We the Italians March 21, 2016 - 77 - Page 69

st # 77 MARCH 21 , 2016 days from its setting up in the presence of a notary until its effective operation, can now be operational on the day of the deed if it is urgent or, in normal cases, within 3-4 days. In addition, the overall system provides a high level of security as a result of the notary’s prior check on legality and the consequent reliability of the data, all being managed using efficient high-tech infrastructure. In Italy a business can be conducted as a sole proprietorship or, if it is larger, as a company. Both forms are governed by Shareholder equity consists of all assets held by the entrepreneur for carrying the Italian Civil Code. on the activity and is called a company [“azienda”]. The company, once started The Individual Entrepreneur up, can be sold by the entrepreneur who Sole proprietorship is the simplest and no longer intends to carry on the busileast costly legal form for starting a com- ness and wants to monetise its value. mercial or agricultural business. The sole proprietorship is suitable for those who In terms of liability, the entrepreneur is wish to pursue agricultural or commer- required to cover the debts of the comcial activities of modest dimensions and pany with the entirety of his personal assets. a relatively low turnover. The individual entrepreneur personally assumes the business risk with the possibility of bankruptcy but also has the freedom to make any management or administrative decisions for the business with complete autonomy, making the most of his business skills. The individual entrepreneur cannot have “partners”, but may make use of employees. If the employees are family members of the entrepreneur we talk, instead, about a family business and this is subject to beneficial rules. Starting up a sole proprietorship is simThe entrepreneur is free to make simple ple and requires the completion of limimoney transfers from the company for ted formalities. his personal needs. The entrepreneur is someone who carries out a non-oc- It is sufficient to obtain a VAT number and casional economic activity using means register the company with the Chamber of production (capital, labour), either his of Commerce in whose jurisdiction it has its headquarters. own or someone else’s, as necessary. WE THE ITALIANS | 69 www.wetheitalians.com