e9 anonyme) with a supervisory board, the Court of Cassation held that \\\"failure to comply with the related-party agreements procedure constitutes, in itself, a breach of the statutory provisions applicable in this area and a fault within the meaning of Article L. 225-251\\\" (Cass. com., 17 September 2025, No. 23-20.052) (our translation). The audit lists the leases granted by the director, their remuneration, current accounts and guarantees, then checks how they were handled under the provision applicable to the company's form.\"}}, {\"@type\": \"Question\", \"name\": \"What should be checked in the annual accounts before approaching a bank?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The bank will in principle ask for the latest accounts, and it can consult those filed with the register. In a SARL, Article L. 223-26 of the Commercial Code requires the annual accounts to be submitted for the shareholders' approval within six months of the financial year-end, unless extended by the court. Failing that, the public prosecution or any interested person may apply to the president of the court for an urgent order to have the meeting convened. Article L. 232-22 then sets filing with the court registry within one month of approval, or within two months in the case of electronic filing. The audit checks consistency between the minutes, the filed accounts and the allocation of the result. It also identifies missing collective decisions, absent signatures and financial years left unapproved. These anomalies can often be regularised by ratification decisions, but it is better to deal with them before the credit institution or the investor notices them itself in its own review of the file.\"}}, {\"@type\": \"Question\", \"name\": \"Is the beneficial owners register part of the audit?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, because a missing or inaccurate declaration exposes the company to a court injunction and weakens its presentation to a bank or a buyer. Article L. 561-48 of the Monetary and Financial Code allows the president of the court, of their own motion or at the request of the public prosecutor (procureur de la R\u00e9publique) or any interested person, to order a company, if necessary subject to a penalty, to declare its beneficial owners or to correct inaccurate or incomplete information. The provision also allows for the company to be struck off the register of its own motion in the event of non-compliance. The Court of Cassation has clarified that the entities subject to such an injunction \\\"have, pursuant to Articles 496, paragraph 2, and 497 of the Code of Civil Procedure, the option of asking the president of the court that made it to withdraw the order\\\" (Cass. com., 18 September 2024, No. 22-20.771) (our translation). The audit compares the declaration in force with the actual breakdown of share capital and voting rights, taking into account agreements, pledges over shares and indirect holdings.\"}}, {\"@type\": \"Question\", \"name\": \"Is a director who acts as guarantor for the SME protected?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"In part, but the protection is subject to precise conditions. For guarantees entered into since 1 January 2022, earlier commitments remaining subject to the former law under Article 37 of the Order of 15 September 2021, Article 2297 of the Civil Code requires a guarantor who is an individual to write the statement of the commitment and its amount in their own hand, on pain of nullity. Article 2299 places on the professional creditor an obligation to warn where the principal debtor's commitment is unsuited to its financial capacity. Article 2300 reduces a manifestly disproportionate guarantee to the amount the guarantor could secure. A guarantor who relies on disproportion must still prove it. In a case governed by the former Consumer Code, the Versailles Court of Appeal recalled that \\\"it is for the guarantor who relies on it to show the manifest disproportion of the commitment at the time it was entered into\\\" (CA Versailles, ch. com. 3-2, 29 April 2025, No. 24\/04166) (our translation). It upheld the order against the director-guarantor to pay more than \u20ac436,000, a result that went against them. The asset statement signed when the loan was granted must therefore be accurate and kept.\"}}, {\"@type\": \"Question\", \"name\": \"Can the bank reduce an overdraft or a credit line without notice?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"In principle no, for a facility of indefinite duration other than an occasional one. Article L. 313-12 of the Monetary and Financial Code requires written notification and a notice period of at least sixty days, on pain of nullity of the termination. The provision reserves two exceptions: seriously reprehensible conduct by the beneficiary, or an irremediably compromised situation. The Court of Cassation specifies that notification of termination at the expiry of a notice period \\\"does not turn it into a fixed-term facility\\\" (Cass. com., 20 September 2023, No. 22-15.878) (our translation). It also holds that \\\"a business that suffers the reduction or interruption of a bank facility may, even after the notice period has expired, ask the bank for the reasons\\\" (Cass. com., 30 November 2022, No. 21-17.703) (our translation). The audit carried out before a financing application therefore records the exact nature of each facility, the covenants, the early repayment clauses and the security granted, so that the director knows what the bank can do and within what time.\"}}, {\"@type\": \"Question\", \"name\": \"Why inform employees before selling a majority of the share capital?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Because the law requires it in certain companies and failure to do so can be penalised. In its wording in force since 28 May 2026, Article L. 23-10-1 of the Commercial Code covers companies that are not required to set up a social and economic committee (CSE) exercising the powers provided for in the second paragraph of Article L. 2312-1 of the French Labour Code (Code du travail), that is, those of companies with at least fifty employees. Where the owner of a holding of more than 50% of the shares of a SARL, or of shares giving access to a majority of the capital of a company limited by shares, wishes to sell it, the employees are informed no later than one month before the sale. They can thus submit a purchase offer. The sale may take place before that period ends if each employee has stated their decision not to submit an offer. Where a liability action is brought, the court may, at the request of the public prosecution, impose a civil fine capped at 0.5% of the sale amount. The audit checks the headcount, the situation regarding the social and economic committee and the timetable of the transaction, in order to build this information into the sale's reverse timetable.\"}}, {\"@type\": \"Question\", \"name\": \"Are minority shareholders who sell alongside the majority shareholder jointly and severally liable?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"They can be, and this outcome often goes against them. The Court of Cassation approved a court of appeal which, after noting that the transfer covered all of the shares, had inferred that the deed was a commercial act. It held that the court of appeal, \\\"having correctly stated that the transfer of control was assessed by reference to the transferee alone\\\" (our translation), did not have to examine whether the two shares transferred by minority shareholders affected that control. It adds that the sellers' obligations \\\"were performed jointly and severally, in the absence of a clause in that deed expressly excluding joint and several liability\\\" (Cass. com., 30 August 2023, No. 22-10.466) (our translation). In that case, the minority sellers therefore remained bound to return part of the deposit on the same footing as the others. Before a joint sale, the audit identifies each shareholder's position and checks whether the sale and purchase agreement should expressly apportion the obligations of repayment and warranty between the sellers, rather than leaving joint and several liability to apply.\"}}, {\"@type\": \"Question\", \"name\": \"How is the price set for the shares of a shareholder leaving the company?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The price first follows the articles of association and the agreements between shareholders. The expert valuation under Article 1843-4 of the Civil Code comes into play only in the event of a dispute and in two situations: where the law refers to that provision to set the price of a transfer or buy-back, or where the articles of association provide for the transfer or buy-back of rights without their value being determined or determinable. The expert, appointed by the parties or, failing that, by the president of the court, then applies the valuation rules laid down in the articles of association or in any agreement binding the parties. The valuation date can change the result significantly. For the withdrawal of a partner from a civil-law company (soci\u00e9t\u00e9 civile), the Court of Cassation holds, citing Articles 1843-4 and 1869 of the Civil Code and in the absence of contrary provisions in the articles of association, that \\\"the value of the corporate rights of the withdrawing partner must be determined at the date closest to that of the reimbursement of the value of those rights\\\" (Cass. com., 9 November 2022, No. 20-20.830) (our translation). In that case, the expert who had taken the date of their report as the reference had made a gross error, and the appeal to the Court of Cassation by the withdrawing partner was dismissed. This outcome is not a general rule for every exit of a partner from a commercial company. Before a shareholder joins or leaves, the audit therefore re-reads the valuation, exit and buy-back clauses, to check that they provide a workable method and date, and to identify the cases in which statutory expert valuation could be requested.\"}}, {\"@type\": \"Question\", \"name\": \"Can a poorly drafted warranty and indemnity agreement turn against the seller?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, because the judge interprets the clause according to its terms and the parties' common intention. In a dispute over a liability warranty, the Paris Court of Appeal noted that, under the agreement, \\\"the transferee must submit its claim within thirty days of the occurrence of the event which, in its view, triggers the warranty. However, this provision contains no forfeiture clause\\\" (CA Paris, p\u00f4le 5 ch. 9, 6 May 2026, No. 25\/13057) (our translation). The court overturned the judgment, declared the action admissible and ordered the guarantor to pay more than \u20ac35,000. For the seller, the outcome is unfavourable: they believed the thirty-day notification period was backed by forfeiture, whereas the court held that failure to comply with it \\\"can give rise only to damages\\\" (our translation), the warranty remaining confined within its own period of thirty-eight months. The audit carried out before the sale also prepares this text. It ties each risk identified to a specific representation, a cap, a deductible or an exclusion, and checks that the notification periods produce the intended effect. 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data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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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-2157083 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157083 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/tim-schmidbauer-EnC5f7At4ac-unsplash-1-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-2157083 post-2157083 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-unpaid-invoice-penalties-injonction-payer-abroad\/\">Your French Client Has Not Paid: Late-Payment Penalties, the 40 Euro Fee and the Injunction-to-Pay While You Live 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\" 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-2157055 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157055 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/allison-saeng-Hpw4nI_QUWQ-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-2157055 post-2157055 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-corporate-bank-account-refusal-abroad\/\">Your French Bank Won&#8217;t Open a Corporate Account While You Live Abroad: Right to an Account, Banque de France Designation and the Anti-Money-Laundering Wall<\/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-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. 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-2156642 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156642 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/shubham-dhage-ICCn56-jyuw-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-2156642 post-2156642 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-shareholder-loan-compte-courant-abroad\/\">Your French Subsidiary Needs Cash From Abroad: Shareholder Loans (Compte Courant d&#8217;Associe), Interest, Approval and Getting Repaid<\/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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Articles of association, registers, approved accounts, agreements with the director, beneficial owners, key contracts and bank commitments: a legal audit lawyer in Paris [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":2157182,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161190","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>Legal Audit Lawyer Paris | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Legal audit lawyer in Paris for SME directors: fix anomalies in your corporate documents before a sale, a new shareholder or a loan. 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