"NEWS of the June 24, 2016-The bookkeeping for companies simplified"

Posted by on Jun 24, 2016

Article 18 of the P.r.decree 600/1973 in paragraph 1 stipulates that the persons referred to in letter c) of the first paragraph of article 13, namely general partnership companies, companies limited partnerships and corporations they treated in accordance with article 5 of the P.r.decree 597/1973, if the revenues in a year have not exceeded the amount of 400,000 euros for businesses which have as their object the provision of services, or 700,000 euros for businesses relating to other activities, are exempt for the following year from the estate of accounting prescribed by previous articles, without prejudice to the obligations of keeping of stipulated by provisions different from the present Decree.

Convenience in choosing to form a company of people is mainly due to the facilities that exist in tax legislation, specifically the same regimen of simplified accounts, then surely the startup costs are relevant and management. Also deserves to be considered, as assessed appropriate for the purposes mentioned above, the simplicity with which you can restrict access to foreign partners.

Anyway, what you find most beneficial is the simplified system of taxation, in which however do not find immediate feedback related to discipline civil, which States that the Civil Code article 2214 entrepreneur who carries on a business must keep the journal and book inventories. It must also take the other scriptures that are required by the nature and size of the enterprise and storing for each deal the originals of letters, telegrams and invoices, as well as copies of letters, telegrams and bills mailed. Therefore, as stated by the National Foundation of Accountants in June 15, 2015 's contribution: "whatever the primary function of the accounting entries, may well be argued that the same play a key role in the life of the enterprise, not only because they help make rational and efficient organisation and management but also because it is only by their examination that the members and third parties can intervene in the operations and detect major events company assets".

In the light of what was stated in respect of members and others, should require the following considerations:

  • Administrators, according to article 2260 of the civil code, are jointly and severally liable to the company for the fulfilment of obligations imposed by law and the social contract. However the responsibility does not extend to those who show that they are free from blame;
  • Members who do not take part in the administration are entitled to have the directors news of the progress of Social Affairs, to consult the documents relating to the Administration and to obtain the statement when business was formed the company were accomplished.

Leaving out here is to learn about aspects of the possible liability of Directors, it is essential to be sure about the complementarity of the two standards, namely the article 18 of the P.r.decree 600/1973 and 2214 of the civil code. The judgment of the Supreme Court that it wants to bring the number of 2012, which, although 28923 judges confirm the autonomy of fiscal discipline than civil, attest that the reference to statutory books of article 18 P.r.decree 600/1973 refers to the obligations regulated by article 2214 cod. CIV. and no accounting records required by tax laws. However, it is necessary to observe, to better understand the context of these decisions is that the judgments discussed are related to the field of insolvency offences and in particular the case of bankruptcy, specifically there is a consolidated orientation, as the Court of Trent in 5/9/2013, according to which "companies undergoing a tax regime of simplified accounts are obligated to the estate of the Scriptures and books referred to in article 2214 , cod. CIV., and especially the journal and book inventory records that the same article 2214, cod. CIV., indicates how the accounting entries required for a person conducting a business activity ", both civil and criminal purposes provided by law bankrupt".

by Sandro Cerato and Clare Raghuram