Société par actions simplifiée
Société par actions simplifiée (SAS; English: simplified joint-stock company) is a French type of business entity. It is the first hybrid entity enacted under French law and based on common law principles rather than civil. It is similar to a limited liability company under United States law, as the Delaware LLC was the model used by the French government. The SAS is also similar to the limited company in British law, and most other hybrids, though the hybrid in civil-law countries is quite different because there is also a hybrid of common law principles  applied. A "société par actions simplifiée" has its annual statements audited by an independent body and published. The head of a "société par actions simplifiée" is its "président". However, unlike the "société anonyme", it does not have a board. The "président" is also responsible for the operation of the company. The company may also have a "directeur général" (managing director), who has the same authority as the "président" with respect to third parties. The "président" can be either a physical person or a corporation, if there is only one shareholder. An SAS with only one shareholder is known as a  société par actions simplifiée unipersonnelle (SASU). The "société par actions simplifiée" form of organisation is useful for companies that are wholly owned subsidiaries of another company, often a publicly traded corporation, since they do not need a complex capital equity structure. An example of this is European aerospace giant Airbus, which is an SAS wholly owned by Airbus Group. It is also useful for companies held by families or small, close-knit groups of families. For example, the Louis Dreyfus Group, a trading conglomerate, is held in this manner by members of the Louis-Dreyfus family. Société par actions simplifiée