Here is an acronym that you must remember, even if it is still very common today : SALT for society to exercise a liberal. Tomorrow, this acronym will be more and more familiar. Health professionals, as twenty-two other regulated professions, may exercise within the framework of this legal structure initiated by the law of 31 December 1990, and very close to those used by a commercial company : SARL, SA, SAS,… “investors hold units if it is a SELARL (limited liability) and of the shares if it is a SELAS (simplified joint stock), details of Bastien Brignon, director of the master of professional Engineering societies at the university of Aix-Marseille (1). However, a SALT will not be listed. On the other hand, it will be able to use crowdfunding to raise finance.”

vouch from banks for the credits

Another advantage of the company’s fiscal liberal, it is a vector perfect for facilitating the transmission of business. “Thanks to the pacte Dutreil, 75 % of the value of the company is exempt in the context of transmission rights”, stresses Christophe Chaillet, director of wealth planning at HSBC. Condition that they comply with certain constraints.

most Importantly, it provides solutions to young physicians that settle and have to sometimes deal with heavy investments for the practice of their activity. “The partners will bring to the place of the professional, the guarantees required by the banks for granting a loan, including by pledge of property owned,” continues Christophe Chaillet. With a home health or to combat desertification, medical, the SALT will appear as a tool capable of adapting to all situations.

Since the law for the growth of August 2015, so-called ” loi Macron, individuals, or businesses in the form of holding the specific benefit of a device expanded to enter the capital of a SALT. This evolution, moreover, has not received a warm welcome among all of the physicians, who have obtained safeguards. “More than half of the share capital and voting rights must be held directly by professionals within the company,” says the director of the engineering heritage of HSBC. Among the minority physicians in practice or retired, are privileged, in order to develop interprofessional cooperation.

What may be the weight of your participation in the capital ?

This is the order or the national authority of each regulated profession, which lays down the threshold. The biologists and physicians are the most open to the outside world because of 49.9 % of the capital of their laboratories may be held by non-biologists. Doctors general practitioners, midwives, veterinarians, and the majority of professions, this share is limited to 25 %, knowing that the minimum share capital is € 7,500.

Still it is necessary that you do not make any part of the cases of exclusion ! Not sellers of animals in a SALT of veterinary. Not providers or insurers in general practitioners and midwives … moreover, “before being entered in the Register of commerce and companies (RCS), the SALT will have to obtain an accreditation with the order, detailing the composition of the partners or shareholders,” says Christophe Chaillet. And this procedure must be renewed each year to verify that a wolf is not entered into the fold in the meantime.

The advantageous tax regime of the investment to SMES

for Tax purposes, the subscription of securities gives entitlement to the tax reduction SME (income tax and solidarity tax on fortune), and follows the terms and conditions of the units as securities. Shareholders can receive a dividend each year, according to the results. It is subject to income tax after an abatement of 40 %. However, “a liberal profession opts for the SALT especially to develop a capacity of self-financing,” says Bastien Brignon. The minority shareholders may also value their participation at the time of the sale of securities. Capital gains are subject to tax on the income, after an allowance for duration of detention, and are exempt if the securities are lodged in a PEA-PME.

To give the value of the units, it is necessary of the assets, which get better and better with time. It is best not to rely too much on the patientèle – the address book of the patients may be resold, whose redemption is little more than today 30 000 euros. It is better to rely on the valorisation of the walls of the medical office, when they were acquired by the SALT.

However, these real estate assets could also be seen as a brake when the transmission of the shares : their value can be judged to be too high, the premises may not be suitable for new professionals… In this case, it is always possible to dissociate the activity of the real estate, leaving those assets of the SALT. Thus, for Christophe Chaillet, in relation to the ownership of the premises, “the real estate company is sometimes preferable to the SALT. This allows you to continue to collect the income even if the SALT is transmitted changes from place to welcoming another tenant”. In short, your savings has more of a remedy to support the development of a physician.

What profession accompany ?

All the professions can incorporate exercise liberal : architects, lawyers, notaries, auctioneers, intellectual property attorneys, experts in land and agriculture, accountants, auditors, géomètres-experts, clerks of commercial courts, bailiffs, administrators and legal representatives, professors of dance…

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From 2015, the act Macron allows certain professions to gather SALT, or to invest in another SALT : a lawyer in a SALT of lawyers or architects, an accountant in a SALT of lawyers, legal representatives… in Short, as soon as both professions are required to work together on issues of spouses, they may form a SALT, where one of them will be in the minority.


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