In the light of legal measures which have introduced novelties in the management of local public service companies and defined the role of the proprietary local authority, and of the municipalized company, there have been various projects to transform these companies into limited companies with majority public ownership. The objectives are generally to achieve a more efficient delivery of services, better and more economical management, and to control profits. The essay analyses the financial constraints and opportunities that typity the municipalized companies and highlights the benefits deriving from adoption of the limited company model. The differences are pointed out between the current model of the municipalized company and the publicly-controlled limited companies towards which the system is moving. The economic and financial problems of the public service companies are highlighted by analysis of corporate cases.