Société anonyme libanaise
Encyclopedia
Société anonyme libanaise,” abbreviated s.a.l., is the French
French language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...

 term for a joint stock company
Joint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...

 in Lebanon
Lebanon
Lebanon , officially the Republic of LebanonRepublic of Lebanon is the most common term used by Lebanese government agencies. The term Lebanese Republic, a literal translation of the official Arabic and French names that is not used in today's world. Arabic is the most common language spoken among...

. Its main characteristic is the intuitus pecuniae—the financial involvement of each associate.

A joint stock company is an association of funds contributed to by three or more persons. An s.a.l. must have at least three shareholders and capital of at least LL30M. Ownership of shares in the company entitles the shareholder to membership in the company, a right to participate in management and a right to vote. These shares are negotiable or transferable. The liability of each shareholder is limited to the value of the shares held. The Board of Directors must set aside 10 percent of net profits to create a statutory reserve fund until such time as this reserve fund becomes equivalent to one-third of the capital of the company. A joint stock company must appoint an auditor.

Lebanese law does not provide for direct limitations on foreign interest in joint stock companies. The only indirect limitation is that the Board of Directors must have at least three Lebanese members out of the maximum twelve allowed. Another limitation is confined to joint stock companies whose object is the acquisition of and trading in real estate in Lebanon. In this case, 50 percent of the capital must be held by Lebanese nationals.

See also: Sàrl
SARL
SARL is an acronym with many potential meanings:* South Australian Rugby League, governing body for rugby league football in South Australia* Société à responsabilité limitée* South African Radio League...

 (Société à responsabilité limitée, or Limited Liability Company
Limited liability company
A limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions...

)
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