Italy (IT)

Jurisdiction Overview

IDQuestionAnswer
477 *BO Record: Does the registration of domestic limited partnerships comprise information on the beneficial ownership of all partners? No, for some partnerships no beneficial ownership information is recorded.
 Data Date: 2017

Notes

 
It appears that limited partnerships aren’t covered by the new Beneficial Ownership (BO) law. First, while the Global Forum refers to the BO law with regard to companies, it makes no reference to the BO law when it comes to partnerships. Second, the lawfirm Nautadutilh also omits mentioning partnerships as covered by the BO law. They only refer to “companies, private entities and trusts”. It appears that ‘private entities’ don’t include partnerships but only “associations, foundations and companies” (paramond.it). Lastly, the BO law, art. 21 requires legal persons and private entities (‘imprese dotate di personalita' giuridica’ and ‘persone giuridiche private’) to register their BOs. However, an article referring to Italy’s Treasury FAQ relating to BO suggests that limited partnerships are considered ‘persons societies’ (‘società di persone’, instead of ‘società di capitale’ meaning ‘capital societies’ or companies) and that these ‘persons societies’ don’t have legal personality (‘personalita' giuridica’): “Considering that the partnership (SS - simple partnership, SNC - partnership in collective name and SAS - limited partnership) is not a natural person, but a legal institution (…); and it has no legal personality, but enjoys patrimonial autonomy.” (eucs.it; [Google Translate]).

Sources

http://www.gazzettaufficiale.it/eli/id/2017/06/19/17G00104/sg
 
http://www.paramond.it/old/art/0001_sussidifiltro/viaggiocostituzione/per_giu_pri.htm
 
http://www.eucs.it/titolare-effettivo-societa-di-persone
 
https://www.nautadutilh.com/fr/file-download/download/public/1381