The corporate legislation available in Italy provides the legal framework applicable to commercial companies. Thus, investors who are considering opening a company in Italy are advised to study the provisions referring to the registration of a new business, the tax compliance applicable in this case, the legal entities which can be chosen by businessmen for incorporation, as well as the duties of the company’s representatives. Our team of Italian lawyers can offer legal assistance on the laws related to corporations in this country.
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Legal entities in Italy
One of the main aspects regulated under the Italian Corporate Law refers to the legal entities that can be set up here. The legislation in this sense was modified by the Legislative Decree No. 6 enforced in 2003, which changed the structure of the limited liability company, offering more flexibility for its investors.
Under the regulations of the Corporate Law in Italy, investors can register the following:
• company limited by shares (which can be incorporated by a single founder, represented by a natural person or a legal entity);
• limited liability company.
It is important to know that the regulations related to the company limited by shares specify that the founding partner has unlimited liability for the company’s debts, but only in certain conditions, on which our lawyers in Italy may provide further information.
Directors of an Italian company
The Corporate Law in Italy provides an in-depth understanding on the rights and obligations of the company’s directors. According to its regulations, a legal entity must have minimum one director, while the maxium number is not prescribed by the legislation, as it should be mentioned in the company’s articles of association.
Regardless of the legal entity chosen for incorporation, the partners are allowed to withdraw from the company. The legislation prescribes specific reasons for this situation, such as:
• the business activities carried by the company are modified;
• the company changes its legal entity;
• the company enters a merger and acquisition procedure.
However, the Corporate Law stipulates that other reasons may be established by the partners in the company’s fouding documents.
Businessmen are invited to contact our law firm in Italy for other details referring to the Italian Corporate Law. Our attorneys in Italy can offer assistance on the stipulations referring to the employment legislation and the tax compliance necessary in this case.