Société par actions simplifiée

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Société par actions simplifiée (S.A.S.) is a type of business organization under French law. It is most similar to a joint stock company or limited company in British law, or a limited liability company under United States law. It is a type of simplified corporation.

A société par actions simplifiée has its annual statements controlled by an independent body, and the annual summary and balance sheet are published. The head of a société par actions simplifiée is its Président (Chairman). However, this company, unlike the société anonyme, does not have a board. The Président is also responsible for the operation of the company. The company may also have a Directeur Général (General manager), who has the same authority as the Président with respect to third parties.

The société par actions simplifiée form of organization 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 S.A.S. wholly owned by the European Aeronautic Defence and Space Company (EADS).