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C1  ·  46 words

Setting up and working for yourself in Italian

Legal form, articles, the register of companies, liability — the road from an idea to a registered company.

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From these 46 words, as many per round as you like — up to all of them: first what is due today, then new ones. First you choose, then you fill the gap, then you write it yourself. Mistakes come back again shortly.

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The thirteenth entry is la procura, and an English reader arriving from a business page will almost certainly file it in the wrong department. « Procurement » is buying: contracts, suppliers, tenders. La procura buys nothing. It is the written authority by which one person acts in another’s name, so agire per procura is to sign on somebody else’s behalf, and the procura in this list is a document lodged at the register rather than a purchasing function. Italian keeps a second job for the word as well: la Procura della Repubblica is the public prosecutor’s office, because a prosecutor too acts for another party. What makes the trap worth remembering is that English owns the same word already. Behind all of them stands procurare, to see to a matter on another’s behalf. From it English made « procuracy », the mediaeval name for exactly what la procura is; and « procuracy », said quickly for four centuries, wore down into « proxy ». So somebody who votes by proxy is using the Italian word without recognising it.

The words

Adjective (1)

Grammar for these: Adjective agreement · Where the adjective stands

cedibiletransferableAdjectiveC1
Queste quote non sono liberamente cedibili.These shares are not freely transferable.

Phrase (2)

costituire una societàto set up a companyPhraseC1
Hanno costituito una società a maggio.They set up a company in May.
a scopo di lucroprofit-makingPhraseC1
Si tratta di un ente a scopo di lucro.This is a profit-making body.

Noun (f) (18)

Grammar for these: Definite article: il, lo, la · Indefinite article: un, uno

la forma giuridicathe legal formNoun (f)C1
La scelta della forma giuridica viene prima di tutto.Choosing the legal form comes before anything else.
la quota socialethe share in a limited companyNoun (f)C1
Le quote sociali non sono liberamente cedibili.The shares in the company are not freely transferable.
la società a responsabilità limitatathe private limited companyNoun (f)C1
La società a responsabilità limitata è la forma più diffusa.The private limited company is the commonest form.
la procurathe power of attorneyNoun (f)C1
La procura è iscritta nel registro.The power of attorney is entered in the register.
la camera di commerciothe chamber of commerceNoun (f)C1
La camera di commercio rilascia la visura.The chamber of commerce issues the extract.
la visura cameralethe extract from the register of companiesNoun (f)C1
La visura camerale prova l’esistenza della società.The extract from the register proves that the company exists.
la ragione socialethe company nameNoun (f)C1
La ragione sociale deve essere disponibile.The company name must still be free.
la segnalazione certificata di inizio attivitàthe certified notice of commencement of businessNoun (f)C1
La segnalazione certificata di inizio attività basta per partire.The certified notice of commencement is enough to start trading.
l’iscrizione all’INPSregistration with the state social security instituteNoun (f)C1
L’iscrizione all’INPS è obbligatoria dal primo giorno.Registration with the social security institute is compulsory from the first day.
la gestione separatathe separate contribution scheme for the self-employedNoun (f)C1
I liberi professionisti versano alla gestione separata.Members of the liberal professions pay into the separate scheme.
la ditta individualethe sole trader’s businessNoun (f)C1
La ditta individuale non ha personalità giuridica.A sole trader’s business has no legal personality of its own.
la responsabilità illimitataunlimited liabilityNoun (f)C1
La responsabilità illimitata tocca il patrimonio personale.Unlimited liability reaches the owner’s personal assets.
la fideiussione bancariathe bank guaranteeNoun (f)C1
La banca chiede una fideiussione al socio.The bank asks one of the members to stand surety.
la previsione di fatturatothe turnover forecastNoun (f)C1
La previsione di fatturato è prudente.The turnover forecast is a cautious one.
la clausola di gradimentothe approval clauseNoun (f)C1
La clausola di gradimento subordina la cessione al consenso.The approval clause makes any transfer depend on consent.
la cessione di quotethe transfer of sharesNoun (f)C1
La cessione di quote va fatta davanti al notaio.A transfer of shares has to be made before a notary.
l’assemblea dei socithe general meetingNoun (f)C1
L’assemblea dei soci si riunisce una volta l’anno.The general meeting is held once a year.
la cancellazione dal registrothe striking-off from the registerNoun (f)C1
La cancellazione dal registro chiude la vicenda.Being struck off the register closes the matter.

Noun (m) (25)

Grammar for these: Definite article: il, lo, la · Indefinite article: un, uno

l’atto costitutivothe instrument of incorporationNoun (m)C1
L’atto costitutivo è redatto dal notaio.The instrument of incorporation is drawn up by the notary.
lo statuto socialethe articles of associationNoun (m)C1
Lo statuto sociale regola il funzionamento.The articles of association govern how the company runs.
il socio fondatorethe founding memberNoun (m)C1
Ogni socio fondatore detiene il venticinque per cento.Each founding member holds twenty-five per cent.
il conferimento in denarothe cash contributionNoun (m)C1
Il conferimento in denaro è versato in banca.The cash contribution is paid into the bank.
il conferimento in naturathe contribution in kindNoun (m)C1
Il conferimento in natura richiede una perizia.A contribution in kind calls for an expert valuation.
il capitale sociale minimothe minimum share capitalNoun (m)C1
Il capitale sociale minimo è di diecimila euro.The minimum share capital is ten thousand euros.
l’amministratore unicothe sole directorNoun (m)C1
L’amministratore unico rappresenta la società.The sole director represents the company.
l’organo amministrativothe management bodyNoun (m)C1
L’organo amministrativo può essere unico o collegiale.The management body may be one person or a board.
il collegio sindacalethe board of statutory auditorsNoun (m)C1
Il collegio sindacale vigila sulla gestione.The board of statutory auditors oversees the running of the company.
il registro delle impresethe register of companiesNoun (m)C1
Il registro delle imprese è tenuto dalla camera di commercio.The register of companies is kept by the chamber of commerce.
il trasferimento di sedethe transfer of the registered officeNoun (m)C1
Il trasferimento di sede richiede una modifica statutaria.Moving the registered office calls for a change to the articles.
l’oggetto socialethe objects of the companyNoun (m)C1
L’oggetto sociale delimita l’attività.The objects of the company set the limits of what it may do.
il libero professionistathe self-employed professionalNoun (m)C1
Il libero professionista fattura in proprio.A self-employed professional invoices in his own name.
il piano industrialethe business planNoun (m)C1
Il piano industriale copre i primi tre anni.The business plan covers the first three years.
il fabbisogno inizialethe initial funding requirementNoun (m)C1
Il fabbisogno iniziale supera i cinquantamila euro.The initial funding requirement is over fifty thousand euros.
il finanziamento socithe loan from the membersNoun (m)C1
Il finanziamento soci integra il capitale.The loan from the members tops up the capital.
l’aumento di capitalethe capital increaseNoun (m)C1
L’aumento di capitale diluisce i vecchi soci.A capital increase dilutes the existing members.
il patto parasocialethe members’ agreementNoun (m)C1
Il patto parasociale regola l’uscita dei soci.The members’ agreement sets out how somebody leaves.
il diritto di prelazionethe right of pre-emptionNoun (m)C1
Gli altri soci hanno diritto di prelazione.The other members have a right of pre-emption.
il verbale di assembleathe minutes of the meetingNoun (m)C1
Il verbale di assemblea è firmato seduta stante.The minutes of the meeting are signed before anybody leaves the room.
il quorum costitutivothe quorum needed to open the meetingNoun (m)C1
Il quorum costitutivo non è stato raggiunto.The quorum needed to open the meeting was not reached.
lo scioglimentothe dissolution of the companyNoun (m)C1
Lo scioglimento precede la liquidazione.Dissolution comes before the winding up.
il liquidatorethe liquidatorNoun (m)C1
Il liquidatore vende ciò che resta.The liquidator sells whatever is left.
lo stato di insolvenzathe state of insolvencyNoun (m)C1
Lo stato di insolvenza va dichiarato senza indugio.A state of insolvency must be declared without delay.
il concordato preventivothe composition with creditorsNoun (m)C1
Il concordato preventivo blocca le azioni dei creditori.A composition with creditors stops them from enforcing their claims.

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