S.p.A. or spa [ˈɛssepiˈa]) is a form of corporation in Italy, meaning 'company with shares' (although often translated as 'joint-stock company', which may or may not be a limited liability entity).
Originally the S.p.A. was governed by the Commercial Code of 1865,[2] and subsequently by that of 1883, under the name "società anonima" ('anonymous company').
[3] The regulations contained within the civil code remained unaltered until the 2003 Company Law Reform.
As a legal form, the S.p.A. has five characteristics that are always present and universally recognized: legal personality, limited liability, transferable shares, ownership by shareholders, and management by a board of directors on behalf of the shareholders.
Due to these characteristics (high capital and public sale of shares), the S.p.A. is the only joint-stock company allowed to exercise insurance activity (art.