S.A. (corporation)

S.A., an abbreviation of Société Anonyme (French), Sociedad Anónima (Spanish), or Sociedade Anônima (Portuguese), is a type of limited liability company or corporation commonly found in countries using civil law, particularly in Europe, Latin America, and some parts of Africa. The exact legal definition and requirements vary depending on the jurisdiction, but generally, an S.A. is characterized by its capital being divided into shares (stocks), and shareholders' liability is limited to the amount of their investment.

The S.A. structure offers several advantages, including the ability to raise capital through the issuance of shares, separation of ownership and management, and limited liability for shareholders, protecting their personal assets from business debts. The formation of an S.A. typically involves a formal registration process with governmental authorities and adherence to specific legal and regulatory requirements. These requirements often include a minimum amount of share capital, the appointment of a board of directors (or equivalent), and the publication of annual financial statements.

The governance structure of an S.A. usually involves a general shareholders' meeting, which is the supreme decision-making body, and a board of directors (or a supervisory board in some jurisdictions) responsible for the management of the company. Auditors are also commonly appointed to ensure financial transparency and compliance with regulations.

The S.A. is similar in function to the public limited company (plc) in the United Kingdom or the corporation (Inc. or Corp.) in the United States, although significant legal and regulatory differences exist. It represents a common and well-established form of business organization used by both large and small enterprises across various sectors of the economy.