Last year, France adopted legislation allowing sole proprietors to form an EIRL–“Entrepreneur individuel à responsabilité limitée”. LOI n° 2010-658 du 15 juin 2010 relative à l’entrepreneur individuel à responsabilité limitée. From my little-used college French, and the literal Google ® translation, the law requires a public filing of a Declaration of Trust identifying assets–and their values–dedicated to the business, as well as annual reports.
My correspondent, Tadas Klimas, from Lithuania, also sends along this link to the Google ® translation of a post discussing EIRLs on Themis, “le blog sur la justice, la loi et l’équité” (original post).
For a law establishing a new unincorporated business entity, the EIRL law is astonishingly brief. The law limits post-filing creditors of the business to declared business assets, but I couldn’t find anything about limiting distributions to, or the rights of personal creditors of, the sole proprietor.
As Grace Potter of Grace Potter and the Nocturnals sings, “If I were from Paris / I would say / Oooh la la la la la la.”
posted by Gary Rosin