"Each generation can create progress by retiring at the right time."
The "family succession" should not be regarded as a moment in the life of the enterprise, but as a process suitable to ensure the succession of the same, both inter vivos and mortis cause. Many legal cases could be affected by this process, including hypotheses for the transfer of the company or corporate holdings. In these pages, we aim to first analyze the tax aspect that accompanies these possible transfer alternatives. The first analysis will cover the acts of the inter vivos family succession, and will then mention the consequences of the transfer due to the death of the entrepreneur.
In the context of the inter vivos operations, further analysis of the acts aimed at the transfer, distinctly, of first-degree assets (company) or second-degree assets (participations). In the transfer of the first-degree assets will be analyzed two particular cases: the donation of the company and the bestowal of the company, indicating the opportunities of one and the other choice. In the transfer of the holdings, the differences between the tax consequences from the donation of allowances or the allocation of the same in companies, both newly established and already existing, will be reported. Particular attention will be given to the family pacts, that is, the specific legislation inserted in our civil order (Law 55/2006) precisely to allow the family succession. Finally, the main points of the Yuslav legislation conditioned by the transfer of the company will be highlighted, highlighting the forecasts put forward to better protect the continuity of the working relationship.
Text by Stefano Battiston, Andrea Follin, Luca Pivato, Giulia Valveri, an excerpt from the book "How to Manage the family succession in Italian SMEs", by Gian Andrea Oberegelsbacher & Leading Network, published by WKI (Ipsoa) 2017