Dear Students, please note that on monday, April 15th, the Business Management course will start at 8:30am.

During the lecture the teacher will communicate the final scheduling of the course.

UNIT 1: BUSINESS LAW AND PARTNERSHIP LAW
Paolo-Maria Smirne
psmirne@notariato.it
(Notary Public in Turin, Company Law Contract-Professor, Turin University)

LESSON 1

I) INTRODUCTION

1) Historic factors upon which a “common” European company law is based
2) Civil law/Common law
3) European Directives/Regulations. ECJ decisions.
4) Notaries: civil law/common law.

II) DIFFERENT TYPES OF BUSINESS ORGANISATIONS (hints): climax

1) Sole trader
2) Partnership (relevant personal factor)
3) Company (relevant capitalistic factor)
− limited by guarantee
− limited by shares:
a) private company (Ltd), Italian and French srl, German GmbH b) public company (Plc), which can, or cannot, be listed
Limited liability/ unlimited liability (which can be joint and several): Economic and social pros and cons of
each.

III) ENTREPRENEUR

1) General definition: 2082 cc – Small entrepreneur: 2083 cc. NB: in UK it is called “trader”.
2) Commercial – non commercial entrepreneur: 2135, 2188 and fw cc
3) Private – public entrepreneur: 2093, 2201 cc

LESSON 2

I) BUSINESS AS GOING CONCERN
1) Legal Publicity and the Register of Enterprises: 2188 and fw cc
2) Definition of business: a nexus of assets, contracts and activities: 2555 cc
3) Selling and renting of assets: 2556 and fw cc
4) UK law focuses more on the assets (tangible and intangible) and on the firm (“impresa”, in an
atechnical sense); Italian law speeks of “imprenditore” and “azienda”, with “attività di impresa”.
II) FIRM-NAME (AS WELL AS CIVIL NAME AND ABBREVIATION) – SIGN – TRADEMARK – PATENT
III) ANTITRUST
IV) EUROPEAN ECONOMIC INTEREST GROUPING – SOCIETAS EUROPAEA (SE) – NETWORK
CONTRACTS – CONSORTIA; CONSORTIA-PARTNERSHIPS AND –COMPANIES (2615-ter cc)

LESSON 3

I) JOINT PROPERTY – PARTNERSHIP – COMPANY
1) Distinction
2) Legal personality, legal entity
3) Partnerships and associations; partnerships/companies and/or associations for intellectual
professionals
II) GENERAL PARTNERSHIP (SOCIETA’ SEMPLICE AND SOCIETA’ IN NOME COLLETTIVO)
1) Civil code system: ss is the base; ss only for non-commercial activities ?
2) Formation: agreement (or deed)/inferring from a course of dealing
3) Hidden and apparent partnerships
4) Who can or cannot be a partner?
5) The contents of the agreement
6) “Consideration” concept (property or rights originally brought into the partnership stock);
contributions in cash or in kind (personal work)/capital-reserves: partnership’s assets
7) Participation to profits and losses
8 ) Liability: partnership’s creditors; personal creditors; legal personality/legal entity

LESSON 4

1) management procedures/power to bind the partnership; management: partners and non-
partners?; link: unlimited liability and power to manage
2) duty not to compete with the firm whilst part of it/after it (but: restraint of trade clauses: 2596 cc)
3) modifications to deed – legal notice 4) decisional methods
5) death of a partner/ possible clauses: continuation and consolidation
6) Right of withdrawal: retirement from a partnership at will
7) Expulsion of a partner

LESSON 5

1) Dissolution (winding up) of a partnership:
1. Causes
2. Consequences
3. Procedure
4. Cancellation from Register of Enterprises and its effects on the partnership: Supreme Court of
Cassation ruling
III) LIMITED PARTNERSHIPS (SOCIETA’ IN ACCOMANDITA SEMPLICE)
1) Notion; partnership’s name; general and silent partner
2) Management of partnership and power to bind the firm (2320 cc)
3) Transfer of shares
4) Dissolution of the partnership
5) Unregistered LPs
IV) LIMITED LIABILITY PARTNERSHIPS: hints
V) QUESTIONS AND REVISION

UNIT 2: Introduction to Italian Corporate Law in limited liability system
Giuseppe am Trimarchi
Notary Public in Milan, Corporate Law Contract Professor at Turin University
Notary’s Public Italian National Council Corporate Law Experts Commission Member

1) Public Liability Company 2) Limited Liability Company

PLC and LLC
First Lesson : Liability’s system in PLC and in LLC: theory of the firm and liability of shareholders
1) Brief comparison between Uk and Italian systems. The liability of shareholders in “s.p.a.”
(PLC) and “s.r.l.” ( LLC) (articles 2325,2462 Italian Code Civil, forward cc)

2) Choice of organizational form : PLC (S.P.A.) or LLC (S.R.L.) ?
2.1) PLC in risk capital markets ( art. 2325bis cc., 111bis disp.att.,116TUF, 1, 1bis , 1 ter TUF )
2.1.1) The role of social capital, the minimum amount prescription ( artt. 2327 e 2463 n.4 cc.
)
2.2) Close PLC and LLC ordinary incorporation
2.2.1) Articles of incorporation, and deed of incorporation (artt. 2328, 2463 cc. )
2.2.1a) Social capital amount and special regulations ( art. 2463 bis cc, and special
legislation about simplification in capital regulation );
2.2.1.b) The agreements out of articles of incorporation ( art. 2341 bis and ter cc. )
2.2.1c) liability rules in “società in accomandita per azioni” ( art. 2452 cc. )
2.2.1.c) Conditions for incorporation, Filing and Registration of the company , effects of
registration ( artt. 2329 , 2330 , 2331 ) in PLC and LLC ;
2.2.1d) Nullity of company and dissolution’s rule ( art. 2332 cc. )

Second Lesson
1) Shareholders and Quotaholders contributions for corporation stock formation in PLC
and LLC ( art. 2342, 2465 cc ) ; money’s contributions , and contribution in kind of
assets;
1.1.) About contributions in kind of assets : 2343, 2343bis , 2343 ter , 2465 cc.
1.2) About contributions in money in PLC : shareholder in arrears ( art. 2344 cc );
1.3) About contribution in money in LLC: partner in arrears ( art. 2466 cc. )
1.4) Other contribution’s forms in PLC : accessory services to the shares , art. 2345 cc.
1.5) The special regulation in contributions of LLC partners : the contribution in partner’s
professional work o services , art. 2464 cc ;
1.6) Contributions out of stock and capital ( in PLC and LLC ) : shareholders and partners
loans and other conferments without return commitment ( art. 2467 cc. )
2) PLC . The shares : basic rules ( art. 2346 cc. );
2.1) PLC. Categories of shares ( art. 2348 cc. )
2.2. PLC. Shares, company’s gains and voting rights ( artt. 2350, 2351 cc. )
2.3. PLC. Stock options and shares in favour of employees ( art. 2349 cc. ) ;
2.4. PLC. Transfer of shares ( artt 2355, 2355 bis cc. ) . Preemption and approval ‘s rules .
2.5. PLC. Basic rules about the purchase of own shares ( artt. 2357 and following cc)

Third Lesson

1) The Quotas in LLC . Basic, and Transfer’s rules ( artt. 2468, 2469 , 2470 cc. ) ;
2) Controlled Companies, and Affiliated Companies ( art. 2359 and following cc )
3) Holdings ( art. 2361 cc. )
4) Sole shareholder in PLC , and sole owner of quotas in LLC ( art. 2362 and 2462 cc. )
5) PLC. Corporation’s authorities and powers:
5.1) Italian Traditional System. Ordinary, and extraordinary shareholders’ meeting (artt.
2364 e 2365 cc.) The calling (art. 2366) ; Basics of meeting ( artt. 2368, 2369 2371, 2372 cc);
exercising of voting rights (artt. 2370, 2375 cc.); 5.1.1) Management (art. 2380 cc) . Chairman, executive and managing directors (art. 2381
cc). Powers of rapresentation ( art. 2384 cc)
5.1.2) Controls in PLC: Board of statutory auditors , powers , duties and liabilities ( artt. 2397
and following cc) , the auditing of accounts ( art. 2409bis cc ) ;
5.2 ) Two Tier System ( art. 2409 novies, duodecies and terdecies cc. )
5.3 ) One Tier System (2409 sexiesdecies, septiesdecies, octiesdecies cc)
6) Decision of quotaholders in LLC ( artt. 2479 and 2479 bis cc. ) ;
6.1) Manegment and Directors of LLC ( art. 2475, and 2475 bis cc. )
6.3) Controls in LLC ( art. 2477 cc )

Fourth Lesson

1) PLC.Amendments of articles of association ( art. 2436 cc ) ;
2) PLC. Payment capital increase rules ( artt. 2438, 2439 2441 cc. )
3) PLC. Transfer of reserves to capital ( art. 2442 cc. )
4) Comparison between PLC and LLC capital increase rules
5) Reduction of corporate capital ( artt. 2445 )
6) Reduction of corporate capitale for losses ( artt. 2446, 2447 cc. )
7) Comparison between PLC and LLC reduction corporate capital
8 ) Rights of withdrawal in PLC ( artt. 2437 and following cc ) and in LLC ( art. 2473 cc. )
9) LLC . The exclusion of quotaholder ( art. 2473bis cc ) ;

Fifth Lesson

1) PLC. Debentures’ issue . Debentures without rights in share capital ( at. 2410 cc ); Limits
of issuance ( art. 2412 cc. ) ;
2) Debentures convertible into shares ( art. 2420 bis cc ) 3) Dissolution and liquidation of companies ( PLC and LLC ) ( artt. 2484 cc. )
3.1) Powers and duties of directors in liquidation ( artt. 2485, 2486 cc)
3.2) Revocation of liquidation status ( art. 2487 ter cc. ) ;
3.3) Corporate management bodies ( art. 2488 cc. )
3.4) cancellation of the company ( art. 2495 cc. )