Italian and European Company Law Overview 2020/2021

Exploring key aspects of Italian and European Company Law in the academic context of AA 2020/2021 with insights on partnerships, joint stock companies, legal structures, and management responsibilities as outlined by dott. Giulia Gabassi.

• Company Law
• Legal Structures
• Partnerships
• European Law
• Italian Law

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1. AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 1

2. ITALIAN AND EUROPEAN COMPANY LAW AA 2020/2021

3. PARTNERSHIPS VS COMPANIES AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 3

4. 2247 CC. CONTRATTO DI SOCIET Con il contratto di societ due o pi persone conferiscono beni o servizi per l'esercizio in comune di un'attivit economica allo scopo di dividerne gli utili. By means of a deed of incorporation of a company or partnership, two or more parties contribute goods or services for the joint exercise of an economic activity in order to share the profits. AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 4

5. PATRIMONIAL AUTONOMY LEGAL PERSONALITY VS LEGAL SUBJECTIVITY AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 5

6. PARTNERSHIPS SOCIETA DI PERSONE SIMPLE PARTNERSHIP (SOCIETA SEMPLICE S.S.) GENERAL PARTNERSHIP (SOCIETA IN NOME COLLETTIVO S.N.C.) LIMITED PARTNERSHIP (SOCIETA IN ACCOMANDITA SEMPLICE S.A.S.) AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 6

7. JOINT STOCK COMPANIES SOCIETA DI CAPITALI COMPANY LIMITED BY SHARES (SOCIETA PER AZIONI S.P.A.) LIMITED LIABILITY COMPANY (SOCIETA A RESPONSABILITA LIMITATA S.R.L.) LIMITED PARTNERSHIP BY SHARES (SOCIETA IN ACCOMANDITA PER AZIONI S.A.P.A.) AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 7

8. Who can be partner/shareholder/quotahol der? Is it admitted to have a sole partner/shareholder/quotahol der? AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 8

9. Art. 2086 c.c. Gestione dellimpresa [I]. L'imprenditore il capo dell'impresa e da lui dipendono gerarchicamente i suoi collaboratori. [II]. L'imprenditore, che operi in forma societaria o collettiva, ha il dovere di istituire un assetto organizzativo, amministrativo e contabile adeguato alla natura e alle dimensioni dell'impresa, anche in funzione della rilevazione tempestiva della crisi dell'impresa e della perdita della continuita' aziendale, nonche' di attivarsi senza indugio per l'adozione e l'attuazione di uno degli strumenti previsti dall'ordinamento per il superamento della crisi e il recupero della continuita' aziendale. AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 9

10. duty to establish an organizational, administrative and accounting structure adequate to the nature and size of the company also in function of the timely detection of the crisis of the company and the loss of continuity company take immediate action for the adoption and implementation of one of the tools provided for by the law for overcoming the crisis and recovering business continuity AA 2020/2021 Italian and European Company Law dott. Giulia Gabassi 10

11. SIMPLE, GENERAL, LIMITED PARTNERSHIPS

12. General remarks No corporate model nor assembly method Liability of members Every member having unlimited liability is director and has the power of legal representation Unanimous consent to amendments AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 12

13. SIMPLE PARTNERSHIP GENERAL PARTNERSHIP LIMITED PARTNERSHIP AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 13

14. APPLICABLE RULES SIMPLE PARTNERSHIP GENERAL PARTNERSHIP LIMITED PARTNERSHIP AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 14

15. SIMPLE PARTNERSHIP General remarks Contributions Participation in profits and losses Management Representation Liability AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 15

16. SIMPLE PARTNERSHIP GENERAL REMARKS No commercial business No particular requirements of form for the deed of incorporation Amendments only unanimously AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 16

17. SIMPLE PARTNERSHIP CONTRIBUTIONS What is necessary to realise the business purpose TANGIBLE ASSETS ENJOYMENT OF RIGHTS RECEIVABLES WORK AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 17

18. SIMPLE PARTNERSHIP PARTICIPATION IN PROFITS AND LOSSES Articles of association Leonine pact Proportional Equally AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 18

19. SIMPLE PARTNERSHIP MANAGEMENT Art. 2257 - Amministrazione disgiuntiva. (testo riformato dal d.lgs. N. 14 del 2019) [I]. La gestione dell'impresa si svolge nel rispetto della disposizione di cui all'articolo 2086, secondo comma, e spetta esclusivamente agli amministratori, i quali compiono le operazioni necessarie per l'attuazione dell'oggetto sociale. Salvo diversa pattuizione, l'amministrazione della societ spetta a ciascuno dei soci disgiuntamente dagli altri. [II]. Se l'amministrazione spetta disgiuntamente a pi soci, ciascun socio amministratore ha diritto di opporsi all'operazione che un altro voglia compiere, prima che sia compiuta. [III]. La maggioranza dei soci, determinata secondo la parte attribuita a ciascun socio negli utili, decide sull'opposizione. AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 19

20. SIMPLE PARTNERSHIP MANAGEMENT Unlimited liability = management and representative Jointly or severally Powers and duties Ius prohibendi MEMBERS SUPERVISION AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 20

21. SIMPLE PARTNERSHIP REPRESENTATIVE POWER Articles of association Every managing partner Object Limits/revoke: 1396 c.c. Business Register AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 21

22. SIMPLE PARTNERSHIP LIABILITY Partnership s creditors partners Some or all partners? 2267 c.c. Beneficium excussionis (2268 c.c.) New partner? Partner s creditor (profits and liquidation of the quota) Sale of the quota AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 22

23. GENERAL PARTNERSHIP GENERAL REMARKS REPRESENTATION PROFITS AND LOSSES LIABILITY AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 23

24. GENERAL PARTNERSHIP GENERAL REMARKS Rules of SIMPLE PARTNERSHIP are applicable Entry in the Business Register what happens if not ? 2297 C.C. Article of association capital Non-compete obligation (2301) AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 24

25. GENERAL PARTNERSHIP REPRESENTATION General Limits AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 25

26. GENERAL PARTNERSHIP PROFITS AND LOSSES LIMITS profits AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 26

27. GENERAL PARTNERSHIP LIABILITY Of partners: beneficium excussionis ( simple partnership) Partner s creditor NO ENTRY IN THE BUSINESS REGISTER: general partnership irregular consequences? AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 27

28. LIMITED PARTNERSHIP PARTNERS, MANAGEMENT AND LIABILITY GENERAL REMARKS AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 28

29. LIMITED PARTNERSHIP PARTNERS, MANAGEMENT AND LIABILITY PARTNERS HAVING UNLIMITED LIABILITY PARTNERS HAVING LIMITED LIABILITY AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 29

30. LIMITED PARTNERSHIP PARTNERS HAVING UNLIMITED LIABILITY Manage the partnership Are personally, jointly and severally liable AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 30

31. LIMITED PARTNERSHIP PARTNERS HAVING LIMITED LIABILITY Don t manage the partnership Are liable only for the contributions AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 31

32. LIMITED PARTNERSHIP WHAT HAPPENS IF PARTNERS HAVING LIMITED LIABILITY manage the partnership or let their name been filed in the partnership s name? THEY HAVE UNLIMITED LIABILITY FOR ALL THE DEBTS AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 32

33. LIMITED PARTNERSHIP GENERAL REMARKS Applicable rules of general and simple partnerships Transfer/sale of the quota AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 33

34. PARTNERSHIPS LIMITED BY SHARES PARTNERSHIPS LIMITED BY SHARES JOINT STOCK COMPANY AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 34

35. WINDING WINDING- -UP UP CAUSES ALL Term expiry The purpose of the partnership is realised or there is the ascertained impossibility of its realisation Decision of the partners Sole partner Causes in articles of association S.N.C. Bankrupticy Request of liquidation of the quota by a partner s creditor S.A.S. Only a category of partners AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 35

36. WINDING WINDING- -UP UP Common rules Managing partners > only urgent acts Liquidators (S.S. vs S.N.C. and S.A.S.) Cancellation AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 36

37. TERMINATION OF THE PARTICIPATION DEATH WITHDRAWAL EXCLUSION AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 37

38. TERMINATION OF THE PARTICIPATION DEATH ARTICLES OF ASSOCIATION LEGAL RULES PAY OFF THE QUOTA TO THE HEIRS WINDING-UP CONTINUATION AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 38

39. TERMINATION OF THE PARTICIPATION WITHDRAWAL UNLIMITED TERM (OF THE PARTNERSHIP) LIMITED TERM ONLY IF JUST CAUSE 3 MONTHS NOTICE AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 39

40. TERMINATION OF THE PARTICIPATION EXCLUSION Failure to fulfill obligations Disqualified/ debarred Contributions impossible Bankrupt declaration The creditors have obtained the liquidation AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 40

41. TERMINATION OF THE PARTICIPATION EXCLUSION Majority of partners Notification Possible opposition AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 41

42. TERMINATION OF THE PARTICIPATION LIQUIDATION OF THE QUOTA Determined on the basis of the financial situation of the partnership on the winding up date AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 42

43. De facto partnership Vs Hidden partnership Vs Apparent partnership AA 2020/2021 - Italian and European Company Law - dott. Giulia Gabassi 43