Société Responsabilité Limits (S.R.L.)
A small French company similar to the U.K. private company in that membership must be more than one and less than fifty – all members signing the ‘articles’, which serve much the same purpose as in a Societé Anonyme. An S.R.L. can only issue fully paid shares and, unlike the S.A., cannot issue bearer shares. Management is handled by appointees of the member They need not be members themselves and there is no restriction on the term for which they may be appointed.
Reference: The Penguin Business Dictionary , 3rd edt.