Partnership in Italy
The general partnership (S.n.c.) is a type of partnership in which all partners share joint and unlimited liability for corporate obligations. Both commercial and non-commercial activities are possible with the S.n.c.
Natural persons, both Italian and foreign nationals, companies, and non-corporate legal entities can form an S.n.c., which requires a public deed in front of a notary who drafts the partnership’s contract (memorandum of partnership and articles of partnership).
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Partnership registration conditions
A partnership is characterized by the personal commitment of each partner to their work as a whole within the partnership. The individual partners are personally liable for the liabilities of the company (including their private assets) and each act for the whole business. Possibilities for imposing limitations on individual partners’ liability are restricted.
Timeline
The entire process of forming a Partnership firm in Italy will take about 5 days, including the opening of a corporate bank account and VAT registration.
Fees
It can cost around 2300EUR to register partnership in Italy. Request our incorporation quote by contacting us.
Compulsory regulation
At least one of the partners’ names must appear in the company’s business name, as well as a statement indicating it is an unlimited partnership.
There can be no agreement to the contrary, and the members have limitless liability for partnership commitments. When creditors seek recovery of debts due by the partnership, they must first pursue the partnership before pursuing the members. The unlimited partnership is subject to bankruptcy legislation if all partners file for bankruptcy at the same time.
In most cases, the partners have independent administration and representation powers. Powers of administration could be delegated to only a few members if everyone agrees.
Documents
The first stage in forming a company in Italy is to prepare and draft the essential company documents, which include:
- the association’s articles of incorporation,
- signatures of the company’s directors as specimens
- Affidavits.
You’ll also need to register a bank account for the firm, where you’ll deposit the required minimum share capital. The cost of starting a business varies depending on the type of company and the materials and equipment needed for your particular firm.
Our experts will assist you with the documentation process.
Consultation about Partnership registration
Our experts will help you understand the registration process for your Partnership firm and will guide you through it in a professional manner.
Accountancy
Every Italian firm is required by law to keep accounting records that are sufficient to identify all of the company’s financial transactions. Furthermore, every Italian company must file annual financial statements with the Registrar of Companies (Registro delle Imprese) no later than four months following the end of the fiscal year.
Bank account
Our Italian business formation advisors can help you prepare some of the documentation needed to open a corporate bank account.
We offer bespoke services to our clients for company registration.
Other legal forms in Italy
The following are the several types of companies that can be formed in Italy:
- Limited Liability Company,
- Holding Company,
- Branch Office.
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