{"id":2161341,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161341"},"modified":"2026-11-04T19:40:57","modified_gmt":"2026-11-04T18:40:57","slug":"startup-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/startup-lawyer-paris\/","title":{"rendered":"Startup lawyer in Paris: organising founding shareholders, from share allocation to dispute"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161341\" class=\"elementor elementor-2161341 elementor-2160716\" 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-startup-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\">Co-founders: share allocation, vesting, a shareholder's exit and deadlock<\/p>\n      <h1 id=\"kch-h1\"><em>Startup<\/em> lawyer in Paris:<span class=\"kcv-tail\"> organising founding shareholders, from share allocation to dispute.<\/span><\/h1>\n      <p class=\"kcv-sub\">Two or three founders set up a simplified joint-stock company (SAS), divide the shares between them and promise to stay. A startup lawyer in Paris is then asked what the shareholders' agreement, the articles of association and the cross-promises decide when a co-founder leaves, stops working, blocks a decision or disputes the value of their shares.<\/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\">Has a co-founder announced their departure, or has a promise to sell just been exercised? Keep the articles of association, the agreement, the cap table and every notification, and do not sign any share transfer order before checking the leaver event relied on.<\/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\">Founding shareholders \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the articles of association, the shareholders' agreement, the cap table, the promises to sell and the exchanges between founders: the firm reviews the allocation, the exit clauses and the route suited to the dispute.<\/p>\n          <\/div>\n          <div class=\"kcv-chip kcv-glass\"><p class=\"kcv-chip-n\">24 \u00e0 48 h<\/p><p class=\"kcv-chip-x\">first legal<br>review<\/p><\/div>\n        <\/div>\n        <div class=\"kcf-wrap\">\n<form id=\"kcf-2form\" data-kcf data-api-url=\"https:\/\/kohenavocats.fr\/wp-json\/kohen-form\/v1\/submit\" data-vps-url=\"https:\/\/upload-fr.46-224-152-225.sslip.io\/submit\" data-max-size=\"1073741824\" data-max-files=\"500\" novalidate enctype=\"multipart\/form-data\">\n  <input type=\"hidden\" name=\"rendered_at\" value=\"1776847557\">\n  <div class=\"kcf-hp\" aria-hidden=\"true\"><label for=\"kcf-2website\">Do not fill in<\/label><input id=\"kcf-2website\" name=\"website\" type=\"text\" tabindex=\"-1\" autocomplete=\"off\"><\/div>\n  <div class=\"kcf-price\">\n    <span class=\"kcf-price-amount\">\u20ac80<small>incl. 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l'\u00c9tat.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur data.gouv.fr\"},{\"titre\":\"Commentaires des d\u00e9cisions de justice par l'IA g\u00e9n\u00e9rative\",\"url\":\"https:\/\/www.data.gouv.fr\/reuses\/commentaires-des-decisions-de-justice-par-lia-generative\",\"citation\":\"R\u00e9utilisation des donn\u00e9es publiques de justice publi\u00e9e par Kohen Avocats et r\u00e9f\u00e9renc\u00e9e sur data.gouv.fr.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la r\u00e9utilisation sur data.gouv.fr\"}]},\"awwwards\":{\"nom\":\"Awwwards\",\"articles\":[{\"titre\":\"Kohen Avocats, site nomm\u00e9 aux Awwwards\",\"url\":\"https:\/\/www.awwwards.com\/sites\/kohen-avocats\",\"citation\":\"Le site du cabinet figure parmi les sites nomm\u00e9s (\u00ab Nominee \u00bb) par Awwwards, r\u00e9f\u00e9rence internationale du design web.\",\"auteur\":\"Awwwards\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur 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\u00e0 la location ?\",\"url\":\"https:\/\/www.leboncoin.fr\/guide\/immobilier\/bouilloires-thermiques-bientot-interdites-a-la-location-hfpj70o6.html\",\"citation\":\"Le guide immobilier cite une analyse de kohenavocats.fr parmi ses sources.\",\"auteur\":\"Leboncoin\",\"paraphrase\":true}]},\"femme-actuelle\":{\"nom\":\"Femme Actuelle\",\"articles\":[{\"titre\":\"S\u00e9paration ou divorce : quelle banque et quel cr\u00e9dit pour repartir sur de bonnes bases ?\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.femmeactuelle.fr\/vie-pratique\/news-vie-pratique\/separation-ou-divorce-quelle-banque-et-quel-credit-pour-repartir-sur-de-bonnes-bases-2211980\",\"citation\":\"L'article cite une analyse de kohenavocats.com parmi ses sources.\",\"auteur\":\"Femme Actuelle\",\"paraphrase\":true}]},\"economie-matin\":{\"nom\":\"\u00c9conomie Matin\",\"articles\":[{\"titre\":\"Nouveau bail 2026 : ce que les propri\u00e9taires doivent anticiper d\u00e8s maintenant\",\"date\":\"2026-09-10\",\"url\":\"https:\/\/www.economiematin.fr\/bail-nouveau-2026-proprietaires-anticiper\",\"citation\":\"Sur le d\u00e9cret n\u00b0 2026-596 du 7 juillet 2026, l'article renvoie \u00e0 l'analyse publi\u00e9e par le cabinet.\",\"auteur\":\"\u00c9conomie Matin\",\"paraphrase\":true}]},\"la-voix-du-nord\":{\"nom\":\"La Voix du Nord\",\"articles\":[{\"titre\":\"Que risquent les personnes qui ach\u00e8tent des objets vol\u00e9s le 17 octobre ?\",\"date\":\"2026-10-19\",\"url\":\"https:\/\/www.lavoixdunord.fr\/1747700\/article\/2026-10-19\/que-risquent-les-personnes-qui-achetent-des-objets-voles-le-17-octobre\",\"citation\":\"L\u2019infraction suppose la connaissance de l\u2019origine : savoir que l\u2019objet provient d\u2019un vol.\",\"auteur\":\"Me Hassan Kohen\"}]},\"sortir-a-paris\":{\"nom\":\"Sortir \u00e0 Paris\",\"articles\":[{\"titre\":\"Manifestation du 24 octobre \u00e0 Paris : parcours, nouvelles stations ferm\u00e9es, les infos\",\"date\":\"2026-10-20\",\"url\":\"https:\/\/www.sortiraparis.com\/actualites\/a-paris\/articles\/355171-manifestation-du-24-octobre-a-paris-parcours-nouvelles-stations-fermees-les-infos\",\"citation\":\"Sur le d\u00e9lai de d\u00e9claration d\u2019une manifestation \u00e0 Paris, l\u2019article renvoie \u00e0 l\u2019analyse du cabinet, pr\u00e9sent\u00e9 comme \u00ab un avocat p\u00e9naliste parisien \u00bb.\",\"auteur\":\"Sortir \u00e0 Paris\",\"paraphrase\":true}]},\"science-et-vie\":{\"nom\":\"Science \\u0026 Vie\",\"articles\":[{\"titre\":\"Canicule : sans climatisation, ces quelques gestes simples permettraient de faire chuter la temp\u00e9rature de votre logement\",\"date\":\"2026-07-07\",\"url\":\"https:\/\/www.science-et-vie.com\/nature-et-environnement\/climat\/canicule-sans-climatisation-quelques-gestes-simples-permettraient-de-faire-chuter-la-temperature-de-votre-logement-247975.html\",\"citation\":\"L\u2019article renvoie \u00e0 deux analyses du cabinet : 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 ?\",\"date\":\"2026-07-28\",\"url\":\"https:\/\/www.frandroid.com\/produits-android\/maison-connectee\/climatiseur\/3196305_goutte-a-goutte-et-inondation-que-faire-quand-la-climatisation-du-voisin-ruine-votre-terrasse\",\"citation\":\"L\u2019article renvoie \u00e0 la grille de lecture juridique publi\u00e9e par le cabinet sur les condensats de climatisation en copropri\u00e9t\u00e9.\",\"auteur\":\"Frandroid\",\"paraphrase\":true}]},\"magicmaman\":{\"nom\":\"Magicmaman\",\"articles\":[{\"titre\":\"Vous vivez en immeuble et vous n\u2019avez toujours pas de chauffage cet automne ? 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=\"Startup 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>Founding shareholders: <em>what holds when the team splits<\/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 arrondissement<\/p>\n    <h2>What a <em>startup lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Company law<\/li><li>Startups and founders<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, lawyer (avocat) at the Paris Bar, can act in company law for the founders of a startup incorporated as an SAS, at the time of the initial allocation as well as on a separation.<\/p>\n    <p class=\"kcv-p\">Most difficulties between co-founders arise from an allocation decided quickly, with no rule on what happens if one of them leaves. The firm examines the nature of the contributions, each person's place in the company, the promises signed and the powers the articles of association give the chairman.<\/p>\n    <p class=\"kcv-p\">SAS law leaves the articles of association wide freedom: temporary inalienability, approval of transfers, forced transfer, exclusion. That freedom has limits drawn from the Civil Code, from employment law where the founder is an employee, and from case law on abuse of majority, minority or equality.<\/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>Share allocation<\/h3><p>Contributions in cash, in kind or in industry: each produces different rights, and the allocation decided at incorporation weighs on every later negotiation.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Vesting between founders<\/h3><p>Under French law, gradual acquisition usually rests on a promise to sell whose price varies with the date and cause of departure.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>The open dispute<\/h3><p>Deadlock on a decision, exclusion, an application for a provisional administrator or for dissolution: each route is subject to precise conditions set by the legislation and the court.<\/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>Share capital, vesting, exclusion: <em>the rules that apply to founders<\/em><\/h2>\n<p class=\"kcv-lead\">Four sets of rules govern the shared life of the founding shareholders of an SAS.<\/p>\n<ol class=\"kcv-conds\">\n  <li>Each shareholder's rights in the share capital are proportional to their contributions (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-2 of the French Civil Code, or Code civil<\/a>). An SAS may issue inalienable shares in return for contributions in industry, on terms set by the articles of association (<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 French Commercial Code, or Code de commerce<\/a>). The Paris Court of Appeal recalls that \"the notion of a contribution in industry excludes any reference to a relationship of subordination\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63ff02f5002ac605de15b8b2\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 28 February 2023, No. 21\/15851<\/a>).<\/li>\n  <li>Vesting between founders ordinarily takes the form of a unilateral promise to sell: its revocation during the option period does not prevent the sale from being formed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the Civil Code<\/a>). The valuation by an expert under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-4 of the Civil Code<\/a> covers transfers to which the law refers and those that the articles of association impose without a determinable price; the price of a promise is read first in the promise itself.<\/li>\n  <li>The articles of association may make shares inalienable for ten years at most, make transfers subject to approval and provide that a shareholder must transfer their shares (<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\">Articles L. 227-13<\/a>, <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\">L. 227-14<\/a> and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">L. 227-16 of the Commercial Code<\/a>). Adopting or amending an inalienability clause requires unanimity, and an approval or exclusion clause requires a collective decision in the form set by the articles of association (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799606\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799606\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-19<\/a>); the decision to exclude a shareholder then rests with the body designated by the articles of association.<\/li>\n  <li>A minority founder, or one holding equal shares, cannot block an essential transaction in their own interest alone. The Court of Cassation states that \"Abuse of equality occurs where a shareholder holding equal shares prevents, by voting against, a transaction essential for the company, with the sole aim of promoting their own interests to the detriment of the other shareholder\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/649295ff17c95e05dbf9dd95\" target=\"_blank\" rel=\"noopener\">Cass. com., 21 June 2023, No. 21-23.298<\/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>Where the founder is also an employee, a price discount linked to misconduct committed in the course of employment may be challenged under Article L. 1331-2 of the French Labour Code (Code du travail), which prohibits financial penalties.<\/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 place in the team<\/em><\/h2>\n<p class=\"kcv-lead\">The file is read starting from the documents signed at incorporation, then the facts that preceded the break.<\/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 are the founder who is leaving or being pushed out<\/p><ul><li>Up-to-date articles of association, shareholders' agreement, amendments and any signed promises to sell<\/li><li>Cap table, subscription forms and proof of payment of shares<\/li><li>Employment contract or corporate office, letter of removal or dismissal<\/li><li>Notice of exercise of the option, calculation of the price offered and exchanges with the other founders<\/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 the shareholder who stays, or the company<\/p><ul><li>Leaver clauses, definitions of good leaver and bad leaver, vesting schedule<\/li><li>Minutes of collective decisions and the share transfer register<\/li><li>Dated evidence establishing the cause of departure and its contractual characterisation<\/li><li>Valuation method provided for and the latest accounts or funding rounds<\/li><\/ul><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Do not issue the share transfer order in place of a co-founder without checking that the promise allows it: a forced transfer is then disputed for years.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Shareholders' agreement<\/li><li>Removal of the company officer<\/li><li>BSPCE and bonus shares<\/li><li>Management package<\/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>acts between founders<\/em><\/h2>\n<p class=\"kcv-lead\">Read the documents, characterise the situation, then choose between negotiation, an interim measure and an action on the merits.<\/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>Review of the founding documents<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The articles of association, the shareholders' agreement, the promises and each founder's contracts are compared, because a clause in the agreement may be contradicted or supplemented by a clause in the articles.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Characterising the departure or the deadlock<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm checks which leaver event has actually occurred, on what date, and whether a shareholder's refusal to vote may amount to an abuse.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Price and value of the shares<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The price formula is recalculated on the reference accounts; in the event of disagreement, the appointment of an expert is examined under Article 1843-4 of the Civil Code.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Negotiation, urgent application or action<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Depending on urgency, the firm prepares an exit agreement, an application for an interim measure or an action on the merits before the competent court: the commercial court for disputes relating to commercial companies (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044078679\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044078679\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 721-3 of the Commercial Code<\/a>), the employment tribunal (conseil de prud'hommes) for matters arising from the employment contract.<\/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 urgent applications judge does not interpret an ambiguous promise: where the clause is open to argument, the strategy is built from the outset for the trial judge.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p4\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p4\" tabindex=\"-1\">\n<p class=\"kk\">The timetable<\/p>\n<h2>The timeline <em>of a separation between founders<\/em><\/h2>\n<p class=\"kcv-lead\">From the initial allocation to a shareholder's exit or the court decision.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Incorporation<\/p><p><strong>Before registration.<\/strong> The founders fix the contributions, the allocation of shares, the chairman's powers and the rules that apply if one of them leaves.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Gradual vesting<\/p><p>The vesting schedule and the leaver events run from the date set in the agreement; every amendment must be signed by all those concerned.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Triggering event<\/p><p>Resignation, removal, dismissal, inactivity or disagreement: the date and cause are fixed in writing and compared with the definitions in the agreement.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Exercise of the option<\/p><p>The beneficiary gives notice of exercise within the period provided; the price is calculated using the formula that corresponds to the leaver event applied.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Challenge<\/p><p>The founder challenges the characterisation, the price or the regularity of the decision, first in writing, then before the competent court.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Exit or judgment<\/p><p>An agreement settles the transfer of the shares and the payment, or the court rules on the promise, the exclusion or the value of the shares.<\/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 any step<\/em><\/h2>\n<p class=\"kcv-lead\">The strength of a file between founders is measured by the documents signed, not by recollections of the initial negotiation.<\/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>Nature of each founder's contributions and the actual registration of the shares in their account.<\/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>Consistency between the articles of association, the agreement and the promises, and signature of each document by all those concerned.<\/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>Leaver event actually occurred, its date and the link with an employment contract or a corporate office.<\/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>Price formula, reference accounts and whether there is a valuation rule that the expert will have to apply.<\/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>Majorities required for the contested decision and each shareholder's vote in the minutes.<\/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\">Six frequent situations between founding shareholders and the first useful response.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Share allocation to be decided<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Draft articles of association, nature and value of the contributions, planned role of each founder.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Before the articles of association are signed and the deposit account is opened.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Settle the allocation, any industry shares and the leaver rules within the same set of documents.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Co-founder who stops working<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Exchanges, dated absence of contribution, definitions in the agreement.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> The period for exercising the promise often runs from the departure as established.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Characterise the leaver event, calculate the price and give notice of exercise in the form provided.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Contested bad leaver<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Dismissal or removal letter, grounds relied on, price formula.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Without delay, checking in the documents the periods for exercise and for challenge.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Check whether the misconduct is tied to the employment contract or to the status of shareholder.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>50\/50 founders in deadlock<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Agendas, minutes, votes and what is at stake in the transaction refused.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Document each refusal before the financial situation deteriorates.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Negotiate, then examine abuse of equality or the appointment of a provisional administrator.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Exclusion under the articles of association being considered<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Exclusion clause, grounds, notice of meeting and conduct of the collective decision.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Follow to the letter the procedure set by the articles of association.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Prepare the decision or challenge it, then fix the buy-back price of the shares.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Disagreement on the value of the shares<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Method provided, accounts, valuation of the last funding round, offer received.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> As soon as the price is contested, checking the periods set by the documents.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Check whether the conditions of Article 1843-4 of the Civil Code are met before any agreed or court appointment of an expert, failing which discuss the agreed formula.<\/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>founding shareholders<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">12 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>At what stage should founders write their separation rules?<\/summary><div class=\"a\"><p>The right time is before the articles of association are signed, while the founders still get on and nobody knows the company's future value. At that stage it is easier to agree what will happen if one of them stops working, falls ill, is removed or wants to sell. The articles of association of an SAS freely set the conditions under which the company is run (<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>) and may provide for inalienability, approval or forced transfer of shares. The shareholders' agreement supplements this base with cross-promises and a price formula. Waiting for the first funding round carries a risk: investors then impose their own model, and a founder who has already stepped back may refuse to sign. The firm checks that the articles of association and the agreement answer each other, that each founder signs every document that concerns them, and that the definitions of departure are precise enough to be applied without interpretation. A clear rule written early prevents the separation from being settled by a balance of power, at the moment when the company least needs a dispute.<\/p><\/div><\/details><details><summary>How should each co-founder's share of the capital be set?<\/summary><div class=\"a\"><p>No rule requires an equal split between founders. Each shareholder's rights in the share capital are proportional to their contributions (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-2 of the Civil Code<\/a>), which means distinguishing money paid in, assets contributed and work promised. A contribution in kind, such as software or a domain name, is valued in the articles of association; in an SAS, the involvement of a contributions auditor (commissaire aux apports) may be waived unanimously within certain limits, but the shareholders are then jointly and severally liable for five years towards third parties for the value adopted (<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>). This liability rule does not apply where a contributions auditor has acted and his or her valuation has been adopted. Beyond the law, the allocation reflects an estimate of each person's future contribution. If that contribution is uncertain, an allocation combined with gradual vesting is better than a percentage gap negotiated once and for all. The firm also examines how power is distributed, which the articles of association can separate from the capital.<\/p><\/div><\/details><details><summary>Can a founder who contributes only work receive shares?<\/summary><div class=\"a\"><p>Yes, through a contribution in industry. An SAS may issue inalienable shares in return for such a contribution, and its articles of association set the terms of subscription and allocation (<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>). These shares do not count towards the formation of the share capital, but carry a right to share in profits and net assets, with an obligation to contribute to losses (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-2 of the Civil Code<\/a>). A contribution in industry assumes work provided in complete independence. The Paris Court of Appeal held that \"It follows from these provisions that the issue of industry shares requires an amendment to the company's articles of association in order to provide for the terms of issue and allocation of those shares\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63ff02f5002ac605de15b8b2\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 28 February 2023, No. 21\/15851<\/a>). In that case, which went against the claimants, an employee presented as a \"Partner\" was not recognised as a shareholder: the articles of association mentioned no industry shares and the relationship of subordination excluded the contribution. A founder who is an employee and wants a share of the capital must therefore subscribe for shares or receive securities through a mechanism provided by law, rather than rely on an oral promise.<\/p><\/div><\/details><details><summary>Does vesting exist in French law between founding shareholders?<\/summary><div class=\"a\"><p>The term is not defined by law, but the mechanism is built with familiar tools. The most common is a unilateral promise under which each founder undertakes to transfer all or part of their shares if they leave the company, at a price that rises with time spent with the company. This arrangement is often called reverse vesting, because the founder holds the shares from the outset and may lose part of them. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the Civil Code<\/a> protects the beneficiary: revoking the promise during the option period does not prevent the sale from being formed, and a sale concluded in breach of the promise with a third party who knew of its existence is null. For the mechanism to work, the promise must name the beneficiaries, the leaver events, the vesting schedule, the price formula and the period for exercise. A temporary inalienability clause, adopted unanimously (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799606\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799606\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-19 of the Commercial Code<\/a>), also prevents a founder from selling before the end of the schedule. The firm checks that the documents are signed by everyone and that the formula produces a consistent price for each departure date.<\/p><\/div><\/details><details><summary>Can a departing co-founder refuse to transfer their shares?<\/summary><div class=\"a\"><p>Where they have signed a unilateral promise to sell, their refusal does not prevent the sale if the beneficiary exercises the option in the form and within the period provided (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the Civil Code<\/a>). They can, however, challenge whether the leaver event has occurred, the date adopted, the price formula or the regularity of the exercise. The route chosen matters. In a case that went against the departing founder, the Paris Court of Appeal refused to suspend, on an urgent application, transfers that had already been recorded: \"It is therefore necessary to interpret the intention of the parties to the promise of 4 February 2020. Such an interpretation is beyond the powers of the urgent applications judge\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6854f1a5d7015156d1aed32e\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 1 ch. 3, 19 June 2025, No. 24\/12506<\/a>). The transfer therefore remained in place pending a debate on the merits: the need to interpret the promise and the absence of established imminent damage prevented suspension on an urgent application. A founder who challenges must act quickly, in writing, and prepare an action before the trial judge rather than rely on an urgent suspension.<\/p><\/div><\/details><details><summary>How is a disagreement on the value of the departing founder's shares resolved?<\/summary><div class=\"a\"><p>The price first results from the agreed formula. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-4 of the Civil Code<\/a> provides for an expert valuation where the law refers to it or where the articles of association impose the transfer without the value being determined or determinable; the expert appointed must then apply the valuation rules set by the articles of association or by any agreement binding the parties. For a promise freely given in a shareholders' agreement, the provision does not itself provide for an expert valuation: the agreed price applies, and the discussion then concerns the interpretation of the promise and the calculation of the formula. The Court of Cassation did, however, recall, under the former wording of the provision, that \"Article 1843-4 of the Civil Code applies to transfers of corporate rights imposed by the company's articles of association or internal rules\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca277de35a255d41ca73ac\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 November 2020, No. 19-13.402<\/a>). The basis of the transfer therefore determines the route: a contractual promise with an agreed price, or a transfer imposed by the articles of association without a determined or determinable price, which alone opens the way to an expert valuation in the event of a dispute. Where the articles of association of an SAS do not specify the price of a forced transfer, that price is fixed by agreement between the parties or, failing that, in accordance with Article 1843-4 (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-18 of the Commercial Code<\/a>). The firm recalculates the formula on the reference accounts and checks whether a dispute over value is a matter for the expert or a debate on the interpretation of the contract.<\/p><\/div><\/details><details><summary>Can a bad leaver clause apply to a dismissed founder?<\/summary><div class=\"a\"><p>It can apply, but its implementation is scrutinised where the founder is also an employee. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 1331-2 of the Labour Code<\/a> prohibits fines and other financial penalties, and deems any contrary stipulation unwritten. A price discount triggered by misconduct committed in the course of employment can therefore be challenged. The Paris Court of Appeal, ruling on an employment matter, held that the judge \"may analyse whether depriving the employee of the ability to exercise the options is a prohibited financial penalty, which cannot be the subject of a contractual provision\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67495bf8851f49618154f38f\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 6 ch. 8, 28 November 2024, No. 23\/05673<\/a>). In that case, the forced transfer was held to be abusive and damages were awarded to the employee. In another case, the same court required that the grievances relied on be tied to the right capacity: \"The fact that the respondent is both an employee and a shareholder of the company requires the appellants who allege misconduct against him or her to link it to the performance of the employment contract or to the status of shareholder\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/662b43e2fe25450008314a84\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 25 April 2024, No. 23\/03132<\/a>). These outcomes depend on the clauses in issue and are not a general rule.<\/p><\/div><\/details><details><summary>Two founders with equal shares are deadlocked: what can one of them do?<\/summary><div class=\"a\"><p>Deadlock is not unlawful in itself: each shareholder votes freely. It becomes wrongful where the vote prevents a transaction essential for the company with the sole aim of promoting the voter's interests to the detriment of the other shareholder. The Court of Cassation characterised this situation as abuse of equality in a <a href=\"https:\/\/www.courdecassation.fr\/decision\/649295ff17c95e05dbf9dd95\" target=\"_blank\" rel=\"noopener\">judgment of 21 June 2023 (No. 21-23.298)<\/a>, and set aside the decision of the court of appeal which had ruled out the abuse \"on grounds based on the unanimity rule that were incapable of excluding the existence of an abuse of equality\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/649295ff17c95e05dbf9dd95\" target=\"_blank\" rel=\"noopener\">same judgment<\/a>). In other words, having accepted unanimity at incorporation does not prevent a party from relying on the abuse. Proof concerns two points: the essential nature of the transaction refused and the sole aim of promoting one's own interests to the detriment of the other shareholder. The Court set aside the decision for lack of legal basis, without finding the abuse itself, and remitted the case. The minutes must make it possible to identify who voted against; failing that, the written exchanges between founders become all-important. The judgment rules on civil liability, that is, compensation for damage; the appointment of an agent to cast the vote is also seen, as in the abuse of minority case discussed below. Before reaching that point, the firm examines whether mediation or a negotiated buy-out offers a faster way out of the impasse.<\/p><\/div><\/details><details><summary>Can a minority shareholder prevent a decision wanted by the other founders?<\/summary><div class=\"a\"><p>They can where the articles of association require a majority that they are able to block, in particular for an amendment to the articles. This power is limited by abuse of minority rights. The Court of Cassation requires a twofold proof: \"The existence of an abuse of minority requires proof, on the one hand, that the minority shareholder's attitude is contrary to the general interest of the company in that it prevents an operation essential to it and, on the other, that it stems from the sole aim of promoting their own interests to the detriment of the other shareholders\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/65f14ff928057200093c3e79\" target=\"_blank\" rel=\"noopener\">Cass. com., 13 March 2024, No. 22-13.764<\/a>). In that case, the appeal judgment which had found abuse and appointed an ad hoc agent was partly set aside, as to the mission given to that agent to vote the amendment of the corporate purpose. For a startup, the essential transaction may be a capital increase on which cash flow depends, or a change of corporate purpose that has become necessary. The firm documents what the decision means in figures, the alternatives offered to the minority shareholder and their real reasons, in order to distinguish a legitimate disagreement from an abusive refusal.<\/p><\/div><\/details><details><summary>Can the articles of association provide for the exclusion of a co-founder?<\/summary><div class=\"a\"><p>Yes. On the terms they set, the articles of association of an SAS may provide that a shareholder must transfer their shares and have their non-financial rights suspended until the transfer (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-16 of the Commercial Code<\/a>). The clause is adopted or amended by a collective decision in the form set by the articles of association (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799606\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799606\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-19<\/a>). The articles of association set the conditions of exclusion and do well to designate the competent body, the grounds, the procedure and the method of calculating the price; where no price terms are set, the price is fixed by agreement between the parties or, failing agreement, in accordance with Article 1843-4 of the Civil Code (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-18 of the Commercial Code<\/a>). The procedure provided must be followed to the letter, but case law does not make every irregularity a ground of nullity. In a case that went against a shareholder excluded in 2017 from a limited liability company (SARL), decided under the former wording of Article L. 235-1 of the Commercial Code, the Versailles Court of Appeal recalled that \"the fact that the excluded shareholder was unable to come and explain themselves before the body deciding on their exclusion is not a ground of nullity of the resolution ordering the exclusion\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/691d857e02bad2f30af43126\" target=\"_blank\" rel=\"noopener\">CA Versailles, ch. com. 3-2, 18 November 2025, No. 24\/06500<\/a>). Since 1 October 2025, breach of the articles of association is not in principle a ground of nullity (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322322\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322322\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1844-10 of the Civil Code<\/a>), but the articles of association of an SAS may provide for the nullity of decisions taken in breach of their rules (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051318161\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051318161\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-20-1 of the Commercial Code<\/a>): a current exclusion is checked against these provisions and the clause. Specifying the date on which the shares are valued also avoids a debate over which date to use. The firm checks the clause, the notice of meeting, the vote and the price proposed.<\/p><\/div><\/details><details><summary>Does disagreement between founders justify dissolving the startup?<\/summary><div class=\"a\"><p>Not by itself. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028724345\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028724345\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1844-7 of the Civil Code<\/a> allows the court to order early dissolution for just cause, in particular where disagreement between shareholders paralyses the functioning of the company. The Court of Cassation set aside a court of appeal decision that had ordered dissolution \"on grounds incapable of establishing that the disagreement between the shareholders paralysed the functioning of the company\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca94145a75a5884f4545d3\" target=\"_blank\" rel=\"noopener\">Cass. com., 5 April 2018, No. 16-19.829<\/a>). Paralysis must be shown: general meetings impossible to hold, accounts not approved, vital decisions prevented. An intermediate solution exists for a company that is still viable. The Paris Court of Appeal sets the limit in these terms: \"While disagreement between the shareholders cannot by itself justify the appointment of a provisional administrator\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/65fe7f0bf6c1b70008cd6340\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 1 ch. 8, 22 March 2024, No. 23\/15250<\/a>). It nonetheless upheld that appointment, because the company was no longer being managed and the paralysis threatened it with imminent peril. In a startup, dissolution most often destroys each person's value. The firm favours a negotiated buy-out of a founder's shares and reserves such applications for situations where the company can no longer function.<\/p><\/div><\/details><details><summary>Can a founder who leaves the company set up a competing business?<\/summary><div class=\"a\"><p>Everything depends on what they have signed and on their situation. A non-compete clause inserted in a shareholders' agreement is valid on certain conditions. The Court of Cassation states that \"A non-compete clause provided for on the occasion of a transfer of corporate rights, whether inserted in the deed itself or in a shareholders' agreement, is lawful as regards the shareholders who subscribe to it provided that it is limited in time and space, and proportionate to the legitimate interests to be protected\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/690af37028bf9d42b6cca957\" target=\"_blank\" rel=\"noopener\">Cass. com., 5 November 2025, No. 23-16.431<\/a>). Real financial consideration is also required if the shareholder was an employee of the company on the day of their undertaking. The court also checks the actual duration of the prohibition: 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>). The firm re-reads the clause, its duration, its scope and the consideration provided, then compares the departing founder's plan with the startup's actual activity. Each person's know-how and rights in their creations must be examined separately.<\/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\/LEGIARTI000006444149\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444149\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1843-2 of the Civil Code<\/span><span class=\"kcv-art-t\">rights proportional to contributions, contribution in industry<\/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\/LEGIARTI000048535177\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">SAS, industry shares and contributions in kind<\/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\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1124 of the Civil Code<\/span><span class=\"kcv-art-t\">unilateral promise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1843-4 of the Civil Code<\/span><span class=\"kcv-art-t\">expert valuation of corporate rights<\/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\/LEGIARTI000006227180\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-16 of the Commercial Code<\/span><span class=\"kcv-art-t\">forced transfer provided for by the articles of association<\/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\/LEGIARTI000006227187\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-18 of the Commercial Code<\/span><span class=\"kcv-art-t\">transfer price where the articles of association set no terms<\/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\/LEGIARTI000028724345\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028724345\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1844-7 of the Civil Code<\/span><span class=\"kcv-art-t\">dissolution for just cause<\/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\/LEGIARTI000006901446\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 1331-2 of the Labour Code<\/span><span class=\"kcv-art-t\">prohibition of financial penalties<\/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\">The firm's expertise<\/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\">The firm's expertise<\/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\/management-package-lawyer-paris\/\"><span class=\"kcv-pg-t\">Management package<\/span><span class=\"kcv-pg-s\">The firm's expertise<\/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\/bspce-lawyer-paris\/\"><span class=\"kcv-pg-t\">BSPCE and bonus shares<\/span><span class=\"kcv-pg-s\">The firm's expertise<\/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\/fundraising-lawyer-paris\/\"><span class=\"kcv-pg-t\">Fundraising<\/span><span class=\"kcv-pg-s\">The firm's expertise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<p class=\"kcv-small kcv-center\">Page updated on 1 November 2026.<\/p><\/div><\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-cta\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-cta-card\">\n      <h2>A co-founder about to leave or a decision blocked? Take stock <em>today<\/em>.<\/h2>\n      <p>Send the articles of association, the agreement and the exchanges between founders: the firm checks the applicable clause, the price of the shares and the suitable route.<\/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\": \"At what stage should founders write their separation rules?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The right time is before the articles of association are signed, while the founders still get on and nobody knows the company's future value. At that stage it is easier to agree what will happen if one of them stops working, falls ill, is removed or wants to sell. The articles of association of an SAS freely set the conditions under which the company is run (Article L. 227-5 of the Commercial Code) and may provide for inalienability, approval or forced transfer of shares. The shareholders' agreement supplements this base with cross-promises and a price formula. Waiting for the first funding round carries a risk: investors then impose their own model, and a founder who has already stepped back may refuse to sign. The firm checks that the articles of association and the agreement answer each other, that each founder signs every document that concerns them, and that the definitions of departure are precise enough to be applied without interpretation. A clear rule written early prevents the separation from being settled by a balance of power, at the moment when the company least needs a dispute.\"}}, {\"@type\": \"Question\", \"name\": \"How should each co-founder's share of the capital be set?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"No rule requires an equal split between founders. Each shareholder's rights in the share capital are proportional to their contributions (Article 1843-2 of the Civil Code), which means distinguishing money paid in, assets contributed and work promised. A contribution in kind, such as software or a domain name, is valued in the articles of association; in an SAS, the involvement of a contributions auditor (commissaire aux apports) may be waived unanimously within certain limits, but the shareholders are then jointly and severally liable for five years towards third parties for the value adopted (Article L. 227-1 of the Commercial Code). This liability rule does not apply where a contributions auditor has acted and his or her valuation has been adopted. Beyond the law, the allocation reflects an estimate of each person's future contribution. If that contribution is uncertain, an allocation combined with gradual vesting is better than a percentage gap negotiated once and for all. The firm also examines how power is distributed, which the articles of association can separate from the capital.\"}}, {\"@type\": \"Question\", \"name\": \"Can a founder who contributes only work receive shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, through a contribution in industry. An SAS may issue inalienable shares in return for such a contribution, and its articles of association set the terms of subscription and allocation (Article L. 227-1 of the Commercial Code). These shares do not count towards the formation of the share capital, but carry a right to share in profits and net assets, with an obligation to contribute to losses (Article 1843-2 of the Civil Code). A contribution in industry assumes work provided in complete independence. The Paris Court of Appeal held that \\\"It follows from these provisions that the issue of industry shares requires an amendment to the company's articles of association in order to provide for the terms of issue and allocation of those shares\\\" (our translation) (CA Paris, p\u00f4le 5 ch. 8, 28 February 2023, No. 21\/15851). In that case, which went against the claimants, an employee presented as a \\\"Partner\\\" was not recognised as a shareholder: the articles of association mentioned no industry shares and the relationship of subordination excluded the contribution. A founder who is an employee and wants a share of the capital must therefore subscribe for shares or receive securities through a mechanism provided by law, rather than rely on an oral promise.\"}}, {\"@type\": \"Question\", \"name\": \"Does vesting exist in French law between founding shareholders?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The term is not defined by law, but the mechanism is built with familiar tools. The most common is a unilateral promise under which each founder undertakes to transfer all or part of their shares if they leave the company, at a price that rises with time spent with the company. This arrangement is often called reverse vesting, because the founder holds the shares from the outset and may lose part of them. Article 1124 of the Civil Code protects the beneficiary: revoking the promise during the option period does not prevent the sale from being formed, and a sale concluded in breach of the promise with a third party who knew of its existence is null. For the mechanism to work, the promise must name the beneficiaries, the leaver events, the vesting schedule, the price formula and the period for exercise. A temporary inalienability clause, adopted unanimously (Article L. 227-19 of the Commercial Code), also prevents a founder from selling before the end of the schedule. The firm checks that the documents are signed by everyone and that the formula produces a consistent price for each departure date.\"}}, {\"@type\": \"Question\", \"name\": \"Can a departing co-founder refuse to transfer their shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Where they have signed a unilateral promise to sell, their refusal does not prevent the sale if the beneficiary exercises the option in the form and within the period provided (Article 1124 of the Civil Code). They can, however, challenge whether the leaver event has occurred, the date adopted, the price formula or the regularity of the exercise. The route chosen matters. In a case that went against the departing founder, the Paris Court of Appeal refused to suspend, on an urgent application, transfers that had already been recorded: \\\"It is therefore necessary to interpret the intention of the parties to the promise of 4 February 2020. Such an interpretation is beyond the powers of the urgent applications judge\\\" (our translation) (CA Paris, p\u00f4le 1 ch. 3, 19 June 2025, No. 24\/12506). The transfer therefore remained in place pending a debate on the merits: the need to interpret the promise and the absence of established imminent damage prevented suspension on an urgent application. A founder who challenges must act quickly, in writing, and prepare an action before the trial judge rather than rely on an urgent suspension.\"}}, {\"@type\": \"Question\", \"name\": \"How is a disagreement on the value of the departing founder's shares resolved?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The price first results from the agreed formula. Article 1843-4 of the Civil Code provides for an expert valuation where the law refers to it or where the articles of association impose the transfer without the value being determined or determinable; the expert appointed must then apply the valuation rules set by the articles of association or by any agreement binding the parties. For a promise freely given in a shareholders' agreement, the provision does not itself provide for an expert valuation: the agreed price applies, and the discussion then concerns the interpretation of the promise and the calculation of the formula. The Court of Cassation did, however, recall, under the former wording of the provision, that \\\"Article 1843-4 of the Civil Code applies to transfers of corporate rights imposed by the company's articles of association or internal rules\\\" (our translation) (Cass. com., 18 November 2020, No. 19-13.402). The basis of the transfer therefore determines the route: a contractual promise with an agreed price, or a transfer imposed by the articles of association without a determined or determinable price, which alone opens the way to an expert valuation in the event of a dispute. Where the articles of association of an SAS do not specify the price of a forced transfer, that price is fixed by agreement between the parties or, failing that, in accordance with Article 1843-4 (Article L. 227-18 of the Commercial Code). The firm recalculates the formula on the reference accounts and checks whether a dispute over value is a matter for the expert or a debate on the interpretation of the contract.\"}}, {\"@type\": \"Question\", \"name\": \"Can a bad leaver clause apply to a dismissed founder?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"It can apply, but its implementation is scrutinised where the founder is also an employee. Article L. 1331-2 of the Labour Code prohibits fines and other financial penalties, and deems any contrary stipulation unwritten. A price discount triggered by misconduct committed in the course of employment can therefore be challenged. The Paris Court of Appeal, ruling on an employment matter, held that the judge \\\"may analyse whether depriving the employee of the ability to exercise the options is a prohibited financial penalty, which cannot be the subject of a contractual provision\\\" (our translation) (CA Paris, p\u00f4le 6 ch. 8, 28 November 2024, No. 23\/05673). In that case, the forced transfer was held to be abusive and damages were awarded to the employee. In another case, the same court required that the grievances relied on be tied to the right capacity: \\\"The fact that the respondent is both an employee and a shareholder of the company requires the appellants who allege misconduct against him or her to link it to the performance of the employment contract or to the status of shareholder\\\" (our translation) (CA Paris, p\u00f4le 5 ch. 9, 25 April 2024, No. 23\/03132). These outcomes depend on the clauses in issue and are not a general rule.\"}}, {\"@type\": \"Question\", \"name\": \"Two founders with equal shares are deadlocked: what can one of them do?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Deadlock is not unlawful in itself: each shareholder votes freely. It becomes wrongful where the vote prevents a transaction essential for the company with the sole aim of promoting the voter's interests to the detriment of the other shareholder. The Court of Cassation characterised this situation as abuse of equality in a judgment of 21 June 2023 (No. 21-23.298), and set aside the decision of the court of appeal which had ruled out the abuse \\\"on grounds based on the unanimity rule that were incapable of excluding the existence of an abuse of equality\\\" (our translation) (same judgment). In other words, having accepted unanimity at incorporation does not prevent a party from relying on the abuse. Proof concerns two points: the essential nature of the transaction refused and the sole aim of promoting one's own interests to the detriment of the other shareholder. The Court set aside the decision for lack of legal basis, without finding the abuse itself, and remitted the case. The minutes must make it possible to identify who voted against; failing that, the written exchanges between founders become all-important. The judgment rules on civil liability, that is, compensation for damage; the appointment of an agent to cast the vote is also seen, as in the abuse of minority case discussed below. Before reaching that point, the firm examines whether mediation or a negotiated buy-out offers a faster way out of the impasse.\"}}, {\"@type\": \"Question\", \"name\": \"Can a minority shareholder prevent a decision wanted by the other founders?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"They can where the articles of association require a majority that they are able to block, in particular for an amendment to the articles. This power is limited by abuse of minority rights. The Court of Cassation requires a twofold proof: \\\"The existence of an abuse of minority requires proof, on the one hand, that the minority shareholder's attitude is contrary to the general interest of the company in that it prevents an operation essential to it and, on the other, that it stems from the sole aim of promoting their own interests to the detriment of the other shareholders\\\" (our translation) (Cass. com., 13 March 2024, No. 22-13.764). In that case, the appeal judgment which had found abuse and appointed an ad hoc agent was partly set aside, as to the mission given to that agent to vote the amendment of the corporate purpose. For a startup, the essential transaction may be a capital increase on which cash flow depends, or a change of corporate purpose that has become necessary. The firm documents what the decision means in figures, the alternatives offered to the minority shareholder and their real reasons, in order to distinguish a legitimate disagreement from an abusive refusal.\"}}, {\"@type\": \"Question\", \"name\": \"Can the articles of association provide for the exclusion of a co-founder?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes. On the terms they set, the articles of association of an SAS may provide that a shareholder must transfer their shares and have their non-financial rights suspended until the transfer (Article L. 227-16 of the Commercial Code). The clause is adopted or amended by a collective decision in the form set by the articles of association (Article L. 227-19). The articles of association set the conditions of exclusion and do well to designate the competent body, the grounds, the procedure and the method of calculating the price; where no price terms are set, the price is fixed by agreement between the parties or, failing agreement, in accordance with Article 1843-4 of the Civil Code (Article L. 227-18 of the Commercial Code). The procedure provided must be followed to the letter, but case law does not make every irregularity a ground of nullity. In a case that went against a shareholder excluded in 2017 from a limited liability company (SARL), decided under the former wording of Article L. 235-1 of the Commercial Code, the Versailles Court of Appeal recalled that \\\"the fact that the excluded shareholder was unable to come and explain themselves before the body deciding on their exclusion is not a ground of nullity of the resolution ordering the exclusion\\\" (our translation) (CA Versailles, ch. com. 3-2, 18 November 2025, No. 24\/06500). Since 1 October 2025, breach of the articles of association is not in principle a ground of nullity (Article 1844-10 of the Civil Code), but the articles of association of an SAS may provide for the nullity of decisions taken in breach of their rules (Article L. 227-20-1 of the Commercial Code): a current exclusion is checked against these provisions and the clause. Specifying the date on which the shares are valued also avoids a debate over which date to use. The firm checks the clause, the notice of meeting, the vote and the price proposed.\"}}, {\"@type\": \"Question\", \"name\": \"Does disagreement between founders justify dissolving the startup?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Not by itself. Article 1844-7 of the Civil Code allows the court to order early dissolution for just cause, in particular where disagreement between shareholders paralyses the functioning of the company. The Court of Cassation set aside a court of appeal decision that had ordered dissolution \\\"on grounds incapable of establishing that the disagreement between the shareholders paralysed the functioning of the company\\\" (our translation) (Cass. com., 5 April 2018, No. 16-19.829). Paralysis must be shown: general meetings impossible to hold, accounts not approved, vital decisions prevented. An intermediate solution exists for a company that is still viable. The Paris Court of Appeal sets the limit in these terms: \\\"While disagreement between the shareholders cannot by itself justify the appointment of a provisional administrator\\\" (our translation) (CA Paris, p\u00f4le 1 ch. 8, 22 March 2024, No. 23\/15250). It nonetheless upheld that appointment, because the company was no longer being managed and the paralysis threatened it with imminent peril. In a startup, dissolution most often destroys each person's value. The firm favours a negotiated buy-out of a founder's shares and reserves such applications for situations where the company can no longer function.\"}}, {\"@type\": \"Question\", \"name\": \"Can a founder who leaves the company set up a competing business?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Everything depends on what they have signed and on their situation. A non-compete clause inserted in a shareholders' agreement is valid on certain conditions. The Court of Cassation states that \\\"A non-compete clause provided for on the occasion of a transfer of corporate rights, whether inserted in the deed itself or in a shareholders' agreement, is lawful as regards the shareholders who subscribe to it provided that it is limited in time and space, and proportionate to the legitimate interests to be protected\\\" (our translation) (Cass. com., 5 November 2025, No. 23-16.431). Real financial consideration is also required if the shareholder was an employee of the company on the day of their undertaking. The court also checks the actual duration of the prohibition: 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). The firm re-reads the clause, its duration, its scope and the consideration provided, then compares the departing founder's plan with the startup's actual activity. Each person's know-how and rights in their creations must be examined separately.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"LegalService\", \"name\": \"Startup lawyer in Paris \u2014 Kohen Avocats\", \"url\": \"https:\/\/kohenavocats.fr\/en\/startup-lawyer-paris\/\", \"telephone\": \"+33646605822\", \"email\": \"contact@kohenavocats.fr\", \"address\": {\"@type\": \"PostalAddress\", \"streetAddress\": \"11 rue Margueritte\", \"postalCode\": \"75017\", \"addressLocality\": \"Paris\", \"addressCountry\": \"FR\"}, \"areaServed\": \"\u00cele-de-France\", \"founder\": {\"@type\": \"Person\", \"name\": \"Reda Kohen\", \"jobTitle\": \"Lawyer at the Paris Bar\", \"sameAs\": [\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\"]}, \"openingHours\": \"Mo-Su 00:00-24:00\"}<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f3b7639 scroll-horizontal e-con-full 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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-2157055 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157055 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/allison-saeng-Hpw4nI_QUWQ-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157055 post-2157055 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-corporate-bank-account-refusal-abroad\/\">Your French Bank Won&#8217;t Open a Corporate Account While You Live Abroad: Right to an Account, Banque de France Designation and the Anti-Money-Laundering Wall<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157013 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157013 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157013 post-2157013 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-pay-abroad-salary-dividends-management-fees\/\">Your French SAS Pays You While You Live Abroad: Salary, Dividends or Management Fees<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156883 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156883 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156883 post-2156883 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-capital-increase-cash-call-filing-abroad\/\">Your French SAS Needs Cash From Abroad: Increase Capital, Call Up Unpaid Shares or Lend Instead \u2014 Filing and New Kbis Without Flying to Paris<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156702 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156702 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/pawel-czerwinski-mIT9kEQBC6Q-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156702 post-2156702 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-hire-first-employee-dpae-contract-trial-pay-abroad\/\">Hiring Your First French Employee While You Live Abroad: DPAE, Contract, Trial Period, Pay and Registration<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156642 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156642 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/shubham-dhage-ICCn56-jyuw-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156642 post-2156642 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-shareholder-loan-compte-courant-abroad\/\">Your French Subsidiary Needs Cash From Abroad: Shareholder Loans (Compte Courant d&#8217;Associe), Interest, Approval and Getting Repaid<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Two or three founders set up a simplified joint-stock company (SAS), divide the shares between them and promise to stay. A startup lawyer in Paris is then asked what the shareholders&#8217; agreement, the articles [&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-2161341","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>Startup Lawyer Paris: Co-Founder Disputes | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Startup lawyer in Paris for co-founders: share allocation, vesting, exit of a shareholder and deadlock. 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