S.r.l. - P.M.I.: disciplina del capitale e tipologia delle società

The article analyzes the rules set by the Italian Decree Law No. 50/2017 (art. 57) that enables SMEs incorporated in the form of “società a responsabilità limitata” (a private limited liability company) to issue securities and to offer them to the public. This novelty is connected with the UE recent rules providing the creation of special markets for SMEs (Growth markets), aimed to improve the financing of small business enterprises. The article analyzes the effects of those rules regarding the relevance and the need of equity capital in such companies. Furthermore, it evaluates the implications of those rules on traditionally mandatory constraints which identify the legal forms of corporations in Italian Law.