We the Italians March 21, 2016 - 77 - Page 70

st # 77 MARCH 21 , 2016 The carrying on of business activities also means obtaining the licences or ad- Corporations consist of organisations of ministrative authorisations required, de- people and resources for the joint opepending on the type of activity. ration of productive activities, with full economic independence. This means The starting up of the company does not that the company’s obligations are to be require a minimum capital. The capital met by the company’s assets alone. the entrepreneur needs in order to carry on the business is paid into a bank ac- Corporations have legal personality; that count specifically dedicated to the busi- is, they are entities capable of assuming the rights and obligations arising from ness of the company. the economic activity carried out and A different option may be the purcha- enjoy perfect patrimonial autonomy, i.e. se of an already existing company. The their assets are totally independent from object of the acquisition may be, for those of the shareholders, and creditors example, a company or a branch of a have a claim only on the corporation’s company involving a set of assets (mo- assets. veable and immoveable property, equipment, trademarks, patents, etc.) that is There are: functionally intended for the carrying on • the joint stock company (società per of business activities. By law, the purcha- azioni or S.p.A) se of a company may be stipulated only • the publicly traded partnership (società by a notary using a public deed or au- in accomandita per azioni or S.a.p.a) thenticated private deed. • the private company limited by shares (società a responsabilità limitata or S.r.l.) • the simplified private limited company Establishment of a Company (società a responsabilità limitata sempliItaly offers a wide range of legal forms for ficata or S.r.l.s.) the setting up of a business. It is therefore necessary, preferably with the help La società a responsabilità limitata (S.r.l.) of a notary, to identify the most suitable or Proprietary Limited Company type of company organisation; this also involves the objectives to be pursued, The Srl is certainly the company type the capital to be committed, the level of most widely used in Italy. The main relegal responsibility any form entails, the ason is the combination of high orgavarious tax implications and, finally, the nisational flexibility and limited liability. complexity of accounting and complian- Although in the past it was used for small ce requirements. Partnerships and cor- companies, it is now also used for comporations are treated differently. panies of considerable size, since it offers greater organisational flexibility and Corporations in General may also take on a “personalised” cha70 | WE THE ITALIANS www.wetheitalians.com