In Italy, there are the following types of companies:
Partnership as an association of people, and Partnership that is the union of capital.
Partnerships, associations of persons, are divided into simple (s.s), simple limited (s.a.s) and general partnerships (s.n.c.).
Simple partnerships are the simplest type and are used mainly in the agricultural activities and self-employed businesses.
Not subject to bankruptcy.
Simple limited partnerships (s.a.s) are formed by two types of members: limited members and full members.
The limited members are responsible for the obligations taken by the company solely in the amount of contributions made (limited liability).
The full members have full and unlimited liability for the obligations taken by the company. These members have the right to participate in the management of the company and represent it.
In general partnerships (s.n.c), all members have full and unlimited liability for the debts taken by the company.
The partnerships that are the association of people differs from the partnerships representing the union of capital by one aspect: property independence.
In union of capital partnership, members are responsible for the obligations taken by the company for quotas contributed to the share capital. In partnerships, representing the association of people, members have unlimited liability for the obligations and theri personal assets can be used to satisfy the partnerships debt.
The partnerships, representing the union of the capital, are divided into:
A limited liability company (S.r.l) is a legal entity responsible for the obligations taken by the company solely in the amount of the total quota invested by their members. The limited liability company may consist of one member, and its minimum share capital is EUR 10.000,00.
A simplified limited liability company (S.r.l.s) has been introduced recently (Government Decree number 138 of June, 23, 2012).
Similarly to the S.r.l. company, the simplified limited liability company (S.r.l.s) may have one member and responsibility for the company's debt is limited to invested capital.
The share capital may be from EUR 1.00 to EUR 9.999,00.
A joint-stock company (Spa) is a partnership representing the union of the capital and legal entities with property independence. Contributions from members are transferable securities: shares.
After the introduction of the new provisions by Legislative project No. 91 / 2014, the Law No. 116 / 2014, minimum share capital required to create the joint stock company was reduced from EUR 120.000,00 to EUR 50,000.00.
A limited joint-stock company is a membership, representing the union of the capital, and a legal entity. This type is different from the usual joint-stock company by the presence of two types of membership: limited members and full members.
The full members have the right to manage the company and bear full and unlimited liability for the obligations taken by the company. The limited members have limited responsibility for corporate liabilities to the size of their shares, and cannot participate in the management of the company.
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