Business Angels, Venture Capital e la nuova s.r.l. (Business Angels, Venture Capital and the New Società a Responsabilità Limitata)

Rivista Orizzonti del Diritto Commerciale 2020/2

100 Pages Posted: 1 Feb 2021

See all articles by Peter Agstner

Peter Agstner

Free University of Bozen-Bolzano - Faculty of Economics and Management

Antonio Capizzi

"La Sapienza" University of Rome 1

Paolo Giudici

Free University of Bozen, Bolzano - School of Economics and Management; European Corporate Governance Institute (ECGI)

Date Written: September 29, 2020

Abstract

Italian abstract: In questo articolo proponiamo un’interpretazione adeguatrice della disciplina della s.r.l., che tenga conto non solo e non tanto del fenomeno del finanziamento via crowdfunding, ma anche e soprattutto del finanziamento via business angels e venture capital. Avanziamo quindi una proposta di rilettura integrale della materia come uscita dalle riforme del 2012-2015-2017, tesa laddove possibile a rendere attuabili le pratiche negoziali del venture capital financing. La nuova lettura della disciplina della s.r.l. riflette gli originali intenti del legislatore, riduce l’ancora elevato tasso di imperatività di quella disciplina ed è coerente con i sentiti bisogni di modernizzazione del nostro diritto societario.

English abstract: This article provides an innovative interpretation of the rules of Italian limited responsibility companies (s.r.l.), which takes into account not only and not much the phenome-non of crowdfunding, but also and above all the financing via business angels and venture capital. We therefore advance a proposal for a complete re-reading of the subject as reformed in 2012-2015-2017, aimed wherever possible at making venture capital financing feasible. The proposed construction reflects the original intentions of the legislator, reduces the impact of mandatory rules and is consistent with the deeply felt need to modernize Italian company law.

Note: Downloadable document available in Italian.

Keywords: Close Companies, LLC, Venture Capital, Business Angels, Freedom of Contract, Mandatory Rules, Comparative Law

JEL Classification: K10, K22, D21

Suggested Citation

Agstner, Peter and Capizzi, Antonio and Giudici, Paolo, Business Angels, Venture Capital e la nuova s.r.l. (Business Angels, Venture Capital and the New Società a Responsabilità Limitata) (September 29, 2020). Rivista Orizzonti del Diritto Commerciale 2020/2, Available at SSRN: https://ssrn.com/abstract=3702348

Peter Agstner (Contact Author)

Free University of Bozen-Bolzano - Faculty of Economics and Management ( email )

Via Sernesi 1
39100 Bozen-Bolzano (BZ), Bozen 39100
Italy

Antonio Capizzi

"La Sapienza" University of Rome 1 ( email )

Piazzale Aldo Moro 5
Roma, Rome 00185
Italy

Paolo Giudici

Free University of Bozen, Bolzano - School of Economics and Management ( email )

Via Sernesi/Sernesistraße 1
39100 Bozen-Bolzano (BZ)
Italy
+39 0471 013140 (Phone)
+39 0471 013009 (Fax)

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org/members_directory/member.php?member_id=120

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