Although the use of joint-stock companies is a well-established practice of public bodies for the management of public services or for carrying out activities that are incidental to the management of public services, both within the EU and internationally, this area remains one of the most complex of our legal system. In addition to the laws on joint stock companies, a "corpus" of special rules has been developed to regulate some specific aspects of publicly owned companies. This has caused great uncertainty which the Consolidated Act 175/2016, reorganizing this regulatory area, has only partially resolved. In this area, we have been retained on several occasions to follow the privatization process of public companies and company consortia. We have thus gained significant experience in assisting public and private members during the company formation stage, through the adoption of the most suitable governance arrangements and articles of association. We have also assisted the management in facing and solving the numerous and delicate operational issues involved in this highly complex legal area.