{"id":2617,"date":"2026-05-15T13:31:42","date_gmt":"2026-05-15T11:31:42","guid":{"rendered":"https:\/\/www.alkeom.law\/?p=2617"},"modified":"2026-05-15T19:27:38","modified_gmt":"2026-05-15T17:27:38","slug":"2026-agm-guide-profit-allocation-in-french-companies-reserves-or-dividend-distributions","status":"publish","type":"post","link":"https:\/\/www.alkeom.law\/en\/2026-agm-guide-profit-allocation-in-french-companies-reserves-or-dividend-distributions\/","title":{"rendered":"[AGM 2026] Profit Allocation in French Companies: Reserves or Dividend Distributions?"},"content":{"rendered":"\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"641\" height=\"300\" data-id=\"2643\" src=\"https:\/\/www.alkeom.law\/wp-content\/uploads\/2026\/05\/Alkeom-Avocat-Creation-startup-biotech-pacte-et-statuts.jpg\" alt=\"Alkeom Avocat - Affectation du r\u00e9sultat et b\u00e9n\u00e9fice, distribution de dividendes\" class=\"wp-image-2643\" srcset=\"https:\/\/www.alkeom.law\/wp-content\/uploads\/2026\/05\/Alkeom-Avocat-Creation-startup-biotech-pacte-et-statuts.jpg 641w, https:\/\/www.alkeom.law\/wp-content\/uploads\/2026\/05\/Alkeom-Avocat-Creation-startup-biotech-pacte-et-statuts-300x140.jpg 300w\" sizes=\"auto, (max-width: 641px) 100vw, 641px\" \/><\/figure>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em><em>As the annual general meeting season is in full swing, we offer a series of articles to help officers and shareholders better understand the rules relating to the approval of French SAS and SARL\u2019s annual accounts for SAS and SARL, as well as the obligations arising from them. Fifth round of Q&amp;As.<\/em><\/em><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Is Profit Allocation and What Options Are Available to Shareholders?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After approving the annual accounts for the completed financial year, the shareholders of a French limited liability company (<em>soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e<\/em> \u2013 SARL) or simplified joint-stock company (<em>soci\u00e9t\u00e9 par actions simplifi\u00e9e<\/em> \u2013 SAS) must decide how to allocate the result for the financial year as reflected in those accounts.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>where the result is negative (a loss), it must be carried forward as retained earnings (\u201c<em>report \u00e0 nouveau<\/em>\u201d), to be offset against the result of subsequent financial years,<\/li>\n\n\n\n<li>where the result is positive (a profit), several allocation options are available: the profit may be carried forward, transferred to reserves, or distributed, in whole or in part, to the shareholders as dividends.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The allocation of profits, at least where the company has generated a profit, is therefore strategic for the company\u2019s future. Shareholders must strike a balance between their interests as investors and financing the company\u2019s development. Indeed, while the distribution of dividends may enhance the company\u2019s attractiveness to investors, allocating profits to reserves or carrying them forward strengthens the company\u2019s equity and may support its future growth.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-default\" style=\"background-color:#1fc440;color:#1fc440\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">We secure the legal compliance of your corporate decisions and annual accounts approval.<\/h3>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/contactez-nous\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;background-color:#1fc440;font-size:16px;text-decoration:none\">Get in Touch<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/offre\/corporate-legal-services\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;color:#22d746;background-color:#1c352d;font-size:16px;text-decoration:none\"><strong>Discover Our Corporate Services Solutions<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-default\" style=\"background-color:#1fc440;color:#1fc440\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">What Is the Company\u2019s Profit or Loss for the Financial Year?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This refers to the company\u2019s accounting result at the end of a given financial year, as reflected in the annual accounts and determined in accordance with the applicable accounting rules and principles. It may be positive (profit) or negative (loss).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It must be distinguished from distributable profits, which correspond to the amount that may legally be distributed to shareholders as dividends (see below).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">In the Event of a Profit, What Amount Is Legally Distributable to Shareholders as Dividends?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Where the financial year result is positive, certain amounts may be distributed to shareholders. This is referred to as \u201cdistributable profit\u201d (\u201c<em>b\u00e9n\u00e9fice distribuable<\/em>\u201d), defined under the French Commercial Code<sup data-fn=\"9ae90eeb-74f3-4b1f-96fe-cd1888b6e78f\" class=\"fn\"><a href=\"#9ae90eeb-74f3-4b1f-96fe-cd1888b6e78f\" id=\"9ae90eeb-74f3-4b1f-96fe-cd1888b6e78f-link\">1<\/a><\/sup> as the profit for the financial year:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>reduced by any accumulated losses in the carried forward account,<\/li>\n\n\n\n<li>reduced by amounts required to be allocated to reserves under the law or the company\u2019s articles of association,<\/li>\n\n\n\n<li>increased by any positive retained earnings carried forward account.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to distributable profits, certain \u201cdistributable reserves\u201d may also be distributed to shareholders. These notably include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>any excess of the legal or contractual mandatory reserves;<\/li>\n\n\n\n<li>optional reserves freely created by shareholders\u2019 resolution.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">When Is Dividend Payment Due?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The terms and timing of dividend payments are determined by the shareholders\u2019 decisions or, failing this, by management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In any event, payment must occur within a maximum period of nine months following the end of the financial year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Are Shareholders Legally Required to Create Reserves?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yes. In both SASs and SARLs, shareholders may be required to allocate part of the annual profit to reserves, either pursuant to law (legal reserves) or under the company\u2019s articles of association (contractual reserves).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the <strong>legal reserve<\/strong> is established pursuant to <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322888\">Article L. 232-10 of the French Commercial Code<\/a>, which requires that at least 5% of the profit for each financial year be allocated to this reserve until it reaches 10% of the share capital,<\/li>\n\n\n\n<li><strong>contractual reserves<\/strong> are those whose terms (profit allocation mechanism, cap, etc.) are set out in the company\u2019s articles of association, as freely agreed between the shareholders.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, shareholders may also decide to create \u201coptional reserves\u201d outside any legal or statutory requirement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can Shareholders Agree in Advance on Dividend Distributions?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In principle, the allocation of profits is decided by the shareholders at the annual ordinary general meeting. However, this decision may sometimes be governed by agreements entered into between them, notably through shareholders\u2019 agreements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Accordingly, shareholders may agree to either prohibit any dividend distribution for a specified number of financial years or, conversely, to mandate the distribution of a minimum percentage of distributable profits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In French SASs, it is also possible to organise unequal dividend rights through the creation of preferred shares reserved for certain categories of shareholders (founders, investors, etc.). These shares may provide for various mechanisms:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>enhanced (or reduced) dividends<\/strong>, entitling holders to a larger (or smaller) percentage of profits than their proportion of share capital,<\/li>\n\n\n\n<li><strong>preferential dividends,<\/strong> paid in priority to the holder of the preferred share,<\/li>\n\n\n\n<li><strong>performance-linked dividends<\/strong>, indexed to the company\u2019s performance targets., etc.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, this flexibility is subject to certain limitations. First, no distribution may occur in the absence of distributable profits.<sup data-fn=\"6c0beb52-b198-4b99-adc2-3780a6f9379e\" class=\"fn\"><a href=\"#6c0beb52-b198-4b99-adc2-3780a6f9379e\" id=\"6c0beb52-b198-4b99-adc2-3780a6f9379e-link\">2<\/a><\/sup> Second, the prohibition of leonine provisions (<em>clauses l\u00e9onines<\/em>) prevents a shareholder from being entirely excluded from profits or from being allocated all of them.<sup data-fn=\"a32baa85-1b0c-43ff-970b-d5e187f01d17\" class=\"fn\"><a href=\"#a32baa85-1b0c-43ff-970b-d5e187f01d17\" id=\"a32baa85-1b0c-43ff-970b-d5e187f01d17-link\">3<\/a><\/sup><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Retained Earnings vs. Reserves: What\u2019s the Difference?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although they may appear similar, these two mechanisms differ in several respects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Retained earnings carried forward correspond to a portion of profits whose allocation has been deferred pending a future decision by the shareholders. They are added to the result of the following financial year for the purpose of determining distributable profits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They are therefore temporary in nature, whereas reserves are intended to form a more permanent equity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This distinction has practical consequences where distributions are contemplated:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the rules governing interim distributions during the financial year differ (see question below),<\/li>\n\n\n\n<li>In the event of a split ownership of shares (bare ownership and usufruct), distributions of reserves are treated as income over which the usufructuary benefits from a quasi-usufruct, giving rise to a restitution obligation towards the bare owner;<sup data-fn=\"1404c62a-0436-4513-84be-5a44f9252de6\" class=\"fn\"><a href=\"#1404c62a-0436-4513-84be-5a44f9252de6\" id=\"1404c62a-0436-4513-84be-5a44f9252de6-link\">4<\/a><\/sup> by contrast, profits allocated to retained earnings carried forward are treated as current-year profits, so that amounts distributed from this account are characterised as fruits to which the usufructuary is entitled as of right,<\/li>\n\n\n\n<li>in French SAS, distributions from reserves require the company to implement protective measures for holders of securities giving access to share capital,<sup data-fn=\"75fe3d96-4d96-43ba-be2d-30444f6dc735\" class=\"fn\"><a href=\"#75fe3d96-4d96-43ba-be2d-30444f6dc735\" id=\"75fe3d96-4d96-43ba-be2d-30444f6dc735-link\">5<\/a><\/sup> whereas such measures are not required for distributions of retained earnings carried forward.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Can shareholders postpone the decision to distribute dividends?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As general rule, any decision to distribute dividends out of distributable profits for a given financial year must be adopted during the annual shareholders\u2019 meeting approving the financial statements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a decision dated 12 February 2025,<sup data-fn=\"50c41ea1-4478-477b-b1d6-1dc0b4218cd1\" class=\"fn\"><a href=\"#50c41ea1-4478-477b-b1d6-1dc0b4218cd1\" id=\"50c41ea1-4478-477b-b1d6-1dc0b4218cd1-link\">6<\/a><\/sup> the French <em>Cour de cassation<\/em> clarified that distributions from retained earnings carried forward account must not be decided during a financial year. Traditionally, such amounts are considered not yet allocated by shareholders, with the decision postponed until the following year. Accordingly, they will be added to the result for the following financial year, the allocation of which may then be decided by the annual shareholders\u2019 meeting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The position is less certain regarding interim distributions out of reserves. In a decision dated 30\u00a0January\u00a02025,<sup data-fn=\"2bb0436e-35d3-440e-834e-851d4e99857a\" class=\"fn\"><a href=\"#2bb0436e-35d3-440e-834e-851d4e99857a\" id=\"2bb0436e-35d3-440e-834e-851d4e99857a-link\">7<\/a><\/sup> the Paris Court of Appeal upheld such distributions on the basis that the allocation of sums to reserve accounts had necessarily been approved by a prior annual shareholders\u2019 meeting. These sums therefore constitute accumulated profits that have become lasting assets and may accordingly be distributed outside the annual meeting process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In all cases, such interim distributions must be carried out with great caution, ensuring that they do not in any way undermine the company\u2019s financial soundness, especially where they occur long after the latest approved financial statements.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">> Also read on this topic: <em>\u00ab\u00a0<\/em><a href=\"https:\/\/www.alkeom.law\/en\/dividends-the-distribution-of-retained-earnings-after-the-annual-general-meeting\/\" type=\"post\" id=\"1296\"><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Dividends: the Distribution of Retained Earnings After the Annual General Meeting Incurs Nullity<\/mark><\/em><\/a><em>\u00a0<\/em>\u00bb<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">It should also be noted that the principles established by the French <em>Cour de cassation<\/em> in its 2025 decision also prohibit transferring retained earnings carried forward into reserve accounts during the financial year for the artificial purpose of enabling their distribution.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is an interim dividend?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although dividends may not generally be distributed during the financial year out of past distributable profits, interim dividends may nevertheless be paid. Interim dividends are payments made before the annual accounts for a financial year have been approved by shareholders, based on the distributable profit anticipated for that financial year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This possibility is strictly regulated in order to ensure that the sums paid correspond to profits that may reasonably be expected. Accordingly, interim financial statements must be prepared showing that the company has generated distributable profits since the end of the previous financial year at least equal to the amount of the interim dividends. These statements must be certified by a statutory auditor (<em>commissaire aux comptes<\/em> \u2013 the company\u2019s statutory auditor or, if none has been appointed, a statutory auditor specifically appointed for this mission).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The president of an SAS or the general manager of a SARL then has exclusive authority to decide on the distribution of interim dividends, including their amount and payment date. Several interim dividends may be paid during the same financial year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">In the Event of Split Ownership of Shares, Can the Usufructuary Take Part in the Decision on Profit Allocation?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Where shares are subject to split ownership between bare ownership and usufruct, both the bare owner and the usufructuary are entitled to attend any shareholders\u2019 meeting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The allocation of voting rights is nevertheless subject to a specific regime. While voting rights generally belong to the bare owner pursuant to <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799283\">Article 1844 of the French Civil Code<\/a>, an exception applies to decisions relating to the allocation of profits, for which voting rights belong to the usufructuary.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Are the Risks Associated with Unlawful Dividend Distributions?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Any dividend distributed in breach of the rules governing profit allocation and the calculation of distributable profits may constitute a fictitious dividend.<sup data-fn=\"3c1af8b8-d88b-4684-aab8-472ee729af0c\" class=\"fn\"><a href=\"#3c1af8b8-d88b-4684-aab8-472ee729af0c\" id=\"3c1af8b8-d88b-4684-aab8-472ee729af0c-link\">8<\/a><\/sup> This risk especially arises where the company\u2019s accounts fail to provide a true and fair view of its results and financial position or where the legal or contractual reserve allocations have not been made.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The distribution of fictitious dividends is not sanctioned in the same way in SASs and SARLs.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In SASs, an action for repayment of distributed dividends may be brought against any shareholder who received a fictitious dividend, provided that the shareholder knew or could not reasonably have been unaware of the irregular nature of the distribution.<\/li>\n\n\n\n<li>In SARLs, an action for repayment may be brought within three years from the dividend distribution date without any need to prove intentional misconduct by the shareholder.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, any officer knowingly proceeding with the distribution of fictitious dividends incurs criminal liability. The offence is punishable by up to five years\u2019 imprisonment and a fine of EUR 375,000. Civil liability may also arise in order to compensate the company for any loss suffered.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-default\"\/>\n\n\n\n<p class=\"has-text-align-center has-text-color has-link-color wp-elements-6472ffb956c7db74ee23c67143ec09d5 wp-block-paragraph\" style=\"color:#8e97a1;font-style:normal;font-weight:700\">Related Q&amp;As<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-style:normal;font-weight:500\">> <a href=\"https:\/\/www.alkeom.law\/en\/gm-2026-approval-of-the-2025-annual-accounts-what-are-the-obligations-for-french-business-companies\/\" type=\"post\" id=\"2207\">Annual Accounts Approval: Key Obligations<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-style:normal;font-weight:500\">> <a href=\"https:\/\/www.alkeom.law\/en\/annual-gm-2026-annual-general-meeting-in-french-companies-convening-shareholders-and-organizing-decision-making\/\" type=\"post\" id=\"2254\">Annual General Meeting: Organization and Convening of the Shareholders<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-style:normal;font-weight:500\">> <a href=\"https:\/\/www.alkeom.law\/en\/agm-2026-what-information-must-be-disclosed-to-shareholders-and-third-parties-prior-to-the-annual-accounts-approval\/\" type=\"post\" id=\"2287\">Information to Be Delivered to Shareholders and Third Parties<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-style:normal;font-weight:500\">> <a href=\"https:\/\/www.alkeom.law\/en\/agm-2026-french-companies-how-to-prepare-the-management-report-on-the-annual-accounts\/\" type=\"post\" id=\"2341\">Management Report on the Annual Accounts: How to Prepare It?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-style:normal;font-weight:500\">> <mark style=\"background-color:#ffffff\" class=\"has-inline-color\">Profit &amp; Loss Allocation and Dividend Distribution<\/mark><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-default\" style=\"background-color:#1fc440;color:#1fc440\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">We secure the legal compliance of your corporate decisions and annual accounts approval.<\/h3>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/contactez-nous\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;background-color:#1fc440;font-size:16px;text-decoration:none\">Get in Touch<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/offre\/corporate-legal-services\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;color:#22d746;background-color:#1c352d;font-size:16px;text-decoration:none\"><strong>Discover Our Corporate Services Solutions<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-default\" style=\"background-color:#1fc440;color:#1fc440\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\">Also explore our related expertises:<\/h4>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link has-text-color has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/expertise\/gouvernance-manageriale\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;color:#1c352d;font-size:16px;text-decoration:none\"><strong>Corporate Governance<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link has-text-color has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/expertise\/equity-restructuring\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;color:#1c352d;font-size:16px;text-decoration:none\"><strong>Equity Restructuring<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-outline is-style-outline--4\"><a class=\"wp-block-button__link has-text-color has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.alkeom.law\/en\/expertise\/gouvernance-actionnariale\/\" style=\"border-top-left-radius:30px;border-top-right-radius:30px;border-bottom-left-radius:30px;border-bottom-right-radius:30px;color:#1c352d;font-size:16px;text-decoration:none\"><strong>Shareholder Advisory<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-default\" style=\"background-color:#1fc440;color:#1fc440\"\/>\n\n\n<ol class=\"wp-block-footnotes\"><li id=\"9ae90eeb-74f3-4b1f-96fe-cd1888b6e78f\"><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006229026\">L. 232-11, French Commercial Code (FCC)<\/a> <a href=\"#9ae90eeb-74f3-4b1f-96fe-cd1888b6e78f-link\" aria-label=\"Jump to footnote reference 1\">\u21a9\ufe0e<\/a><\/li><li id=\"6c0beb52-b198-4b99-adc2-3780a6f9379e\"><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006229031\">L. 232-12, FCC<\/a> <a href=\"#6c0beb52-b198-4b99-adc2-3780a6f9379e-link\" aria-label=\"Jump to footnote reference 2\">\u21a9\ufe0e<\/a><\/li><li id=\"a32baa85-1b0c-43ff-970b-d5e187f01d17\"><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444158\">1844-1, French civil Code<\/a> <a href=\"#a32baa85-1b0c-43ff-970b-d5e187f01d17-link\" aria-label=\"Jump to footnote reference 3\">\u21a9\ufe0e<\/a><\/li><li id=\"1404c62a-0436-4513-84be-5a44f9252de6\"><a href=\"https:\/\/www.legifrance.gouv.fr\/juri\/id\/JURITEXT000030653855\/\">Cass. com., May 27, 2015 n\u00b014-16.246<\/a> <a href=\"#1404c62a-0436-4513-84be-5a44f9252de6-link\" aria-label=\"Jump to footnote reference 4\">\u21a9\ufe0e<\/a><\/li><li id=\"75fe3d96-4d96-43ba-be2d-30444f6dc735\"><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329714\">L. 228-99, FCC<\/a> <a href=\"#75fe3d96-4d96-43ba-be2d-30444f6dc735-link\" aria-label=\"Jump to footnote reference 5\">\u21a9\ufe0e<\/a><\/li><li id=\"50c41ea1-4478-477b-b1d6-1dc0b4218cd1\"><a href=\"https:\/\/www.legifrance.gouv.fr\/juri\/id\/JURITEXT000051243647\">Cass. com., February 12, 2025, n\u00b023-11.410<\/a> <a href=\"#50c41ea1-4478-477b-b1d6-1dc0b4218cd1-link\" aria-label=\"Jump to footnote reference 6\">\u21a9\ufe0e<\/a><\/li><li id=\"2bb0436e-35d3-440e-834e-851d4e99857a\"><a href=\"https:\/\/www.courdecassation.fr\/en\/decision\/679c6bfbe498d62cfdde0fc5\">CA Paris, January 30, 2025, n\u00b022-17.478<\/a> <a href=\"#2bb0436e-35d3-440e-834e-851d4e99857a-link\" aria-label=\"Jump to footnote reference 7\">\u21a9\ufe0e<\/a><\/li><li id=\"3c1af8b8-d88b-4684-aab8-472ee729af0c\"><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006229031\">L. 232-12, FCC<\/a> <a href=\"#3c1af8b8-d88b-4684-aab8-472ee729af0c-link\" aria-label=\"Jump to footnote reference 8\">\u21a9\ufe0e<\/a><\/li><\/ol>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the annual general meeting season is in full swing, we offer a series of articles to help officers and shareholders better understand the rules relating to the approval of French SAS and SARL\u2019s annual accounts for SAS and SARL, as well as the obligations arising from them. Fifth round of Q&amp;As. What Is Profit [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":2643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"[{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006229026\\\">L. 232-11, French Commercial Code (FCC)<\/a>\",\"id\":\"9ae90eeb-74f3-4b1f-96fe-cd1888b6e78f\"},{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006229031\\\">L. 232-12, FCC<\/a>\",\"id\":\"6c0beb52-b198-4b99-adc2-3780a6f9379e\"},{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006444158\\\">1844-1, French civil Code<\/a>\",\"id\":\"a32baa85-1b0c-43ff-970b-d5e187f01d17\"},{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/juri\/id\/JURITEXT000030653855\/\\\">Cass. com., May 27, 2015 n\u00b014-16.246<\/a>\",\"id\":\"1404c62a-0436-4513-84be-5a44f9252de6\"},{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329714\\\">L. 228-99, FCC<\/a>\",\"id\":\"75fe3d96-4d96-43ba-be2d-30444f6dc735\"},{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/juri\/id\/JURITEXT000051243647\\\">Cass. com., February 12, 2025, n\u00b023-11.410<\/a>\",\"id\":\"50c41ea1-4478-477b-b1d6-1dc0b4218cd1\"},{\"content\":\"<a href=\\\"https:\/\/www.courdecassation.fr\/en\/decision\/679c6bfbe498d62cfdde0fc5\\\">CA Paris, January 30, 2025, n\u00b022-17.478<\/a>\",\"id\":\"2bb0436e-35d3-440e-834e-851d4e99857a\"},{\"content\":\"<a href=\\\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006229031\\\">L. 232-12, FCC<\/a>\",\"id\":\"3c1af8b8-d88b-4684-aab8-472ee729af0c\"}]"},"categories":[24],"tags":[],"class_list":["post-2617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-governance-general-meeting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin 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