{"id":2161293,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161293"},"modified":"2026-11-04T19:42:41","modified_gmt":"2026-11-04T18:42:41","slug":"fundraising-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/fundraising-lawyer-paris\/","title":{"rendered":"Fundraising lawyer in Paris: opening your SME&#8217;s capital"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161293\" class=\"elementor elementor-2161293 elementor-2160696\" 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-levee-de-fonds-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\">Capital increase, incoming investors, existing shareholders: the SME that opens its capital<\/p>\n      <h1 id=\"kch-h1\"><em>Fundraising<\/em> lawyer in Paris:<span class=\"kcv-tail\"> opening your SME's capital while negotiating the director's powers and protections.<\/span><\/h1>\n      <p class=\"kcv-sub\">For a fundraising lawyer in Paris, an SME fundraising is not a start-up round in miniature. The company already has shareholders, articles of association, sometimes the form of a limited liability company (SARL), published accounts and bank commitments. Bringing in an investor calls for a valid capital increase, a justified price, suitable securities and accurate information.<\/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\">Before sending a presentation pack or signing a letter of intent, check the company form, the approval clauses in the articles of association and the figures you disclose: inaccurate information may engage the liability of the company and, if a separable fault is established, that of its director.<\/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-saisie-attribution-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-saisie-attribution-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-saisie-attribution-paysage-20261025.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-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\">Fundraising \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the up-to-date articles of association, the latest accounts, the capitalisation table and the investor's draft letter of intent: the firm will review the feasibility of the transaction and the points to negotiate.<\/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\" r=\"9\" fill=\"#1F4FA8\"\/><path d=\"M8.3 6.4v7.2l5.6-3.6z\" fill=\"#fff\"\/><\/svg><span class=\"knp__vl\">Watch the videos and their transcripts<\/span><span class=\"knp__vc\">Videos<\/span><\/a><\/p>\n        <div class=\"knp__piste\"><ul class=\"knp__ruban\" role=\"list\"><li class=\"knp__item\"><button type=\"button\" class=\"knp__logo\" data-media=\"france-2\" aria-haspopup=\"dialog\" aria-label=\"France 2: watch the report featuring Hassan Kohen\"><img class=\"skip-lazy\" data-no-lazy=\"1\" src=\"\/wp-content\/uploads\/medias-presse\/france-2.svg\" alt=\"France 2\" style=\"--h:30px\" decoding=\"async\"><\/button><\/li>\n<li class=\"knp__item\"><button type=\"button\" class=\"knp__logo\" data-media=\"tf1\" aria-haspopup=\"dialog\" aria-label=\"TF1: watch the news excerpt featuring Hassan Kohen\"><img class=\"skip-lazy\" data-no-lazy=\"1\" src=\"\/wp-content\/uploads\/medias-presse\/tf1.svg\" alt=\"TF1\" style=\"--h:36px\" decoding=\"async\"><\/button><\/li><li class=\"knp__item\"><button type=\"button\" class=\"knp__logo\" data-media=\"france-tv\" aria-haspopup=\"dialog\" aria-label=\"France T\u00e9l\u00e9visions: watch the excerpt featuring Reda Kohen\"><img class=\"skip-lazy\" data-no-lazy=\"1\" src=\"\/wp-content\/uploads\/medias-presse\/france-tv.svg\" alt=\"France T\u00e9l\u00e9visions\" style=\"--h:28px\" decoding=\"async\"><\/button><\/li><li class=\"knp__item\"><button type=\"button\" class=\"knp__logo\" data-media=\"bfm\" aria-haspopup=\"dialog\" aria-label=\"BFMTV: watch the excerpt featuring Reda Kohen\"><img class=\"skip-lazy knp--fixe\" data-no-lazy=\"1\" src=\"\/wp-content\/uploads\/medias-presse\/bfm.svg\" alt=\"BFMTV\" style=\"--h:30px\" decoding=\"async\"><\/button><\/li><li class=\"knp__item\"><button type=\"button\" class=\"knp__logo\" data-media=\"le-point\" aria-haspopup=\"dialog\" aria-label=\"Le Point: see the 2 publications\"><img class=\"skip-lazy knp--fixe\" data-no-lazy=\"1\" 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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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Voil\u00e0 pourquoi\",\"date\":\"2026-10-25\",\"url\":\"https:\/\/www.magicmaman.com\/vous-vivez-en-immeuble-et-vous-n-avez-toujours-pas-de-chauffage-cet-automne-voila-pourquoi,3787269.asp\",\"citation\":\"Cette date nationale n\u2019existe pas. La loi ne fixe pas un calendrier d\u2019allumage commun \u00e0 tous les immeubles.\",\"auteur\":\"Cabinet Kohen Avocats\"}]},\"next\":{\"nom\":\"Next\",\"articles\":[{\"titre\":\"Fin de Bloctel, interdiction du d\u00e9marchage d\u00e8s le 11 ao\u00fbt : on fait le point\",\"date\":\"2026-08-04\",\"url\":\"https:\/\/next.ink\/249950\/fin-de-bloctel-interdiction-du-demarchage-des-le-11-aout-on-fait-le-point\/\",\"citation\":\"Selon le cabinet Kohen Avocats, les jurisprudences dans ce secteur devraient \u00ab \u00e9clairer la port\u00e9e du futur r\u00e9gime \u00bb.\",\"auteur\":\"Next\",\"paraphrase\":true}]},\"actu-juridique\":{\"nom\":\"Actu-Juridique\",\"articles\":[{\"titre\":\"Magistrature et franc-ma\u00e7onnerie : que dit le droit ?\",\"date\":\"2026-09-22\",\"url\":\"https:\/\/www.actu-juridique.fr\/professions\/magistrats\/magistrature-et-franc-maconnerie-stupeur-et-evitements\/\",\"citation\":\"L\u2019article cite en r\u00e9f\u00e9rence l\u2019analyse de Ma\u00eetre Hassan Kohen, avocat en droit p\u00e9nal \u00e0 Paris, sur l\u2019avis du Coll\u00e8ge de d\u00e9ontologie du 9 juin 2026.\",\"auteur\":\"Actu-Juridique\",\"paraphrase\":true}]},\"batiweb\":{\"nom\":\"Batiweb\",\"articles\":[{\"titre\":\"Mayotte : Lecornu veut un \u00ab choc de mises en chantier \u00bb\",\"date\":\"2026-08-27\",\"url\":\"https:\/\/www.batiweb.com\/actualites\/urbanisme\/reconstruction-mayotte-lecornu-choc-mises-chantier-49208\",\"citation\":\"Sur les autorisations d\u2019urbanisme n\u00e9cessaires \u00e0 la reconstruction de Mayotte, l\u2019article cite les explications de Me Reda Kohen.\",\"auteur\":\"Batiweb\",\"paraphrase\":true}]},\"berliner-zeitung\":{\"nom\":\"Berliner Zeitung\",\"articles\":[{\"titre\":\"Null Euro Miete, daf\u00fcr Quizabende mit Rentnern: Wie eine 18-J\u00e4hrige ins Seniorenheim zog\",\"date\":\"2026-09-21\",\"url\":\"https:\/\/www.berliner-zeitung.de\/article\/null-euro-miete-dafuer-quizabende-mit-rentnern-wie-eine-18-jaehrige-ins-seniorenheim-zog-10414380\",\"citation\":\"Der Pariser Anwalt Reda Kohen ordnet das Modell als Gebrauchsleihe ein: Die Wohnung wird \u00fcberlassen, nicht vermietet.\",\"auteur\":\"Berliner Zeitung\",\"paraphrase\":true}]},\"startupitalia\":{\"nom\":\"StartupItalia\",\"articles\":[{\"titre\":\"Quasi 13 miliardi di dollari di Nvidia per la sconosciuta Hugging Face. 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if(e.key==='ArrowLeft'&&actuel>0){e.preventDefault();aller(actuel-1);}});\ns.querySelectorAll('button.knp__logo').forEach(function(b){b.addEventListener('click',function(e){ouvrir(b,e.detail===0&&b.tabIndex>=0);});});\n}\ndocument.querySelectorAll('.knp').forEach(lier);\n})();\n<\/script>\n<\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-tabs\" id=\"kcv-cabinet\" aria-label=\"Fundraising lawyer in Paris\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-tabs-head\">\n      <p class=\"kk\">Kohen Avocats, Paris 17<\/p>\n      <h2>SME fundraising: <em>what is decided before investors come in<\/em><\/h2>\n    <\/div>\n    <div class=\"kcv-bar\"><div class=\"kcv-chips\" role=\"tablist\" aria-label=\"Case sections\"><button class=\"kcv-chip-t on\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-avocat\" aria-controls=\"kcv-avocat\" aria-selected=\"true\" tabindex=\"0\">The lawyer<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p1\" 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\">Company law \u00b7 Paris 17th<\/p>\n    <h2>What a <em>fundraising lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Company law<\/li><li>Capital increase<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, avocat at the Paris Bar, advises directors of SMEs preparing for one or more investors to join the capital of their business on company law.<\/p>\n    <p class=\"kcv-p\">The firm reviews the transaction from the standpoint of the director already in place: company form, current split of the capital, rights of existing shareholders, securities offered to the investor and the personal commitments the investor requests in return for the contribution.<\/p>\n    <p class=\"kcv-p\">A badly run fundraising can be challenged by shareholders who consider themselves wronged. The Court of Cassation upheld the characterisation as abuse of majority rights of a capital reduction followed by a partly reserved capital increase, \"which had been decided for the sole purpose of favouring the majority shareholders to the detriment of the minority\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6926a90d77bf00d0f5e9ce18\" target=\"_blank\" rel=\"noopener\">Cass. com., 26 November 2025, No. 24-15.730<\/a>), even though the protocol had been court-approved.<\/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>A transaction affecting the capital<\/h3><p>A fundraising most often takes the form of a capital increase: collective decision of the shareholders, issue price, subscription, payment and recording of completion.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Respecting shareholders' rights<\/h3><p>In a company limited by shares, shareholders have in principle a preferential right on issues for cash; any shareholder may bring an action for nullity or for liability if the transaction dilutes them without justification.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Accurate information<\/h3><p>The figures and forecasts given to the investor form the basis of their consent. A misleading presentation may expose the company to an action for fraudulent misrepresentation (dol) and, in the case of a separable fault, the director to a personal action.<\/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>Capital, price, securities: <em>the applicable rules<\/em><\/h2>\n<p class=\"kcv-lead\">Five sets of rules govern an investor's entry into an SME incorporated as a company limited by shares.<\/p>\n<ol class=\"kcv-conds\">\n  <li>In the simplified joint-stock company (SAS), a capital increase falls within the collective decisions of the shareholders, taken under the conditions set by the articles of association, as provided by <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 of the French Commercial Code (Code de commerce)<\/a>. The rules of the public limited company (soci\u00e9t\u00e9 anonyme) apply for the rest where compatible (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-1 of the Commercial Code<\/a>): the increase must in principle be completed within five years of the decision or delegation, subject to the eighteen-month period for reserved issues and to the increases that the provision excludes from that period (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225049\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225049\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-129 of the Commercial Code<\/a>); a delegation of authority may not be used for more than twenty-six months (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225068\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225068\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-129-2 of the Commercial Code<\/a>).<\/li>\n  <li>New securities are issued at par value or with an issue premium (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225027\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225027\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-128 of the Commercial Code<\/a>). The premium is not freely set: the Paris Court of Appeal recalls that \"the amount must be justified by the real value of the existing shares\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/642fb745cece1704f57477f4\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 6 April 2023, No. 22\/06012<\/a>) and confirms the nullity of an increase lacking real consideration.<\/li>\n  <li>Shareholders have a preferential subscription right proportionate to their shares (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329359\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329359\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-132 of the Commercial Code<\/a>). The increase may be reserved for a named investor, who does not take part in the vote, with the price set on the report of a statutory auditor (commissaire aux comptes) and the issue completed within eighteen months (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-138 of the Commercial Code<\/a>).<\/li>\n  <li>Shares subscribed for cash must be paid up as to at least one quarter of the par value and the whole of the premium on subscription (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225207\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225207\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-144 of the Commercial Code<\/a>); a certificate from the depositary records the subscriptions and payments (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339695\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339695\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-146 of the Commercial Code<\/a>). A contribution in kind in principle requires a contribution auditor (commissaire aux apports) (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048539465\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048539465\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-147 of the Commercial Code<\/a>).<\/li>\n  <li>The SAS may not make a public offering of financial securities, except in the cases listed by law (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260228\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260228\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-2 of the Commercial Code<\/a>), in particular an offer reserved for a restricted circle of investors or for qualified investors (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044563789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044563789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 411-2 of the French Monetary and Financial Code<\/a>). An irregular offer exposes the contracts concluded and the securities issued to nullity (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260686\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260686\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 411-1 of the Monetary and Financial Code<\/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 articles of association and the shareholders' agreement must remain consistent: as to the terms of removal of an SAS director, a decision of the shareholders may supplement the articles of association, but it may not derogate from them.<\/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>your position<\/em><\/h2>\n<p class=\"kcv-lead\">Document preparation determines the timetable of the fundraising and the reliability of the statements made to the investor.<\/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\">You run the SME that is raising funds<\/p><ul><li>Up-to-date articles of association, Kbis extract, share transfer register and current capitalisation table<\/li><li>Last three annual accounts, interim statement, forecast and the figures and assumptions on which it is based<\/li><li>Loan agreements, guarantees granted, leases and key contracts containing a change-of-control clause<\/li><li>Letter of intent, draft shareholders' agreement and the list of representations the investor requests from the company or the director<\/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\">You are an existing shareholder of the company<\/p><ul><li>Notice of meeting, chairman's report and draft resolutions on the capital increase<\/li><li>Statutory auditor's report on the cancellation of the preferential subscription right, if there is one<\/li><li>Valuation elements used to set the issue price and the premium<\/li><li>Existing shareholders' agreement, approval and inalienability clauses in the articles of association<\/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>Give an investor only figures you can justify document by document: the evidence of the information given is built before signing, not during the dispute.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Capital increase<\/li><li>Shareholders' agreement<\/li><li>Disputes between shareholders<\/li><li>Director's liability<\/li><\/ul><\/div><div class=\"kcv-slide\" id=\"kcv-p3\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p3\" tabindex=\"-1\">\n<p class=\"kk\">The method<\/p>\n<h2>How the firm <em>supports you<\/em><\/h2>\n<p class=\"kcv-lead\">Preparing the company, negotiating the securities and governance, then seeing the transaction through to the recording of completion.<\/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>Preparing the company for a third party's entry<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm checks the company form, the approval or inalienability clauses in the articles of association, the regularity of previous capital transactions and the commitments that an investor's arrival could trigger.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Choosing the securities and the price<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Ordinary shares, preference shares or securities giving access to the capital: the choice depends on the rights the investor requests and the dilution that existing shareholders can accept.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Negotiating the letter of intent and the shareholders' agreement<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm reviews the veto rights, exit clauses, non-compete undertakings and the representations requested from the director, then proposes proportionate drafting.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Managing the decision and the closing<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Chairman's report, collective decision, subscription forms, depositary's certificate, update of the articles of association and formalities: each document is prepared in the order the law requires.<\/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>The firm checks that the personal commitments requested from the director remain proportionate to the investment and to the length of the relationship with the investor.<\/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 SME fundraising<\/em><\/h2>\n<p class=\"kcv-lead\">From the first contact with the investor to the update of the articles of association.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Preparation<\/p><p><strong>Before any figures are sent.<\/strong> Review of the articles of association, the capitalisation table and sensitive contracts; conversion of the SARL into an SAS if that route is chosen.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Letter of intent<\/p><p>Valuation, amount, type of securities, conditions precedent and any exclusivity: this is the stage at which future governance is negotiated.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Investor's due diligence<\/p><p>Making the requested documents available and giving written answers: these then form the basis for assessing any fraudulent misrepresentation or breach of the duty to inform.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Documentation<\/p><p>Shareholders' agreement, amendments to the articles of association, chairman's report, statutory auditor's report where required, draft resolutions.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Decision and subscription<\/p><p>Collective decision of the shareholders, subscription, payment of the funds into a blocked account and depositary's certificate.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Completion and formalities<\/p><p>Recording of completion, update of the articles of association and of the share register, filing with the court registry and statutory publicity.<\/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 shareholders' decision<\/em><\/h2>\n<p class=\"kcv-lead\">An irregularity may ground a challenge to the decision or to the subscriptions; each action is subject to its own time limit, which is very short for nullity of the capital increase decision.<\/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>Company form: a SARL can admit investors by subscription of shares without changing form; a conversion into an SAS, decided unanimously, or into a public limited company (SA) is worth discussing where the securities or governance sought require it.<\/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>Issue price: consistency of the premium with the real value of the shares, assessed against reserves, results and demonstrable prospects.<\/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>Preferential right: cancellation in favour of named persons, exclusion of the beneficiaries from the vote and statutory auditor's report where required.<\/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>Investor's securities: category of preference shares, ceiling on non-voting shares, voting rules applicable to any later conversion.<\/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>Information provided: consistency between the pack delivered, the accounts and the actual cash position, and traceability of the answers given during the due diligence.<\/span><\/li><\/ul>\n  <aside class=\"kcv-act\">\n    <p class=\"kcv-act-k\">Case documents<\/p>\n    <p class=\"kcv-act-t\">Send what you have, even if incomplete<\/p>\n    <p class=\"kcv-act-p\">Submit your documents through the confidential form at the top of the page: the firm will prioritise and complete the file with you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><\/div>\n  <\/aside>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-synthese\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-synthese\" tabindex=\"-1\">\n<p class=\"kk\">Summary<\/p>\n<h2>Situation, evidence, <em>response<\/em><\/h2>\n<p class=\"kcv-lead\">The common configurations make it possible to set the first priority of the case.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>The SME is a SARL and the investor requires an SAS<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Articles of association, split of shares, written agreement of each shareholder to the conversion.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Before the final documentation is signed.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Check whether subscription of shares is enough; failing that, conversion decided unanimously, with the required reports, then a capital increase in the new form.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>An existing shareholder refuses to vote for the increase<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Cash position, the investor's offer, exchanges establishing the reason for the refusal.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Depending on the company's financial urgency.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Analysis of abuse of minority rights and, if established, an application for the appointment of an agent to vote.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>A minority shareholder challenges the dilution<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Report on the issue price, valuation elements, minutes of the decision.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> An action for nullity of the capital increase decision is in principle subject to a three-month limitation period (Article L. 225-149-4 of the Commercial Code).<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Defence of the company's interest in the transaction or, for the minority shareholder, an action for nullity or for liability.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>The investor complains of inaccurate figures<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Presentation pack, accounts, written answers given during the due diligence.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Respond as soon as the first written complaint is received.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Examination of whether the information was decisive and of the intent alleged, then a reasoned response.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>The shareholders' agreement sets conditions for removing the director<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Articles of association, shareholders' agreement, shareholder decisions on management.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Before the shareholders' agreement is signed.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Aligning the articles of association and the shareholders' agreement: a decision of the shareholders cannot derogate from the terms of removal set by the articles of association.<\/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 fundraising<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">14 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 should be prepared before presenting the SME to investors?<\/summary><div class=\"a\"><p>Preparation starts with the company itself, before the valuation. You need up-to-date articles of association, an accurate capitalisation table, the latest approved accounts and a forecast whose every assumption can be explained. The articles of association must be read carefully: an approval clause may make any share transfer subject to the company's prior consent (<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 of the Commercial Code<\/a>), and an inalienability clause may lock up the securities for up to ten years (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227107\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227107\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-13 of the Commercial Code<\/a>). These clauses directly affect the exit rights the investor will ask for. Banking and commercial contracts must also be reviewed, as some provide for early repayment or termination if the split of the capital changes. The firm draws up the list of points to put right before the due diligence opens, so that the answers given to the investor are accurate from the first exchange and the timetable of the transaction does not depend on a late correction.<\/p><\/div><\/details><details><summary>Should a SARL be converted into an SAS before admitting investors?<\/summary><div class=\"a\"><p>The SARL is ill-suited to the entry of investors, in particular because preference shares (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-11 of the Commercial Code<\/a>) and securities giving access to the capital (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-91 of the Commercial Code<\/a>) belong to companies limited by shares. Conversion is therefore often requested beforehand. The decision to convert into an SAS is taken unanimously by the shareholders (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006226980\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006226980\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-3 of the Commercial Code<\/a>). Conversion into a public limited company follows other conditions, with a statutory auditor's report on the company's situation (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322366\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322366\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-43 of the Commercial Code<\/a>). Conversion is not mandatory: a SARL may increase its capital by cash subscription of shares (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000025559543\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000025559543\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-32 of the Commercial Code<\/a>). The formalities are not incidental. The Court of Cassation has held that, where the shareholders approve the conversion and the report on the value of assets by a single resolution, \"this approval must be express, on pain of nullity of the conversion\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/667280f9f7ab5c00087309d5\" target=\"_blank\" rel=\"noopener\">Cass. com., 19 June 2024, No. 22-19.624<\/a>). That decision concerns a conversion of a SARL into an SA decided in 2011. Since 1 October 2025, a conversion carried out without express approval \"may be annulled\" (our translation) (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322376\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322376\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 224-3 of the Commercial Code<\/a>), and nullity of a corporate decision requires harm, an influence of the irregularity on the decision and consequences that are not excessive for the company's interest (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051317310\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051317310\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1844-12-1 of the French Civil Code<\/a>). The firm therefore checks the conversion documents before building the fundraising on the new form.<\/p><\/div><\/details><details><summary>How are the issue price and the premium asked of the investor set?<\/summary><div class=\"a\"><p>New shares are issued at their par value or at that amount plus an issue premium (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225027\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225027\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-128 of the Commercial Code<\/a>). The premium reflects the value that the existing shareholders have already created and that the investor is joining. The price is negotiated, but it must be capable of justification. The Paris Court of Appeal held that the premium is the counterpart of the rights acquired over reserves or capital gains and that \"the amount must be justified by the real value of the existing shares\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/642fb745cece1704f57477f4\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 6 April 2023, No. 22\/06012<\/a>). In that case, the company had ceased trading as soon as the subscriber's payment was made, and the court confirmed the nullity of the capital increase for lack of any real consideration. The outcome is harsh for the director who had organised the transaction. Conversely, a valuation that is too low dilutes the existing shareholders. The firm examines the valuation method used, the documents supporting it and the consistency of the price with the special rights granted to the investor.<\/p><\/div><\/details><details><summary>Can the current shareholders be excluded from the capital increase?<\/summary><div class=\"a\"><p>As a rule, each shareholder has a preferential subscription right, proportionate to the amount of their shares (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329359\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329359\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-132 of the Commercial Code<\/a>). In a company limited by shares, the investor can therefore subscribe alone only if that right is cancelled or the shareholders waive it individually, although the articles of association may deprive certain preference shares of that right (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-11 of the Commercial Code<\/a>). Cancellation in favour of named persons follows a specific procedure: the beneficiaries do not vote, the price is set on the report of the statutory auditor and the issue must take place within eighteen months (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-138 of the Commercial Code<\/a>). Compliance with the procedure is not always enough. The Court of Cassation overturned a judgment that had not examined whether a contribution made \"through the undervaluation of the company and the corresponding grant of numerous new shares\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca32299c3644b39432cda6\" target=\"_blank\" rel=\"noopener\">Cass. com., 30 September 2020, No. 18-22.076<\/a>) had unlawfully diluted a minority shareholder. The court may also dismiss the challenge: it approved a capital increase after noting that the minority shareholders \"had had the time needed to prepare for the capital increase in dispute\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/609b6f8cb58b513522af1e7e\" target=\"_blank\" rel=\"noopener\">Cass. com., 12 May 2021, No. 19-17.566<\/a>), a decision unfavourable to those shareholders.<\/p><\/div><\/details><details><summary>Can a minority shareholder block the fundraising?<\/summary><div class=\"a\"><p>Where the articles of association require an enhanced majority or unanimity, a minority shareholder can prevent the resolution from being adopted. Their refusal is wrongful only under strict conditions, which relate both to the company's interest and to the reason for the vote. The Court of Cassation requires proof that \"the minority shareholder's attitude is contrary to the general interest of the company in that it prevents the completion of a transaction essential to it\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/65f14ff928057200093c3e79\" target=\"_blank\" rel=\"noopener\">Cass. com., 13 March 2024, No. 22-13.764<\/a>), and that it is aimed only at promoting their own interests. In that case, the appeal judgment was partly overturned: the Court held that amending the corporate purpose was outside the managers' powers, a conclusion the court of appeal should have drawn from its own findings. Abuse of minority rights is not presumed. The firm gathers the cash position, the investor's offer and the exchanges establishing the reasons for the refusal before considering an application for the appointment of an agent to vote in the shareholder's name.<\/p><\/div><\/details><details><summary>What does a director risk by presenting overly optimistic figures to an investor?<\/summary><div class=\"a\"><p>Fraudulent misrepresentation (dol) is obtaining the other party's consent by deceit or lies, and the intentional concealment of decisive information is one form of it (<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 of the Civil Code<\/a>). A duty to inform also rests on the party who knows decisive information, that is, information directly and necessarily connected with the content of the contract or the capacity of the parties, where the other party is legitimately unaware of it or relies on them, this duty not extending to the estimate of the value of the performance (<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>). The Versailles Court of Appeal found fraudulent misrepresentation by an issuing company whose communications masked a depleted cash position, and recalled that a victim who does not seek annulment \"may obtain compensation for the loss corresponding solely to the loss of a chance of having been able to contract on more advantageous terms\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/69836405cdc6046d47e3acb4\" target=\"_blank\" rel=\"noopener\">CA Versailles, ch. com. 3-2, 3 February 2026, No. 24\/06855<\/a>). The director may also be targeted personally. For the manager of a SARL, liability towards third parties requires a separable fault, established \"where the manager intentionally commits a fault of particular seriousness incompatible with the normal exercise of corporate duties\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/682d68f816fd466a1ce900cc\" target=\"_blank\" rel=\"noopener\">Cass. com., 21 May 2025, No. 23-22.573<\/a>). The firm reviews the presentation pack and the due diligence answers so that every figure stated rests on a document.<\/p><\/div><\/details><details><summary>Is a liquidation preference clause compatible with the prohibition on leonine clauses?<\/summary><div class=\"a\"><p>The investor often asks to be paid first out of the sale price or the liquidation surplus. This mechanism must be tested against <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444158\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444158\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1844-1 of the Civil Code<\/a>, which deems unwritten certain stipulations on the sharing of profits and losses. The provision covers a stipulation that gives one partner the whole of the profit, that exempts one from the whole of the losses, that wholly excludes a partner from the profit or that places the whole of the losses on one. It does not, in itself, prohibit every unequal allocation. Preference shares may moreover carry special rights of any kind, defined by the articles of association (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-11 of the Commercial Code<\/a>). The validity of a clause therefore depends on its exact drafting and the situations it covers, in particular a sale at a low price. The firm therefore tests the clause against Article 1844-1 and simulates the exit scenarios, including the least favourable ones, rather than presuming it valid or void.<\/p><\/div><\/details><details><summary>Can the rights attached to preference shares be changed later?<\/summary><div class=\"a\"><p>One fundraising often leads to another, and the new investor sometimes asks for the rights granted to the previous one to be reduced. This change follows particular voting rules. Holders of shares that are to be converted into preference shares of the category to be created may not take part in the vote on that creation, except where all the shares are converted into preference shares (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322713\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322713\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-15 of the Commercial Code<\/a>). The Court of Cassation gives the notion of conversion a broad scope. It holds that conversion covers \"any operation involving a change to the rights attached to the converted shares\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/668e242cfcf93851fdd644cf\" target=\"_blank\" rel=\"noopener\">Cass. com., 10 July 2024, No. 22-15.836<\/a>). The reduction of the priority dividend voted by the holders themselves therefore rendered the resolutions null, despite the retention of the name of the shares. The ceiling on non-voting shares is calculated strictly: according to the same chamber, \"only shares deprived of all voting rights are counted for the calculation of the ceiling of half the share capital\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/65f1500228057200093c3e85\" target=\"_blank\" rel=\"noopener\">Cass. com., 13 March 2024, No. 22-12.205<\/a>). The firm checks these rules before each new round.<\/p><\/div><\/details><details><summary>Convertible bonds or shares: what is the investor's position before conversion?<\/summary><div class=\"a\"><p>An SME may offer the investor securities giving access to the capital, such as convertible bonds or share subscription warrants (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-91 of the Commercial Code<\/a>). This choice defers the final setting of the shareholding. The holder of convertible bonds remains a creditor until conversion, whereas a subscription warrant merely confers the right to subscribe for shares when exercised. The Court of Cassation holds that convertible bonds issued by a company limited by shares \"are, until their conversion, bonds having the nature of debt securities\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66eab8d549e2d93736d98a6b\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 September 2024, No. 22-23.054<\/a>). In that case, the outcome led to those securities being disregarded when assessing the split of the capital of a company subject to its own ownership rules. For the director, it means that the holder of convertible bonds does not exercise the rights of a shareholder until conversion has taken place. The issue contract must therefore settle precisely the cases of conversion, the conversion ratio, repayment and the information rights granted in the meantime. The firm reviews these terms against the company's cash position and maturities.<\/p><\/div><\/details><details><summary>Can the shareholders' agreement set the conditions for removing the director?<\/summary><div class=\"a\"><p>Investors often want to be able to replace the director, and the director wants in return compensation or a notice period. In an SAS, the articles of association set the conditions under which the company is managed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227032\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227032\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-5 of the Commercial Code<\/a>). The Court of Cassation draws a strict consequence: \"While a decision of the shareholders may supplement the articles of association on this point, it cannot derogate from them, even if taken unanimously\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/686e0293e0a6f0ca1546efca\" target=\"_blank\" rel=\"noopener\">Cass. com., 9 July 2025, No. 24-10.428<\/a>). In that case, the director held office in two companies. For the one whose articles of association provided for removal at will, the shareholders' decision laying down other conditions was not applied and the claim based on the absence of just cause was dismissed, an outcome unfavourable to the director. Protection negotiated in the shareholders' agreement therefore remains fragile if the articles of association say otherwise. The firm checks that the two documents agree and, where that is the objective, proposes amending the articles of association themselves when the investor comes in.<\/p><\/div><\/details><details><summary>Is the non-compete clause requested from a director who is also a shareholder valid?<\/summary><div class=\"a\"><p>The shareholders' agreement frequently requires the director and the existing shareholders not to compete with the company, while they hold shares and sometimes beyond. This clause limits freedom of enterprise and must be justified. The Court of Cassation holds that such a stipulation \"is lawful only if it is proportionate to the legitimate interests to be protected, having regard to the purpose of the contract\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/691595d55cc9fa7cae5a8a3f\" target=\"_blank\" rel=\"noopener\">Cass. com., 13 November 2025, No. 24-10.747<\/a>). It overturned the judgment that had not ruled out the disproportionate nature of the clause's duration. The duration, territory, activities covered and intermediaries must therefore be defined precisely. A clause drafted too broadly risks being annulled, and one that is too narrow does not protect the investor. The firm reviews the clause against the director's actual situation: is the director also an employee, do they hold other shareholdings, what activities do they already carry on elsewhere? These elements determine the drafting that is acceptable to each party.<\/p><\/div><\/details><details><summary>Can the SME approach strangers or use a crowdfunding platform?<\/summary><div class=\"a\"><p>The SAS may not make a public offering of financial securities; the law nevertheless allows it certain offers that are exhaustively listed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260228\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260228\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-2 of the Commercial Code<\/a>). The approach must therefore be characterised before the pack is circulated. Permitted offers include in particular an offer addressed exclusively to a restricted circle of investors acting for their own account or to qualified investors, an offer made by a crowdfunding service provider within the limit set by the European regulation, and an offer made only to existing shareholders (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044563789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044563789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 411-2 of the Monetary and Financial Code<\/a>). The penalty for an irregular offer is heavy: the contracts concluded and the securities issued are liable to nullity, and an action for nullity of the contracts concluded is time-barred after three years from the day on which nullity is incurred (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260686\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260686\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 411-1 of the Monetary and Financial Code<\/a>). The firm checks the channel chosen, the number and quality of the persons approached and the documents circulated, so that the fundraising is not weakened after the event by a claim for the return of subscriptions.<\/p><\/div><\/details><details><summary>Can a capital reduction followed by an increase be used to bring in a new investor?<\/summary><div class=\"a\"><p>Where equity is heavily negative, the investor may ask for a capital reduction, sometimes down to zero, followed by an increase that the investor subscribes. The reduction absorbs the losses to the corresponding extent; where it brings the capital down to zero and the increase takes effect, shareholders who do not subscribe lose their status, whereas a partial reduction merely dilutes them. The Court of Cassation holds that a reduction to zero \"is lawful only if it is decided subject to the condition precedent of an actual increase of its capital\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63b52c938f778c05dfc49d33\" target=\"_blank\" rel=\"noopener\">Cass. com., 4 January 2023, No. 21-10.609<\/a>); without an actual increase, the shareholder kept their status. The operation may also amount to abuse of majority rights. The same chamber approved that characterisation for a reduction followed by a reserved increase, based on an erroneous presentation of the financial situation, \"notwithstanding the court's approval of the conciliation protocol\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6926a90d77bf00d0f5e9ce18\" target=\"_blank\" rel=\"noopener\">Cass. com., 26 November 2025, No. 24-15.730<\/a>). The company's interest is assessed in light of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038589931\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038589931\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1833 of the Civil Code<\/a>, which requires the company to be managed in its own interest. The firm checks the reality of the losses and the place offered to existing shareholders.<\/p><\/div><\/details><details><summary>What is the timetable between the shareholders' decision and the funds actually arriving?<\/summary><div class=\"a\"><p>The collective decision sets the amount, the price, the beneficiaries and the terms of subscription. Where the preferential right is cancelled in favour of named persons, the issue must be completed within eighteen months of the decision (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-138 of the Commercial Code<\/a>). On subscription, shares issued for cash are paid up as to at least one quarter of the par value and the whole of the premium; the balance is called within five years of final completion (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225207\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225207\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-144 of the Commercial Code<\/a>). The funds are deposited and a depositary's certificate records the subscriptions and payments, set-off against a liquid and payable claim being recorded by a certificate from the notary or the statutory auditor (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339695\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339695\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-146 of the Commercial Code<\/a>). The formalities follow: update of the articles of association and of the share register, and filing with the court registry. The firm prepares a backward-planned timetable that takes account of the notice periods set by the articles of association and the conditions precedent negotiated with the investor.<\/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\/LEGIARTI000051322706\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-9 of the Commercial Code<\/span><span class=\"kcv-art-t\">collective decisions in the 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\/LEGIARTI000039260228\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000039260228\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-2 of the Commercial Code<\/span><span class=\"kcv-art-t\">ban on public offerings for the 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\/LEGIARTI000006226980\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006226980\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-3 of the Commercial Code<\/span><span class=\"kcv-art-t\">unanimous conversion into 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\/LEGIARTI000006225027\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225027\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-128 of the Commercial Code<\/span><span class=\"kcv-art-t\">issue with a premium<\/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\/LEGIARTI000029329359\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329359\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-132 of the Commercial Code<\/span><span class=\"kcv-art-t\">preferential subscription right<\/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\/LEGIARTI000042339701\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-138 of the Commercial Code<\/span><span class=\"kcv-art-t\">increase reserved for named persons<\/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\/LEGIARTI000006225207\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006225207\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-144 of the Commercial Code<\/span><span class=\"kcv-art-t\">payment of shares issued for cash<\/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\/LEGIARTI000042339695\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339695\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-146 of the Commercial Code<\/span><span class=\"kcv-art-t\">depositary's certificate<\/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\/LEGIARTI000049720022\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 228-11 of the Commercial Code<\/span><span class=\"kcv-art-t\">preference 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\/LEGIARTI000051322713\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322713\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 228-15 of the Commercial Code<\/span><span class=\"kcv-art-t\">vote on conversion of 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\/LEGIARTI000029329670\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 228-91 of the Commercial Code<\/span><span class=\"kcv-art-t\">securities giving access to 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\/LEGIARTI000044563789\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044563789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 411-2 of the Monetary and Financial Code<\/span><span class=\"kcv-art-t\">permitted public offers<\/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<\/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\/LEGIARTI000006444158\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444158\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1844-1 of the Civil Code<\/span><span class=\"kcv-art-t\">leonine clauses<\/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\/LEGIARTI000051322376\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322376\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 224-3 of the Commercial Code<\/span><span class=\"kcv-art-t\">approval of the conversion<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<h3 class=\"kcv-center\">Further reading<\/h3>\n<div class=\"kcv-pgs\"><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/\"><span class=\"kcv-pg-t\">Company law<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/share-capital-lawyer\/\"><span class=\"kcv-pg-t\">Changes to share capital<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/shareholders-agreement-lawyer\/\"><span class=\"kcv-pg-t\">Shareholders' agreement<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/shareholder-disputes-lawyer\/\"><span class=\"kcv-pg-t\">Shareholder disputes<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/term-sheet-lawyer-paris\/\"><span class=\"kcv-pg-t\">Term sheet<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/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>An investor ready to join the capital? Take stock <em>today<\/em>.<\/h2>\n      <p>Send the articles of association, the latest accounts and the letter of intent received: the firm will examine the regularity of the transaction, the securities offered and the commitments requested from the director.<\/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 should be prepared before presenting the SME to investors?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Preparation starts with the company itself, before the valuation. You need up-to-date articles of association, an accurate capitalisation table, the latest approved accounts and a forecast whose every assumption can be explained. The articles of association must be read carefully: an approval clause may make any share transfer subject to the company's prior consent (Article L. 227-14 of the Commercial Code), and an inalienability clause may lock up the securities for up to ten years (Article L. 227-13 of the Commercial Code). These clauses directly affect the exit rights the investor will ask for. Banking and commercial contracts must also be reviewed, as some provide for early repayment or termination if the split of the capital changes. The firm draws up the list of points to put right before the due diligence opens, so that the answers given to the investor are accurate from the first exchange and the timetable of the transaction does not depend on a late correction.\"}}, {\"@type\": \"Question\", \"name\": \"Should a SARL be converted into an SAS before admitting investors?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The SARL is ill-suited to the entry of investors, in particular because preference shares (Article L. 228-11 of the Commercial Code) and securities giving access to the capital (Article L. 228-91 of the Commercial Code) belong to companies limited by shares. Conversion is therefore often requested beforehand. The decision to convert into an SAS is taken unanimously by the shareholders (Article L. 227-3 of the Commercial Code). Conversion into a public limited company follows other conditions, with a statutory auditor's report on the company's situation (Article L. 223-43 of the Commercial Code). Conversion is not mandatory: a SARL may increase its capital by cash subscription of shares (Article L. 223-32 of the Commercial Code). The formalities are not incidental. The Court of Cassation has held that, where the shareholders approve the conversion and the report on the value of assets by a single resolution, \\\"this approval must be express, on pain of nullity of the conversion\\\" (our translation) (Cass. com., 19 June 2024, No. 22-19.624). That decision concerns a conversion of a SARL into an SA decided in 2011. Since 1 October 2025, a conversion carried out without express approval \\\"may be annulled\\\" (our translation) (Article L. 224-3 of the Commercial Code), and nullity of a corporate decision requires harm, an influence of the irregularity on the decision and consequences that are not excessive for the company's interest (Article 1844-12-1 of the French Civil Code). The firm therefore checks the conversion documents before building the fundraising on the new form.\"}}, {\"@type\": \"Question\", \"name\": \"How are the issue price and the premium asked of the investor set?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"New shares are issued at their par value or at that amount plus an issue premium (Article L. 225-128 of the Commercial Code). The premium reflects the value that the existing shareholders have already created and that the investor is joining. The price is negotiated, but it must be capable of justification. The Paris Court of Appeal held that the premium is the counterpart of the rights acquired over reserves or capital gains and that \\\"the amount must be justified by the real value of the existing shares\\\" (our translation) (CA Paris, p\u00f4le 5 ch. 9, 6 April 2023, No. 22\/06012). In that case, the company had ceased trading as soon as the subscriber's payment was made, and the court confirmed the nullity of the capital increase for lack of any real consideration. The outcome is harsh for the director who had organised the transaction. Conversely, a valuation that is too low dilutes the existing shareholders. The firm examines the valuation method used, the documents supporting it and the consistency of the price with the special rights granted to the investor.\"}}, {\"@type\": \"Question\", \"name\": \"Can the current shareholders be excluded from the capital increase?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"As a rule, each shareholder has a preferential subscription right, proportionate to the amount of their shares (Article L. 225-132 of the Commercial Code). In a company limited by shares, the investor can therefore subscribe alone only if that right is cancelled or the shareholders waive it individually, although the articles of association may deprive certain preference shares of that right (Article L. 228-11 of the Commercial Code). Cancellation in favour of named persons follows a specific procedure: the beneficiaries do not vote, the price is set on the report of the statutory auditor and the issue must take place within eighteen months (Article L. 225-138 of the Commercial Code). Compliance with the procedure is not always enough. The Court of Cassation overturned a judgment that had not examined whether a contribution made \\\"through the undervaluation of the company and the corresponding grant of numerous new shares\\\" (our translation) (Cass. com., 30 September 2020, No. 18-22.076) had unlawfully diluted a minority shareholder. The court may also dismiss the challenge: it approved a capital increase after noting that the minority shareholders \\\"had had the time needed to prepare for the capital increase in dispute\\\" (our translation) (Cass. com., 12 May 2021, No. 19-17.566), a decision unfavourable to those shareholders.\"}}, {\"@type\": \"Question\", \"name\": \"Can a minority shareholder block the fundraising?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Where the articles of association require an enhanced majority or unanimity, a minority shareholder can prevent the resolution from being adopted. Their refusal is wrongful only under strict conditions, which relate both to the company's interest and to the reason for the vote. The Court of Cassation requires proof that \\\"the minority shareholder's attitude is contrary to the general interest of the company in that it prevents the completion of a transaction essential to it\\\" (our translation) (Cass. com., 13 March 2024, No. 22-13.764), and that it is aimed only at promoting their own interests. In that case, the appeal judgment was partly overturned: the Court held that amending the corporate purpose was outside the managers' powers, a conclusion the court of appeal should have drawn from its own findings. Abuse of minority rights is not presumed. The firm gathers the cash position, the investor's offer and the exchanges establishing the reasons for the refusal before considering an application for the appointment of an agent to vote in the shareholder's name.\"}}, {\"@type\": \"Question\", \"name\": \"What does a director risk by presenting overly optimistic figures to an investor?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Fraudulent misrepresentation (dol) is obtaining the other party's consent by deceit or lies, and the intentional concealment of decisive information is one form of it (Article 1137 of the Civil Code). A duty to inform also rests on the party who knows decisive information, that is, information directly and necessarily connected with the content of the contract or the capacity of the parties, where the other party is legitimately unaware of it or relies on them, this duty not extending to the estimate of the value of the performance (Article 1112-1 of the Civil Code). The Versailles Court of Appeal found fraudulent misrepresentation by an issuing company whose communications masked a depleted cash position, and recalled that a victim who does not seek annulment \\\"may obtain compensation for the loss corresponding solely to the loss of a chance of having been able to contract on more advantageous terms\\\" (our translation) (CA Versailles, ch. com. 3-2, 3 February 2026, No. 24\/06855). The director may also be targeted personally. For the manager of a SARL, liability towards third parties requires a separable fault, established \\\"where the manager intentionally commits a fault of particular seriousness incompatible with the normal exercise of corporate duties\\\" (our translation) (Cass. com., 21 May 2025, No. 23-22.573). The firm reviews the presentation pack and the due diligence answers so that every figure stated rests on a document.\"}}, {\"@type\": \"Question\", \"name\": \"Is a liquidation preference clause compatible with the prohibition on leonine clauses?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The investor often asks to be paid first out of the sale price or the liquidation surplus. This mechanism must be tested against Article 1844-1 of the Civil Code, which deems unwritten certain stipulations on the sharing of profits and losses. The provision covers a stipulation that gives one partner the whole of the profit, that exempts one from the whole of the losses, that wholly excludes a partner from the profit or that places the whole of the losses on one. It does not, in itself, prohibit every unequal allocation. Preference shares may moreover carry special rights of any kind, defined by the articles of association (Article L. 228-11 of the Commercial Code). The validity of a clause therefore depends on its exact drafting and the situations it covers, in particular a sale at a low price. The firm therefore tests the clause against Article 1844-1 and simulates the exit scenarios, including the least favourable ones, rather than presuming it valid or void.\"}}, {\"@type\": \"Question\", \"name\": \"Can the rights attached to preference shares be changed later?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"One fundraising often leads to another, and the new investor sometimes asks for the rights granted to the previous one to be reduced. This change follows particular voting rules. Holders of shares that are to be converted into preference shares of the category to be created may not take part in the vote on that creation, except where all the shares are converted into preference shares (Article L. 228-15 of the Commercial Code). The Court of Cassation gives the notion of conversion a broad scope. It holds that conversion covers \\\"any operation involving a change to the rights attached to the converted shares\\\" (our translation) (Cass. com., 10 July 2024, No. 22-15.836). The reduction of the priority dividend voted by the holders themselves therefore rendered the resolutions null, despite the retention of the name of the shares. The ceiling on non-voting shares is calculated strictly: according to the same chamber, \\\"only shares deprived of all voting rights are counted for the calculation of the ceiling of half the share capital\\\" (our translation) (Cass. com., 13 March 2024, No. 22-12.205). The firm checks these rules before each new round.\"}}, {\"@type\": \"Question\", \"name\": \"Convertible bonds or shares: what is the investor's position before conversion?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"An SME may offer the investor securities giving access to the capital, such as convertible bonds or share subscription warrants (Article L. 228-91 of the Commercial Code). This choice defers the final setting of the shareholding. The holder of convertible bonds remains a creditor until conversion, whereas a subscription warrant merely confers the right to subscribe for shares when exercised. The Court of Cassation holds that convertible bonds issued by a company limited by shares \\\"are, until their conversion, bonds having the nature of debt securities\\\" (our translation) (Cass. com., 18 September 2024, No. 22-23.054). In that case, the outcome led to those securities being disregarded when assessing the split of the capital of a company subject to its own ownership rules. For the director, it means that the holder of convertible bonds does not exercise the rights of a shareholder until conversion has taken place. The issue contract must therefore settle precisely the cases of conversion, the conversion ratio, repayment and the information rights granted in the meantime. The firm reviews these terms against the company's cash position and maturities.\"}}, {\"@type\": \"Question\", \"name\": \"Can the shareholders' agreement set the conditions for removing the director?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Investors often want to be able to replace the director, and the director wants in return compensation or a notice period. In an SAS, the articles of association set the conditions under which the company is managed (Article L. 227-5 of the Commercial Code). The Court of Cassation draws a strict consequence: \\\"While a decision of the shareholders may supplement the articles of association on this point, it cannot derogate from them, even if taken unanimously\\\" (our translation) (Cass. com., 9 July 2025, No. 24-10.428). In that case, the director held office in two companies. For the one whose articles of association provided for removal at will, the shareholders' decision laying down other conditions was not applied and the claim based on the absence of just cause was dismissed, an outcome unfavourable to the director. Protection negotiated in the shareholders' agreement therefore remains fragile if the articles of association say otherwise. The firm checks that the two documents agree and, where that is the objective, proposes amending the articles of association themselves when the investor comes in.\"}}, {\"@type\": \"Question\", \"name\": \"Is the non-compete clause requested from a director who is also a shareholder valid?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The shareholders' agreement frequently requires the director and the existing shareholders not to compete with the company, while they hold shares and sometimes beyond. This clause limits freedom of enterprise and must be justified. The Court of Cassation holds that such a stipulation \\\"is lawful only if it is proportionate to the legitimate interests to be protected, having regard to the purpose of the contract\\\" (our translation) (Cass. com., 13 November 2025, No. 24-10.747). It overturned the judgment that had not ruled out the disproportionate nature of the clause's duration. The duration, territory, activities covered and intermediaries must therefore be defined precisely. A clause drafted too broadly risks being annulled, and one that is too narrow does not protect the investor. The firm reviews the clause against the director's actual situation: is the director also an employee, do they hold other shareholdings, what activities do they already carry on elsewhere? These elements determine the drafting that is acceptable to each party.\"}}, {\"@type\": \"Question\", \"name\": \"Can the SME approach strangers or use a crowdfunding platform?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The SAS may not make a public offering of financial securities; the law nevertheless allows it certain offers that are exhaustively listed (Article L. 227-2 of the Commercial Code). The approach must therefore be characterised before the pack is circulated. Permitted offers include in particular an offer addressed exclusively to a restricted circle of investors acting for their own account or to qualified investors, an offer made by a crowdfunding service provider within the limit set by the European regulation, and an offer made only to existing shareholders (Article L. 411-2 of the Monetary and Financial Code). The penalty for an irregular offer is heavy: the contracts concluded and the securities issued are liable to nullity, and an action for nullity of the contracts concluded is time-barred after three years from the day on which nullity is incurred (Article L. 411-1 of the Monetary and Financial Code). The firm checks the channel chosen, the number and quality of the persons approached and the documents circulated, so that the fundraising is not weakened after the event by a claim for the return of subscriptions.\"}}, {\"@type\": \"Question\", \"name\": \"Can a capital reduction followed by an increase be used to bring in a new investor?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Where equity is heavily negative, the investor may ask for a capital reduction, sometimes down to zero, followed by an increase that the investor subscribes. The reduction absorbs the losses to the corresponding extent; where it brings the capital down to zero and the increase takes effect, shareholders who do not subscribe lose their status, whereas a partial reduction merely dilutes them. The Court of Cassation holds that a reduction to zero \\\"is lawful only if it is decided subject to the condition precedent of an actual increase of its capital\\\" (our translation) (Cass. com., 4 January 2023, No. 21-10.609); without an actual increase, the shareholder kept their status. The operation may also amount to abuse of majority rights. The same chamber approved that characterisation for a reduction followed by a reserved increase, based on an erroneous presentation of the financial situation, \\\"notwithstanding the court's approval of the conciliation protocol\\\" (our translation) (Cass. com., 26 November 2025, No. 24-15.730). The company's interest is assessed in light of Article 1833 of the Civil Code, which requires the company to be managed in its own interest. The firm checks the reality of the losses and the place offered to existing shareholders.\"}}, {\"@type\": \"Question\", \"name\": \"What is the timetable between the shareholders' decision and the funds actually arriving?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The collective decision sets the amount, the price, the beneficiaries and the terms of subscription. Where the preferential right is cancelled in favour of named persons, the issue must be completed within eighteen months of the decision (Article L. 225-138 of the Commercial Code). On subscription, shares issued for cash are paid up as to at least one quarter of the par value and the whole of the premium; the balance is called within five years of final completion (Article L. 225-144 of the Commercial Code). The funds are deposited and a depositary's certificate records the subscriptions and payments, set-off against a liquid and payable claim being recorded by a certificate from the notary or the statutory auditor (Article L. 225-146 of the Commercial Code). The formalities follow: update of the articles of association and of the share register, and filing with the court registry. The firm prepares a backward-planned timetable that takes account of the notice periods set by the articles of association and the conditions precedent negotiated with the investor.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"LegalService\", \"name\": \"Fundraising lawyer in Paris \u2014 Kohen Avocats\", \"url\": \"https:\/\/kohenavocats.fr\/en\/fundraising-lawyer-paris\/\", \"telephone\": \"+33646605822\", \"email\": \"contact@kohenavocats.fr\", \"address\": {\"@type\": \"PostalAddress\", \"streetAddress\": \"11 rue Margueritte\", \"postalCode\": \"75017\", \"addressLocality\": \"Paris\", \"addressCountry\": \"FR\"}, \"areaServed\": \"Paris region (\u00cele-de-France)\", \"founder\": {\"@type\": \"Person\", \"name\": \"Reda Kohen\", \"jobTitle\": \"Lawyer at the Paris Bar\", \"sameAs\": [\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\"]}, \"openingHours\": \"Mo-Su 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\n\n\n\n\n\n\n\n\n\n\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n    flex-shrink: 0 !important;\n    scroll-snap-align: start !important;\n    width: clamp(300px, 30vw, 400px) !important;\n    min-width: 300px !important;\n  }\n\n  @media (max-width: 767px) {\n    .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n      width: 350px !important;\n      min-width: 350px !important;\n      max-width: 350px !important;\n    }\n  }\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157105 post-2157105 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-business-france-vat-registration-fiscal-representative-challenge-abroad\/\">Your Foreign Business Owes French VAT Without a French Company: Registration, Fiscal Representative and How to Challenge the Bill From Abroad<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" 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-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. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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For a fundraising lawyer in Paris, an SME fundraising is not a start-up round in miniature. The company already has shareholders, articles of association, sometimes the form of [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":2157164,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161293","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>Fundraising Lawyer Paris | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Fundraising lawyer Paris: Kohen Avocats advises SME directors on capital increases, investor terms and shareholders&#039; agreements. Call the firm.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kohenavocats.fr\/en\/fundraising-lawyer-paris\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fundraising Lawyer Paris | Kohen Avocats\" \/>\n<meta property=\"og:description\" content=\"Fundraising lawyer Paris: Kohen Avocats advises SME directors on capital increases, investor terms and shareholders&#039; agreements. 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