The closed-end SAS (or SASU for solo founders) ensures stability of capital and a healthier relationship between the partners and fosters growth. Indeed, if the variable-rate SAS makes it possible to modify the share capital within a defined range by avoiding publication costs for each change, the partners can also divest their shares at any time and without cost. This possibility will raise doubts about the permanence and commitment of the partners during the early years. This is why fixed capital protects the stability of shareholding, a critical element at launch.
The option for variable share capital is not available on madeinlaw.com.