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# 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.
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