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Turning HTML into clean markdown for RAG and LLM pipelines

Why extraction quality sets the ceiling for a RAG pipeline: one real page shown three ways, what a clean extractor has to get right, and what it costs to build one yourself.

Most retrieval quality work goes into chunking, embeddings and prompts. The input stage gets less attention, and it quietly sets the ceiling for everything downstream. If the text you embed contains a consent banner, a navigation tree and a list of related articles, you pay for those tokens on every retrieval, and the embeddings encode them.

There are two separate jobs in that input stage, and they are easy to confuse:

  • Conversion turns HTML into markdown. Libraries do this well.
  • Extraction decides which parts of the page are worth converting.

Feed a converter a full page and you get a faithful markdown version of the whole page. The quality of your pipeline comes from the second job.

The same page, three ways

Here is a real article page: the Investopedia entry on the société anonyme, saved as a 367,643 byte HTML document. The panels below show the raw HTML, the markdown a converter produces from it, and the markdown an extractor produces from it. Each panel holds the complete document, so you can scroll through all of it.

The entire document, exactly as it was saved. Nearly 80 percent of it sits before the article's own heading, and about 63 percent is inline script and style.

2184 lines
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<title>Société Anonyme (S.A.): Definition, Examples, Requirements</title>
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.video-ad{position:relative}.mm-ads-gpt-adunit .video-placeholder{background:#f0f0f0}.mm-ads-gpt-adunit .video-placeholder[class*=leaderboard]{height:250px;max-width:970px;width:100%}.mm-ads-gpt-adunit .video-placeholder[class*=mm-ads-square],.mm-ads-gpt-adunit .video-placeholder[class*=square]{display:block;height:250px;width:300px}.mm-ads-gpt-adunit .video-placeholder[class*=mm-ads-square]~*,.mm-ads-gpt-adunit .video-placeholder[class*=square]~*{top:50%;transform:translateY(-50%)}.mm-ads-gpt-adunit .video-placeholder~*{position:absolute}
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.header{z-index:94;display:flex;flex-direction:column;width:100%;max-width:100vw;position:fixed;top:0;box-shadow:0 .125rem .375rem rgba(0,0,0,.15);background:rgba(0,0,0,.65)}.header.is-fullnav{height:100vh;overflow-x:hidden;overflow-y:scroll}.header.is-fullnav .header__nav-panel{display:block}.header.is-fullnav .header__menu-button .icon-close{display:block}.header.is-fullnav .header__menu-button .icon-menu{display:none}.header.is-searching .header-nav__list-wrapper,.header.is-searching .header__nav-button{display:none}@media (min-width:50em){.header.is-searching .header__menu-button-container{display:block}}@media (min-width:70em){.header.is-searching .header__menu-button-container{display:none}}.header.is-searching .header__logo-wrapper{display:none}@media (min-width:70em){.header.is-searching .header__logo-wrapper{display:block}}.header.is-searching .header__menu-top .utility-nav li:not(.utility-nav__search){display:none}.header__nav-button{padding:6px 10px;border-radius:3px;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.9375rem;letter-spacing:1px;text-transform:uppercase;text-decoration:none;color:#fff;background:#333e8b}.header__nav-button:hover{color:#fff;background:#2c40d0}.header__menu-top{padding-right:1rem;padding-left:1rem;display:flex;align-items:center;justify-content:space-between;width:100%;height:3.25rem;background-color:#fff}@media (min-width:34em){.header__menu-top{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:50em){.header__menu-top{padding-right:2rem;padding-left:2rem}}@media (min-width:64em){.header__menu-top{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}}.header__menu-top .utility-nav__full-menu-item,.header__menu-top .utility-nav__search{display:none}@media (min-width:70em){.header__menu-top .utility-nav__full-menu-item,.header__menu-top .utility-nav__search{display:block}}.header__menu-top .utility-nav__subscribe{border-left:0}@media (min-width:70em){.header__menu-top .utility-nav__subscribe{display:none}}@media (min-width:50em){.header__menu-top{height:3.25rem}}@media (min-width:70em){.header__menu-top{height:auto;padding:0}}@media (min-width:34em){.header .utility-nav,.header__logo-wrapper,.header__menu-button-container{display:flex}}@media (min-width:34em){.header__menu-button-container{justify-content:flex-start}}@media (min-width:70em){.header__menu-button-container{display:none}}@media (min-width:34em){.header .utility-nav{justify-content:flex-end}}.header__menu-button{padding:0;border:0;background:unset}.header__menu-button,.header__menu-button__menu-button-inner{display:flex;align-items:center;line-height:0}.header__menu-button .icon{width:1.25rem;height:1.25rem;border:0;background:unset;fill:rgba(0,0,0,.65)}.header__menu-button .icon-close{display:none}@media (min-width:70em){.header__menu-button{display:none}}.header__logo-wrapper{flex-grow:1;justify-content:center;position:relative;top:2px;line-height:0}.header__logo-wrapper .icon{width:11rem;height:2rem}@media (min-width:70em){.header__logo-wrapper{flex-grow:0}}.header__nav-panel{display:none;width:100%;height:calc(100% - 3.75rem);padding-bottom:2rem;border-top:1px solid #d8d8d8;overflow-y:auto;background-color:#fff}@media (min-width:50em){.header__nav-panel{max-width:25rem}}@media (min-width:50em){.header--scroll-header{height:3.25rem}}@media (min-width:70em){.header--scroll-header{display:flex;align-items:center;gap:0;padding-top:0;padding-bottom:0}.header--scroll-header .header-nav{flex:1 1 auto;margin-top:0}.header--scroll-header .header-nav__list-wrapper{height:3.25rem;margin-left:0}.header--scroll-header .header-nav__list-item{height:2.5rem;margin-top:.75rem}.header--scroll-header .header-nav__sublist{max-height:calc(100vh - 3.25rem)}.header--scroll-header .navigation-links{display:none}.header--scroll-header .header__menu-top{gap:0}.header--scroll-header .header__logo-wrapper .icon-logo{width:8.7rem;height:1.5rem;margin-right:1rem}.header--scroll-header .utility-nav__full-menu-item{display:none}.header--scroll-header .utility-nav__subscribe{display:block;border-left:1px solid rgba(0,0,0,.15)}}.header--search .utility-nav__subscribe{display:none}.header--search .header__menu-top .utility-nav__search{display:block}.header--search .header__logo-wrapper{display:flex}@media (min-width:50em){.header{height:3.25rem}}@media (min-width:70em){.header{padding-right:1rem;padding-left:1rem;align-items:center;flex-direction:row;height:3.25rem;background-color:#fff;transition:height .1s}}@media (min-width:70em) and (min-width:34em){.header{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:70em) and (min-width:50em){.header{padding-right:2rem;padding-left:2rem}}@media (min-width:70em) and (min-width:64em){.header{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}}
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.utility-nav{display:none}.utility-nav__title{display:flex;align-items:center;padding:0;border:0;background:unset}.utility-nav__list{display:flex;align-items:center;gap:1.5rem .75rem;margin-bottom:0;padding-left:1rem}.utility-nav__list>li{padding-left:.75rem}.utility-nav__list>li.utility-nav__cta-button,.utility-nav__list>li:first-child{padding-left:0;border-left:0}.utility-nav__newsletter a:visited,.utility-nav__search a:visited,.utility-nav__sweepstakes a:visited{color:initial}.utility-nav__account a,.utility-nav__account button,.utility-nav__magazine a,.utility-nav__magazine button,.utility-nav__signin a,.utility-nav__signin button{display:flex;align-items:center}.utility-nav__account a .icon-account,.utility-nav__account button .icon-account,.utility-nav__magazine a .icon-account,.utility-nav__magazine button .icon-account,.utility-nav__signin a .icon-account,.utility-nav__signin button .icon-account{fill:#2c40d0;margin-right:.25rem}.utility-nav__account .icon,.utility-nav__magazine .icon,.utility-nav__signin .icon{width:1.5rem;height:1.5rem}.utility-nav__sublist-container{z-index:1;display:none;width:13.5rem;position:absolute;left:-.125rem;box-shadow:0 .1875rem .5625rem rgba(0,0,0,.15);background-color:#fff}.utility-nav__sublist-list-item:last-child{margin-bottom:0}.utility-nav__sublist-list-item a{display:block;padding:.75rem 1rem}.utility-nav__sublist-list-item a:visited{color:initial}@media (min-width:70em){.utility-nav__sublist-list-item a:active,.utility-nav__sublist-list-item a:hover{-webkit-text-decoration-line:none;text-decoration-line:none;background-color:rgba(0,0,0,.05)}.utility-nav__sublist-list-item a:focus{outline-offset:-3px}}@media (min-width:70em){.utility-nav__account,.utility-nav__magazine{position:relative}.utility-nav__account .utility-nav__link-list,.utility-nav__magazine .utility-nav__link-list{padding:.5rem 0}.utility-nav__account .utility-nav__title:hover+.utility-nav__sublist-container,.utility-nav__account:focus-within .utility-nav__sublist-container,.utility-nav__account:hover .utility-nav__sublist-container,.utility-nav__magazine .utility-nav__title:hover+.utility-nav__sublist-container,.utility-nav__magazine:focus-within .utility-nav__sublist-container,.utility-nav__magazine:hover .utility-nav__sublist-container{display:block}}.utility-nav__cta-button a{padding:.25rem .75rem;text-transform:none}.utility-nav__cta-button a:hover{-webkit-text-decoration-line:none;text-decoration-line:none}.is-searching .utility-nav{display:flex;align-items:center;justify-content:center;width:100%}.is-searching .utility-nav__list,.is-searching .utility-nav__search{width:100%}.is-searching .utility-nav__list .general-search,.is-searching .utility-nav__search .general-search{margin:0 auto}@media (min-width:50em){.is-searching .utility-nav__list .general-search,.is-searching .utility-nav__search .general-search{margin-right:0}}@media (min-width:50em){.is-searching .utility-nav{flex-grow:1;justify-content:flex-end;width:auto}}@media (min-width:70em){.is-searching .utility-nav{align-items:flex-start}}.utility-nav .general-search__form{display:none}.utility-nav .general-search__input-group{align-items:center}.utility-nav .general-search__validation-message{width:20.25rem}.utility-nav .general-search label{margin-right:.5rem}.is-searching .utility-nav .general-search{width:100%}.is-searching .utility-nav .general-search__form{z-index:1;display:block;background:#fff}.is-searching .utility-nav .general-search__icon-button{display:none}.utility-nav .general-search__close .icon-close,.utility-nav .general-search__icon-button .icon-search{fill:rgba(0,0,0,.65)}.utility-nav .general-search__close{margin-left:1rem}@media (min-width:34em){.utility-nav{display:block}}
.general-search{z-index:1;width:100%;position:relative}.general-search.is-focus .general-search__button{display:flex}.general-search .icon-close,.general-search .icon-search{position:relative;vertical-align:middle}.general-search .icon-search{width:1.25rem;height:1.25rem}.general-search .icon-close{width:1rem;height:1rem}.general-search__search-input{display:none}.general-search__form{width:350px;position:absolute;top:50%;right:0;transform:translateY(-50%)}.general-search__form .general-search__button,.general-search__form .general-search__close{position:absolute;top:50%;transform:translateY(-50%)}.general-search__form .general-search__button{left:.5rem}.general-search__form .general-search__close{right:0}.general-search__input-group .icon-search{width:.75rem;height:.75rem}.general-search__input-group input{width:calc(100% - 1.75rem);height:2.75rem;padding:0 .75rem 0 1.5rem;outline:0;border:1px solid #333e8b;border-radius:3px}.general-search__input-group input::-moz-placeholder{color:#777}.general-search__input-group input::placeholder{color:#777}@media (min-width:34em){.general-search__input-group input{height:2.375rem}}.general-search__input-group label{display:none;padding:0}.general-search__close{padding:0;border:0;cursor:pointer;background:unset}.general-search .general-search__button{padding:0}.general-search__icon-button-container{display:flex;align-items:center}.general-search__icon-button{margin-left:auto;padding:0;outline:0;border:0;text-align:right;background:0 0}.general-search .validation-message{z-index:-1;position:absolute;top:1.25rem;right:1.75rem;left:auto}
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.ot-pc-footer-logo a,#onetrust-pc-sdk .powered-by-logo,#onetrust-pc-sdk .ot-pc-footer-logo a,#ot-sync-ntfy .powered-by-logo,#ot-sync-ntfy .ot-pc-footer-logo a{background-size:contain;background-repeat:no-repeat;background-position:center;height:25px;width:152px;display:block;text-decoration:none;font-size:.75em}#onetrust-banner-sdk .powered-by-logo:hover,#onetrust-banner-sdk .ot-pc-footer-logo a:hover,#onetrust-pc-sdk .powered-by-logo:hover,#onetrust-pc-sdk .ot-pc-footer-logo a:hover,#ot-sync-ntfy .powered-by-logo:hover,#ot-sync-ntfy .ot-pc-footer-logo a:hover{color:#565656}#onetrust-banner-sdk h3 *,#onetrust-banner-sdk h4 *,#onetrust-banner-sdk h6 *,#onetrust-banner-sdk button *,#onetrust-banner-sdk a[data-parent-id] *,#onetrust-pc-sdk h3 *,#onetrust-pc-sdk h4 *,#onetrust-pc-sdk h6 *,#onetrust-pc-sdk button *,#onetrust-pc-sdk a[data-parent-id] *,#ot-sync-ntfy h3 *,#ot-sync-ntfy h4 *,#ot-sync-ntfy h6 *,#ot-sync-ntfy button *,#ot-sync-ntfy a[data-parent-id] 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.banner-option-input[aria-expanded=true]~.banner-option-details{display:block;height:auto}#onetrust-banner-sdk .banner-option-input[aria-expanded=true] .ot-arrow-container{transform:rotate(90deg)}#onetrust-banner-sdk .banner-option{margin-bottom:12px;margin-left:0;border:none;float:left;padding:0}#onetrust-banner-sdk .banner-option:first-child{padding-left:2px}#onetrust-banner-sdk .banner-option:not(:first-child){padding:0;border:none}#onetrust-banner-sdk .banner-option-header{cursor:pointer;display:inline-block}#onetrust-banner-sdk .banner-option-header :first-child{color:dimgray;font-weight:bold;float:left}#onetrust-banner-sdk .banner-option-header .ot-arrow-container{display:inline-block;border-top:6px solid rgba(0,0,0,0);border-bottom:6px solid rgba(0,0,0,0);border-left:6px solid dimgray;margin-left:10px;vertical-align:middle}#onetrust-banner-sdk .banner-option-details{display:none;font-size:.83em;line-height:1.5;padding:10px 0px 5px 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#onetrust-button-group{margin-right:0;text-align:center}#onetrust-banner-sdk .has-reject-all-button #onetrust-pc-btn-handler{float:left}#onetrust-banner-sdk .has-reject-all-button #onetrust-reject-all-handler,#onetrust-banner-sdk .has-reject-all-button #onetrust-accept-btn-handler{float:right}#onetrust-banner-sdk .has-reject-all-button #onetrust-button-group{width:calc(100% - 2em);margin-right:0}#onetrust-banner-sdk .has-reject-all-button #onetrust-pc-btn-handler.cookie-setting-link{padding-left:0px;text-align:left}#onetrust-banner-sdk.ot-buttons-fw .ot-sdk-three button{width:100%;text-align:center}#onetrust-banner-sdk.ot-buttons-fw #onetrust-button-group-parent button{float:none}#onetrust-banner-sdk.ot-buttons-fw #onetrust-pc-btn-handler.cookie-setting-link{text-align:center}}@media only screen and (min-width: 550px){#onetrust-banner-sdk .banner-option:not(:first-child){border-left:1px solid #d8d8d8;padding-left:25px}}@media only screen and (min-width: 425px)and (max-width: 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#onetrust-pc-btn-handler{margin-top:1em}}@media only screen and (min-width: 890px){#onetrust-banner-sdk.ot-buttons-fw:not(.ot-iab-2) #onetrust-button-group-parent{padding-left:3%;padding-right:4%;margin-left:0}#onetrust-banner-sdk.ot-buttons-fw:not(.ot-iab-2) #onetrust-button-group{margin-right:0;margin-top:1.25em;width:100%}#onetrust-banner-sdk.ot-buttons-fw:not(.ot-iab-2) #onetrust-button-group button{width:100%;margin-bottom:5px;margin-top:5px}#onetrust-banner-sdk.ot-buttons-fw:not(.ot-iab-2) #onetrust-button-group button:last-of-type{margin-bottom:20px}}@media only screen and (min-width: 1280px){#onetrust-banner-sdk:not(.ot-iab-2) #onetrust-group-container{width:55%}#onetrust-banner-sdk:not(.ot-iab-2) #onetrust-button-group-parent{width:44%;padding-left:2%;padding-right:2%}#onetrust-banner-sdk:not(.ot-iab-2).vertical-align-content #onetrust-button-group-parent{position:absolute;left:55%}}
#onetrust-consent-sdk #onetrust-banner-sdk {background-color: #F5F5F6;}
#onetrust-consent-sdk #onetrust-policy-title,
#onetrust-consent-sdk #onetrust-policy-text,
#onetrust-consent-sdk .ot-b-addl-desc,
#onetrust-consent-sdk .ot-dpd-desc,
#onetrust-consent-sdk .ot-dpd-title,
#onetrust-consent-sdk #onetrust-policy-text *:not(.onetrust-vendors-list-handler),
#onetrust-consent-sdk .ot-dpd-desc *:not(.onetrust-vendors-list-handler),
#onetrust-consent-sdk #onetrust-banner-sdk #banner-options *,
#onetrust-banner-sdk .ot-cat-header {
color: #111111;
}
#onetrust-consent-sdk #onetrust-banner-sdk .banner-option-details {
background-color: #E9E9E9;}
#onetrust-consent-sdk #onetrust-banner-sdk a[href],
#onetrust-consent-sdk #onetrust-banner-sdk a[href] font,
#onetrust-consent-sdk #onetrust-banner-sdk .ot-link-btn
{
color: #2c40d0;
}#onetrust-consent-sdk #onetrust-accept-btn-handler,
#onetrust-banner-sdk #onetrust-reject-all-handler {
background-color: #323A56;border-color: #323A56;
color: #FFFFFF;
}
#onetrust-consent-sdk #onetrust-banner-sdk *:focus,
#onetrust-consent-sdk #onetrust-banner-sdk:focus {
outline-color: #000000;
outline-width: 1px;
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#onetrust-consent-sdk #onetrust-pc-btn-handler,
#onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link {
color: #2c40d0; border-color: #2c40d0;
background-color:
#F5F5F6;
} #onetrust-consent-sdk #onetrust-banner-sdk #onetrust-close-btn-container {
top: 25px;
right: 25px;
}
#onetrust-consent-sdk #onetrust-banner-sdk .onetrust-close-btn-ui {
width: 12px;
height: 12px;
}
#onetrust-banner-sdk #onetrust-policy-text a.ot-sdk-show-settings {
margin-left: 0;
}
#onetrust-consent-sdk #onetrust-button-group {
text-align: center;
}
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#onetrust-banner-sdk.ot-iab-2 #onetrust-button-group-parent #onetrust-button-group {
width: auto;
}
}
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#onetrust-consent-sdk #onetrust-banner-sdk .onetrust-close-btn-ui {
top: 0;
right: 0;
}
}
@media (min-width: 896px) {
#onetrust-banner-sdk .ot-sdk-three.ot-sdk-columns {
left: auto;
right: 4%;
margin-left: 0;
margin-top: 5%;
}
}
@media only screen and (min-width: 769px) {
#onetrust-banner-sdk #onetrust-button-group {
margin-right: 0;
}
}
@media only screen and (min-width: 1024px){
#onetrust-banner-sdk.ot-iab-2 #onetrust-button-group-parent {
margin-top: 5%;
}
}
html:has(>body>div#onetrust-consent-sdk.show-banner) {
overflow-y: hidden;
}
html:has(>body>div#onetrust-consent-sdk.show-banner>div.onetrust-pc-dark-filter[style*="none"]) {
overflow-y: auto;
}
/* hides banner after it has already been interacted with */
#onetrust-consent-sdk:not(.show-banner) #onetrust-banner-sdk {
display: none;
}</style>
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Mntl.utilities.onLoad(function() {
const geolocationResponse = {};
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isCcpaApplicableRequest: false,
isTcfEnabled: true,
scriptTimeout: 3000
});
})();
(function(){
const pageTargeting = {
customSeries: ''
,abtest: 'lcid1'
,tax0: 'inv'
,custom: ''
,rpv: 93
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,rid: 'n35c31a49c39a48f4b0df2a787394c45009'
,url: '/terms/s/socit-anonyme.asp'
,sid: 'n35c31a49c39a48f4b0df2a787394c45009'
,microtags: 'S.A. (corporation),Public limited company,France,Statutory auditor,Legal personality'
}
;
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gtemplate: 'term'
,leaid: '213291'
,revenueGroup: ''
,docId: '4188879'
,viewtype: ''
,type: 'term'
,tax1: 'inv_business'
,tax2: 'inv_business-essentials'
,t: '125'
,au: '238678'
,tier: 'M'
,jny: '0'
,leuid: '148356341422346'
,sbj: ''
,id: '4188879'
,aid: ''
,jnyroot: ''
}
;
const adLazyOffset = {'mob-square-fixed-intro-1': 750};
pageTargeting.mtax = ['22366','24259'];
pageTargeting.w = Mntl.utilities.getW();
const initialSlots = [];
initialSlots.push({
config: {
id: 'leaderboard-flex-1',
sizes: [[728, 90], [970,90], [970, 250]],
type: 'leaderboard',
rtb: true,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'atf',
priority: 1
})
});
initialSlots.push({
config: {
id: 'button1',
sizes: [[120, 60]],
type: 'button',
rtb: false,
timedRefresh: 28000,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button1',
priority: 2
})
});
initialSlots.push({
config: {
id: 'button2',
sizes: [[120, 60]],
type: 'button',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button2',
priority: 2
})
});
initialSlots.push({
config: {
id: 'button3',
sizes: [[120, 60]],
type: 'button',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button3',
priority: 2
})
});
initialSlots.push({
config: {
id: 'button4',
sizes: [[120, 60]],
type: 'button',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
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priority: 2
})
});
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config: {
id: 'partnerlinks1',
sizes: [[300, 55]],
type: 'partnerlinks',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks1',
priority: 3
})
});
initialSlots.push({
config: {
id: 'partnerlinks2',
sizes: [[300, 55]],
type: 'partnerlinks',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks2',
priority: 3
})
});
initialSlots.push({
config: {
id: 'partnerlinks3',
sizes: [[300, 55]],
type: 'partnerlinks',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks3',
priority: 3
})
});
initialSlots.push({
config: {
id: 'partnerlinks4',
sizes: [[300, 55]],
type: 'partnerlinks',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks4',
priority: 3
})
});
initialSlots.push({
config: {
id: 'textnote',
sizes: [[1, 5]],
type: 'textnote',
rtb: false,
timedRefresh: 0,
waitForThirdParty: false
},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'textnote',
priority: 4
})
});
const testIds = Mntl.GPT.getTestIds();
pageTargeting.ab = testIds;
pageTargeting.bts = testIds;
Mntl.utilities.onLoad(function() {
Mntl.utilities.loadExternalJS({
src: '//securepubads.g.doubleclick.net/tag/js/gpt.js',
async: false
});
});
const options = {
domain: 'www.investopedia.com',
templateName: 'termsc',
isMobile: false,
dfpId: '3865',
publisherProvidedId: '8b908093-393e-4c1f-9d6b-d50b4d9455ae',
singleRequest: false,
useLmdFormat: true,
useOxygen: true,
prebidConfigApi: false,
useInfiniteRightRail: true,
fiftyPercentAdRefresh: true,
revenueGroupAllowList: '',
lmdSiteCode: 'hlt',
pageTargeting,
baseSlotTargeting,
adLazyOffset,
geo: {
isInEurope: true,
isInUsa: false
},
initialSlots,
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utils: {
collapseAd: Finance.GPT.collapseAd,
generateSlotId: Finance.GPT.generateSlotId,
buildGptUrl: Finance.GPT.buildGptUrl
},
displayOnScroll: false,
displayOnConsent: true,
adsToCollapse: ['leaderboard*','square*']
};
if (Mntl.AdMetrics) {
Mntl.AdMetrics.init("4188879", "n35c31a49c39a48f4b0df2a787394c45009", initialSlots.map(slot => slot.config.id), Date.now());
} else {
Mntl.AdMetrics = { pushMetrics: () => {} };
}
Mntl.GPT.init(options);
}());window.addEventListener('readyForThirdPartyTracking', () => {
// Set a delay for loading the script
// Specify the delay duration in pushly.xml
const delay = '8';
window.setTimeout(() => {
Mntl.utilities.loadExternalJS({
src: 'https://cdn.p-n.io/pushly-sdk.min.js?domain_key=vpyGZqyitQiHrR9lezhxmEYqRqsavIpXvOBd',
async: true
});
window.PushlySDK = window.PushlySDK || [];
// eslint-disable-next-line prefer-rest-params
function pushly() { window.PushlySDK.push(arguments); }
pushly('load', {
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sw: '/pushly-sdk-worker.js'
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.ot-health-signature-error{color:#4d4d4d;font-size:min(12px,.75rem)}#onetrust-consent-sdk .ot-signature-health .ot-signature-buttons-cont,#onetrust-consent-sdk .ot-signature-health-group .ot-signature-buttons-cont{margin-top:max(.75rem,2%);gap:1rem;display:flex;justify-content:flex-end}#onetrust-consent-sdk .ot-signature-health .ot-signature-button,#onetrust-consent-sdk .ot-signature-health-group .ot-signature-button{flex:1;height:auto;color:#fff;cursor:pointer;line-height:1.2;min-width:125px;font-weight:600;font-size:.813em;border-radius:2px;padding:12px 10px;white-space:normal;word-wrap:break-word;word-break:break-word;background-color:#68b631;border:2px solid #68b631}#onetrust-consent-sdk .ot-signature-health .ot-signature-button.reject,#onetrust-consent-sdk .ot-signature-health-group .ot-signature-button.reject{background-color:#fff}#onetrust-consent-sdk .ot-input-field-cont{display:flex;flex-direction:column;gap:.5rem}#onetrust-consent-sdk .ot-input-field-cont .ot-signature-input{width:65%}#onetrust-consent-sdk .ot-signature-health-form{display:flex;flex-direction:column}#onetrust-consent-sdk .ot-signature-health-form .ot-signature-label{margin-bottom:0;line-height:20px;font-size:max(14px,.875rem)}@media only screen and (max-width: 600px){#onetrust-consent-sdk .ot-general-modal{min-width:100%}#onetrust-consent-sdk .ot-signature-health .ot-signature-health-form{width:100%}#onetrust-consent-sdk .ot-input-field-cont .ot-signature-input{width:100%}}#onetrust-banner-sdk,#onetrust-pc-sdk,#ot-sdk-cookie-policy,#ot-sync-ntfy{font-size:16px}#onetrust-banner-sdk *,#onetrust-banner-sdk ::after,#onetrust-banner-sdk ::before,#onetrust-pc-sdk *,#onetrust-pc-sdk ::after,#onetrust-pc-sdk ::before,#ot-sdk-cookie-policy *,#ot-sdk-cookie-policy ::after,#ot-sdk-cookie-policy ::before,#ot-sync-ntfy *,#ot-sync-ntfy ::after,#ot-sync-ntfy ::before{-webkit-box-sizing:content-box;-moz-box-sizing:content-box;box-sizing:content-box}#onetrust-banner-sdk 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.checkbox{font-family:inherit;font-weight:normal;-webkit-font-smoothing:auto;letter-spacing:normal;line-height:normal;padding:0;margin:0;height:auto;min-height:0;max-height:none;width:auto;min-width:0;max-width:none;border-radius:0;border:none;clear:none;float:none;position:static;bottom:auto;left:auto;right:auto;top:auto;text-align:left;text-decoration:none;text-indent:0;text-shadow:none;text-transform:none;white-space:normal;background:none;overflow:visible;vertical-align:baseline;visibility:visible;z-index:auto;box-shadow:none}#onetrust-banner-sdk label:before,#onetrust-banner-sdk label:after,#onetrust-banner-sdk .checkbox:after,#onetrust-banner-sdk .checkbox:before,#onetrust-pc-sdk label:before,#onetrust-pc-sdk label:after,#onetrust-pc-sdk .checkbox:after,#onetrust-pc-sdk .checkbox:before,#ot-sdk-cookie-policy label:before,#ot-sdk-cookie-policy label:after,#ot-sdk-cookie-policy .checkbox:after,#ot-sdk-cookie-policy .checkbox:before,#ot-sync-ntfy label:before,#ot-sync-ntfy 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.ot-sdk-column,#onetrust-pc-sdk .ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-column,#ot-sdk-cookie-policy .ot-sdk-columns{margin-left:4%}#onetrust-banner-sdk .ot-sdk-column:first-child,#onetrust-banner-sdk .ot-sdk-columns:first-child,#onetrust-pc-sdk .ot-sdk-column:first-child,#onetrust-pc-sdk .ot-sdk-columns:first-child,#ot-sdk-cookie-policy .ot-sdk-column:first-child,#ot-sdk-cookie-policy .ot-sdk-columns:first-child{margin-left:0}#onetrust-banner-sdk .ot-sdk-two.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-two.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-two.ot-sdk-columns{width:13.3333333333%}#onetrust-banner-sdk .ot-sdk-three.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-three.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-three.ot-sdk-columns{width:22%}#onetrust-banner-sdk .ot-sdk-four.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-four.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-four.ot-sdk-columns{width:30.6666666667%}#onetrust-banner-sdk .ot-sdk-eight.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-eight.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-eight.ot-sdk-columns{width:65.3333333333%}#onetrust-banner-sdk .ot-sdk-nine.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-nine.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-nine.ot-sdk-columns{width:74%}#onetrust-banner-sdk .ot-sdk-ten.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-ten.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-ten.ot-sdk-columns{width:82.6666666667%}#onetrust-banner-sdk .ot-sdk-eleven.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-eleven.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-eleven.ot-sdk-columns{width:91.3333333333%}#onetrust-banner-sdk .ot-sdk-twelve.ot-sdk-columns,#onetrust-pc-sdk .ot-sdk-twelve.ot-sdk-columns,#ot-sdk-cookie-policy .ot-sdk-twelve.ot-sdk-columns{width:100%;margin-left:0}}#onetrust-banner-sdk h1,#onetrust-banner-sdk h2,#onetrust-banner-sdk h3,#onetrust-banner-sdk h4,#onetrust-banner-sdk h5,#onetrust-banner-sdk h6,#onetrust-pc-sdk h1,#onetrust-pc-sdk h2,#onetrust-pc-sdk h3,#onetrust-pc-sdk h4,#onetrust-pc-sdk h5,#onetrust-pc-sdk h6,#ot-sdk-cookie-policy h1,#ot-sdk-cookie-policy h2,#ot-sdk-cookie-policy h3,#ot-sdk-cookie-policy h4,#ot-sdk-cookie-policy h5,#ot-sdk-cookie-policy h6{margin-top:0;font-weight:600;font-family:inherit}#onetrust-banner-sdk h1,#onetrust-pc-sdk h1,#ot-sdk-cookie-policy h1{font-size:1.5rem;line-height:1.2}#onetrust-banner-sdk h2,#onetrust-pc-sdk h2,#ot-sdk-cookie-policy h2{font-size:1.5rem;line-height:1.25}#onetrust-banner-sdk h3,#onetrust-pc-sdk h3,#ot-sdk-cookie-policy h3{font-size:1.5rem;line-height:1.3}#onetrust-banner-sdk h4,#onetrust-pc-sdk h4,#ot-sdk-cookie-policy h4{font-size:1.5rem;line-height:1.35}#onetrust-banner-sdk h5,#onetrust-pc-sdk h5,#ot-sdk-cookie-policy h5{font-size:1.5rem;line-height:1.5}#onetrust-banner-sdk h6,#onetrust-pc-sdk h6,#ot-sdk-cookie-policy h6{font-size:1.5rem;line-height:1.6}@media(min-width: 550px){#onetrust-banner-sdk h1,#onetrust-pc-sdk h1,#ot-sdk-cookie-policy h1{font-size:1.5rem}#onetrust-banner-sdk h2,#onetrust-pc-sdk h2,#ot-sdk-cookie-policy h2{font-size:1.5rem}#onetrust-banner-sdk h3,#onetrust-pc-sdk h3,#ot-sdk-cookie-policy h3{font-size:1.5rem}#onetrust-banner-sdk h4,#onetrust-pc-sdk h4,#ot-sdk-cookie-policy h4{font-size:1.5rem}#onetrust-banner-sdk h5,#onetrust-pc-sdk h5,#ot-sdk-cookie-policy h5{font-size:1.5rem}#onetrust-banner-sdk h6,#onetrust-pc-sdk h6,#ot-sdk-cookie-policy h6{font-size:1.5rem}}#onetrust-banner-sdk p,#onetrust-pc-sdk p,#ot-sdk-cookie-policy p{margin:0 0 1em 0;font-family:inherit;line-height:normal}#onetrust-banner-sdk a,#onetrust-pc-sdk a,#ot-sdk-cookie-policy a{color:#565656;text-decoration:underline}#onetrust-banner-sdk a:hover,#onetrust-pc-sdk a:hover,#ot-sdk-cookie-policy a:hover{color:#565656;text-decoration:none}#onetrust-banner-sdk .ot-sdk-button,#onetrust-banner-sdk button,#onetrust-pc-sdk .ot-sdk-button,#onetrust-pc-sdk button,#ot-sdk-cookie-policy .ot-sdk-button,#ot-sdk-cookie-policy button{margin-bottom:1rem;font-family:inherit}#onetrust-banner-sdk .ot-sdk-button,#onetrust-banner-sdk button,#onetrust-pc-sdk .ot-sdk-button,#onetrust-pc-sdk button,#ot-sdk-cookie-policy .ot-sdk-button,#ot-sdk-cookie-policy button{display:inline-block;height:38px;padding:0 30px;color:#555;text-align:center;font-size:.9em;font-weight:400;line-height:38px;letter-spacing:.01em;text-decoration:none;white-space:nowrap;background-color:rgba(0,0,0,0);border-radius:2px;border:1px solid #bbb;cursor:pointer;box-sizing:border-box}#onetrust-banner-sdk .ot-sdk-button:hover,#onetrust-banner-sdk :not(.ot-leg-btn-container)>button:not(.ot-link-btn):hover,#onetrust-banner-sdk :not(.ot-leg-btn-container)>button:not(.ot-link-btn):focus,#onetrust-pc-sdk .ot-sdk-button:hover,#onetrust-pc-sdk :not(.ot-leg-btn-container)>button:not(.ot-link-btn):hover,#onetrust-pc-sdk :not(.ot-leg-btn-container)>button:not(.ot-link-btn):focus,#ot-sdk-cookie-policy .ot-sdk-button:hover,#ot-sdk-cookie-policy :not(.ot-leg-btn-container)>button:not(.ot-link-btn):hover,#ot-sdk-cookie-policy :not(.ot-leg-btn-container)>button:not(.ot-link-btn):focus{color:#333;border-color:#888;opacity:.7}#onetrust-banner-sdk .ot-sdk-button:focus,#onetrust-banner-sdk :not(.ot-leg-btn-container)>button:focus,#onetrust-pc-sdk .ot-sdk-button:focus,#onetrust-pc-sdk :not(.ot-leg-btn-container)>button:focus,#ot-sdk-cookie-policy .ot-sdk-button:focus,#ot-sdk-cookie-policy :not(.ot-leg-btn-container)>button:focus{outline:2px solid #000}#onetrust-banner-sdk .ot-sdk-button.ot-sdk-button-primary,#onetrust-banner-sdk button.ot-sdk-button-primary,#onetrust-banner-sdk input[type=submit].ot-sdk-button-primary,#onetrust-banner-sdk input[type=reset].ot-sdk-button-primary,#onetrust-banner-sdk input[type=button].ot-sdk-button-primary,#onetrust-pc-sdk .ot-sdk-button.ot-sdk-button-primary,#onetrust-pc-sdk button.ot-sdk-button-primary,#onetrust-pc-sdk input[type=submit].ot-sdk-button-primary,#onetrust-pc-sdk input[type=reset].ot-sdk-button-primary,#onetrust-pc-sdk input[type=button].ot-sdk-button-primary,#ot-sdk-cookie-policy .ot-sdk-button.ot-sdk-button-primary,#ot-sdk-cookie-policy button.ot-sdk-button-primary,#ot-sdk-cookie-policy input[type=submit].ot-sdk-button-primary,#ot-sdk-cookie-policy input[type=reset].ot-sdk-button-primary,#ot-sdk-cookie-policy input[type=button].ot-sdk-button-primary{color:#fff;background-color:#33c3f0;border-color:#33c3f0}#onetrust-banner-sdk .ot-sdk-button.ot-sdk-button-primary:hover,#onetrust-banner-sdk button.ot-sdk-button-primary:hover,#onetrust-banner-sdk input[type=submit].ot-sdk-button-primary:hover,#onetrust-banner-sdk input[type=reset].ot-sdk-button-primary:hover,#onetrust-banner-sdk input[type=button].ot-sdk-button-primary:hover,#onetrust-banner-sdk .ot-sdk-button.ot-sdk-button-primary:focus,#onetrust-banner-sdk button.ot-sdk-button-primary:focus,#onetrust-banner-sdk input[type=submit].ot-sdk-button-primary:focus,#onetrust-banner-sdk 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input[type=button].ot-sdk-button-primary:hover,#ot-sdk-cookie-policy .ot-sdk-button.ot-sdk-button-primary:focus,#ot-sdk-cookie-policy button.ot-sdk-button-primary:focus,#ot-sdk-cookie-policy input[type=submit].ot-sdk-button-primary:focus,#ot-sdk-cookie-policy input[type=reset].ot-sdk-button-primary:focus,#ot-sdk-cookie-policy input[type=button].ot-sdk-button-primary:focus{color:#fff;background-color:#1eaedb;border-color:#1eaedb}#onetrust-banner-sdk input[type=text],#onetrust-pc-sdk input[type=text],#ot-sdk-cookie-policy input[type=text]{height:38px;padding:6px 10px;background-color:#fff;border:1px solid #d1d1d1;border-radius:4px;box-shadow:none;box-sizing:border-box}#onetrust-banner-sdk input[type=text],#onetrust-pc-sdk input[type=text],#ot-sdk-cookie-policy input[type=text]{-webkit-appearance:none;-moz-appearance:none;appearance:none}#onetrust-banner-sdk input[type=text]:focus,#onetrust-pc-sdk input[type=text]:focus,#ot-sdk-cookie-policy input[type=text]:focus{border:1px solid #000;outline:0}#onetrust-banner-sdk label,#onetrust-pc-sdk label,#ot-sdk-cookie-policy label{display:block;margin-bottom:.5rem;font-weight:600}#onetrust-banner-sdk input[type=checkbox],#onetrust-pc-sdk input[type=checkbox],#ot-sdk-cookie-policy input[type=checkbox]{display:inline}#onetrust-banner-sdk ul,#onetrust-pc-sdk ul,#ot-sdk-cookie-policy ul{list-style:circle inside}#onetrust-banner-sdk ul,#onetrust-pc-sdk ul,#ot-sdk-cookie-policy ul{padding-left:0;margin-top:0}#onetrust-banner-sdk ul ul,#onetrust-pc-sdk ul ul,#ot-sdk-cookie-policy ul ul{margin:1.5rem 0 1.5rem 3rem;font-size:90%}#onetrust-banner-sdk li,#onetrust-pc-sdk li,#ot-sdk-cookie-policy li{margin-bottom:1rem}#onetrust-banner-sdk th,#onetrust-banner-sdk td,#onetrust-pc-sdk th,#onetrust-pc-sdk td,#ot-sdk-cookie-policy th,#ot-sdk-cookie-policy td{padding:12px 15px;text-align:left;border-bottom:1px solid #e1e1e1}#onetrust-banner-sdk button,#onetrust-pc-sdk button,#ot-sdk-cookie-policy 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<div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="2" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-a-socit-anonyme-sa"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is a Société Anonyme (S.A.)? </span> </h2>
<p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <em>Société anonyme</em> (S.A.) is a French term for a <a href="https://www.investopedia.com/terms/p/plc.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">public limited company</a> (PLC) and has many equivalents all over the world. An S.A. is the equivalent of a corporation in the United States, a public limited company in the United Kingdom, or an <a href="https://www.investopedia.com/terms/a/ag-aktiengesellschaft.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">Aktiengesellschaft</a> (AG) in Germany.
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<p id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An S.A. is a type of business structure that establishes a company as a legal person that can own and transfer property, enter contracts, and be held liable for crimes. Some of its key benefits are that it limits the owners’ personal liability for the company’s actions and ensures the continuity of the moral entity without any dependence on the founders, owners ,or shareholders' lives.
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<div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>A <em>société anonyme</em> is a French business structure that is equivalent to a corporation in the United States or a public limited company in the United Kingdom.</li><li>In 1808, the French government implemented the société anonyme as one of several measures to provide structure to the nation's commerce and to prevent the rampant speculation that had lead to a cycle of boom and busts.</li><li>A benefit of a société anonyme is that it limits an owner's risk and protects the owner's personal assets against creditor claims.</li></ul></div></div></div>
<span class="heading-toc" id="toc-understanding-the-socit-anonyme"></span><h2 id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding the Société Anonyme </span> </h2>
<p id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The société anonyme is a popular <a href="https://www.investopedia.com/ask/answers/073015/what-are-requirements-being-public-limited-company.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">business structure</a> with equivalents in many other languages and countries. In all cases, a company designated S.A. <a href="https://www.investopedia.com/articles/pf/08/asset-protection-business.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">protects its owners’ personal assets</a> against claims by creditors, which makes many individuals more willing to start companies, as it limits their risk.
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<p id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The S.A. structure also makes it easier to meet a growing business' capital-funding needs, as numerous investors can contribute large or small amounts of money as shareholders if the company <a href="https://www.investopedia.com/ask/answers/difference-between-publicly-and-privately-held-companies/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">opts for public ownership</a>. The S.A. is thus a key component of a robust capitalist economy.
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<div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>One of the société anonyme's key benefits is that it establishes the company as a legal person and thus limits the owners’ personal liability for the company’s actions.</p></div></div></div>
<span class="heading-toc" id="toc-history-of-socit-anonyme-sa"></span><h2 id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> History of Société Anonyme (S.A.) </span> </h2>
<p id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> On Jan. 1, 1808, the French government put into effect the provisions regarding the formation and structure of a société anonyme as part of the country's new code regulating commerce. One purpose of these new regulations was to prevent the rampant <a href="https://www.investopedia.com/terms/s/speculation.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">speculation</a> that had rocked the French markets prior to and during the French Revolution. The code recognized three forms of business organization: the <em>société en nom collectif,</em> the <em>société en commandite,</em> and the société anonyme.
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<p id="mntl-sc-block_18-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A société en nom collectif is a standard partnership in which all partners have <a href="https://www.investopedia.com/terms/u/unlimited-liability.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">unlimited liability</a>, any partner could act for the others, and all partners are actively engaged in the enterprise.
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<p id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> By comparison, the société en commandite is comprised of limited partners (also known as sleeping or <a href="https://www.investopedia.com/terms/s/silentpartner.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">silent partners</a>) and active partners. The limited partners provide assets or capital to the enterprise and have limited liability, while the active partners are responsible for all management activities and have unlimited liability.
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<span class="heading-toc" id="toc-requirements-of-a-socit-anonyme-sa"></span><h2 id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Requirements of a Société Anonyme (S.A.) </span> </h2>
<p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An S.A. is subject to different tax regulations than a <a href="https://www.investopedia.com/terms/s/soleproprietorship.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">sole proprietorship</a> or partnership, and, in the case of a public S.A., different accounting and auditing requirements. In addition, to be valid, a société anonyme must meet certain requirements. While these requirements vary depending on the country, most S.A.s must file <a href="https://www.investopedia.com/terms/a/articlesofincorporation.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">articles of incorporation</a>, have a board of directors, a managing director or a management board, a supervisory board, a statutory auditor and deputy, a unique name, and some minimum amount of capital. It is generally constituted for 99 years maximum.
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<p id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In Luxembourg, for example, an S.A. must be funded with at least €30,000, 25% of which must be deposited during the incorporation process, and have at least two <a href="https://www.investopedia.com/terms/p/partnership.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">partners</a>. An S.A. in Luxembourg must also pay various costs such as notary fees, the cost of registration with other regulatory agencies, as well as statutory auditor fees.<span class="mntl-inline-citation mntl-dynamic-tooltip--trigger" data-id="#citation-4" tabindex="0"><span>1</span></span> Well-known companies that are established as S.A.s include Nestlé,<span class="mntl-inline-citation mntl-dynamic-tooltip--trigger" data-id="#citation-1" tabindex="0"><span>2</span></span> <a href="https://www.investopedia.com/investing/biggest-mergers-in-history/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">Anheuser-Busch InBev</a>,<span class="mntl-inline-citation mntl-dynamic-tooltip--trigger" data-id="#citation-2" tabindex="0"><span>3</span></span> and L’Oréal.<span class="mntl-inline-citation mntl-dynamic-tooltip--trigger" data-id="#citation-3" tabindex="0"><span>4</span></span>
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<span class="heading-toc" id="toc-examples-of-a-socit-anonyme-sa"></span><h2 id="mntl-sc-block_27-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Examples of a Société Anonyme (S.A.) </span> </h2>
<p id="mntl-sc-block_28-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Many other countries and languages employ the société anonyme structure. Some examples:
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<li>Brazil: Sociedad Anônima</li>
<li>Denmark: Aktieselskab (A/S)</li>
<li>India: Public Limited (LTD.)</li>
<li>Indonesia: Perseroan Terbatas Terbuka (P.T. Tbk.)</li>
<li>Japan: Kabushiki Gaisha (K.K.)</li>
<li>Korea: Jusighoesa (J)</li>
<li>Malaysia: Berhad (Bhd)</li>
<li>The Netherlands: <a href="https://www.investopedia.com/terms/n/nv-nv-or-naamloze-vennootschap.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Naamloze Vennootschap</a> (N.V.)</li>
<li>Norway: Aksjeselskap (AS)</li>
<li>Poland: Spólka Akcyjna</li>
<li>Sweden: Aktiebolag (AB)</li>
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<li class="mntl-sources__source" id="citation-4"><p>Government of Luxembourg. "<a href="https://guichet.public.lu/en/entreprises/creation-developpement/forme-juridique/societe-capitaux/societe-anonyme.html" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" target="_blank" rel="noopener"><span>Public Limited Company</span></a>." Accessed Oct. 31, 2021.</p></li>
<li class="mntl-sources__source" id="citation-1"><p>Nestle. "<a href="https://www.nestle.com/sites/default/files/asset-library/documents/library/documents/corporate_governance/articles-of-association-of-nestle-fr.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" target="_blank" rel="noopener"><span>Statuts de Nestlé S.A.</span></a>," Accessed Oct. 31, 2021.</p></li>
<li class="mntl-sources__source" id="citation-2"><p>ABinBev. "<a href="https://www.ab-inbev.com/content/dam/universaltemplate/ab-inbev/investors/corporate-gov-pdf-archive/cg/sr/sm/2015/1_Agenda_en.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" target="_blank" rel="noopener"><span>Anheuser-Busch InBev</span></a>," Accessed Oct. 31, 2021.</p></li>
<li class="mntl-sources__source" id="citation-3"><p>L'Oreal. "<a href="https://www.loreal-finance.com/eng/articles-of-association" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" target="_blank" rel="noopener"><span>Articles of Association</span></a>." Accessed Oct. 31, 2021.</p></li>
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One page, three sizes: 359 KB of HTML, 26 KB of converted markdown, 5.7 KB of article. Every panel holds the full document, so scroll inside it to read all the way through.

The sizes tell part of the story. The page is 367,643 bytes. Converting it with a markdown library yields 26,802 bytes. Extracting the article yields 5,884 bytes.

The structure of the document tells the rest. Nearly 80 percent of it comes before the article's own heading, and about 63 percent of it is inline script and style. None of that is content, and a converter has no way to know that.

The line counts are worse than the byte counts. In the converted markdown, the article title does not appear until line 195. The 194 lines before it are the site navigation, a search form and section labels, and 145 of them are individual navigation links. In the extracted markdown, the title is line 1 and the whole document is 62 lines.

Two details are worth pausing on.

The converter did nothing wrong. It serialized the document it was handed. It has no opinion about which parts of a page are content, so it cannot know that a navigation tree is not the article. Conversion is a mechanical operation. Extraction is a judgment call.

Hidden boilerplate still reaches the output. That page hides its consent banner with an inline display: none, and the banner text lands in the converted markdown anyway. Stripping script, style and noscript tags is not enough. Something has to decide that a consent dialog is chrome.

If you feed the converted markdown into a pipeline, those 194 lines become chunks. They get embedded, they get retrieved, and they compete with the article for space in the context window. Some of them will match a query about cookies or privacy better than the article does.

What goes into a clean extractor

Extraction quality is not one clever algorithm. It is a large collection of narrow rules, and every rule was paid for by a page that broke something.

The rules come from real pages

Generic principles get you a first draft and no further. The rules that matter come from specific failures. A few from ours:

  • A div classed widget widget-recent-posts with an id of sidebar-mobile-1 looked exactly like chrome, and it sat inside <main> on a Hackaday article, holding the post listing. The fix was to narrow the chrome vocabulary inside main content, because words like widget, sidebar and border turn up on real content.
  • A bare /search/ pattern looked useful until it matched Wikipedia's body class skin-vector-search-vue and started discarding article text. That rule was deleted.
  • Figures, iframes and embeds are non-content, until a documentation site wraps its syntax-highlighted code in a <figure>. Now a figure containing a <pre> gets unwrapped and kept.

These are all narrow exceptions to sensible rules. That is what the work looks like.

Tuning happens by measurement

You cannot tune this by eye. Two changes that both look reasonable will move quality in opposite directions on different page shapes, and the pages you happen to test are the pages you already understand.

So the extractor comes with a corpus and a harness. Ours is 799 pages across twelve labels (articles, documentation, news, homepages, forums, products, listings, glossaries, recipes and more) and twelve languages. Each entry records what a good extraction of that page should contain.

Two scoring systems run over it. A deterministic metric suite computes unigram and bigram precision, recall and F1, plus structure recall for headings, links and code blocks, and raises mechanical flags for truncation, empty code fences and missing headings. An LLM judge scores recall, precision, boilerplate and formatting fidelity on a 1 to 5 scale, with the extractor labels shuffled per page and the judge running on a different model family than the one that produced the reference extraction. Its noise floor is around one point of mean score, so smaller movements are treated as noise rather than progress.

The build gate is stricter than either. Golden-file tests, committed snapshots of extraction output for specific pages, run on every change. A change that breaks them is reverted before it gets measured. The example above is one of those fixtures, which is why the extracted panel matches the committed output exactly.

It never finishes

Sites change their markup, and new page shapes keep arriving. A rule that is right for 700 pages can still be wrong for the next one, and a corpus only covers the shapes someone has already seen. This is the part that does not end, and it is why the harness matters more than any single heuristic.

The post on how the extractor works covers the heuristics and the evaluation pipeline in detail.

Building it yourself, or using an API

If you need a handful of pages from sites you control, building this yourself is reasonable. You know the markup, it rarely changes, and a targeted parser will beat any general extractor on those specific pages.

The calculus changes when you need arbitrary pages at scale. What you are taking on is:

  • The long tail of page shapes, indefinitely. Every rule above exists because a real site broke something, and your users will find the next one.
  • An evaluation pipeline, or you are tuning by vibes. Without a corpus and a scoring harness, you cannot tell an improvement from a regression.
  • The fetching layer. Politeness, robots.txt, redirect handling, caching and JavaScript rendering. That is a separate project from extraction, and a lot of the operational pain lives there.
  • Scale and cost. Doing this for 50,000 pages on a schedule is a different problem from doing it for 50.

Danubia is the version of this that someone else maintains. Send a URL and get the article back as clean markdown, with the chrome stripped:

curl -X POST https://app.danubia.tech/api/v1/fetch \
  -H "Authorization: Bearer cr_live_..." \
  -H "Content-Type: application/json" \
  -d '{"url": "https://example.com/article", "format": "markdown", "maxAge": 86400}'

The extractor behind it is the one described above, with the corpus and the harness attached, and it improves on the same schedule. Around it you get the parts that are tedious to operate: robots.txt enforced on every fetch including redirect targets, per-domain concurrency limits, caching so repeat fetches cost half a credit, batch jobs for thousands of URLs at half price with failures free, browser rendering for pages that need JavaScript, and EU hosting with no training on your content.

It is in free public beta. Sign up for 500 free credits, no card required, and point it at the pages that break your current extractor. The REST API reference documents every format and option, and if you would rather have your agent read pages directly, you can connect Danubia over MCP.

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