Contributed By CMS Adonnino Ascoli & Cavasola Scamoni
Business organisations in Italy may be categorised into two main categories, namely:
The main difference between the abovementioned types of business organisations is that only the shareholders of SPAs and the quotaholders of SRLs enjoy limited liability to the extent of the paid-up capital, while participants in partnerships can be held liable (without limits) for the activity of the organisations in which they take part. Moreover, partnerships have a simplified organisational structure.
SRLs and SPAs are the most common types of limited liability corporations and this chapter will therefore be limited to describing these forms of organisation.
While their governance is similar and, in many cases, rules governing SPAs are applicable to SRLs, there are some differences concerning their management and control, related to the fact that SRLs allow for a greater degree of flexibility from the perspective of corporate governance and control.
Only SPAs can be listed and traded on the Italian Stock Exchange.