Termination of Partnership Relationship in Limited Liability Companies Pursuant to the Turkish Commercial Code No. 6102 (“TTK”), a partnership relationship in limited liability companies may be terminated (1) by voluntary withdrawal (2) by expulsion upon other shareholders’ request and (3) upon dissolution of the company. I. WITHDRAWAL 1. In General Withdrawal is the…
Read MoreMain Responsibilities of the Board of Directors in Joint Stock Companies and the Managing Directors in Limited Liability Companies Based on the statistical data annually published by the Union of Chambers and Commodity Exchanges of Turkey (TOBB), limited liability companies and joint stock companies are the top choices in terms of company types. These two…
Read MoreRecognition and Enforcement of Foreign Court Judgments The legislative, executive and judicial activities carried out by states on their territories are indicative of their sovereignty. States exercise their sovereign rights while respecting the sovereignty of other states. In this respect, a judgment made within the scope of judicial activities of a foreign state must be…
Read MoreDifferences Between Joint Stock Companies and Limited Liability Companies What Makes Joint Stock Companies More Desirable? The two most commonly preferred types of company in Turkey are joint stock companies and limited liability companies. It is important to know the advantages and disadvantages of the two types, particularly for entrepreneurs who consider launching a startup.…
Read More“PIERCING THE CORPORATE VEIL” 1.What is “Piercing the Corporate Veil”? The general rule in Turkish Commercial Code No. 6102 and Bankruptcy and Enforcement Law No. 2004 is that a legal entity is responsible for legal transactions as an independent person, separately from its shareholders. Shareholders or affiliated companies cannot be held responsible for the company…
Read MorePoints to Consider When Purchasing Real Estate in Turkey Real estate transactions in Turkey have increased under today’s economic conditions and, not only Turkish citizens but also foreigners are showing considerable interest in this matter. Even though the formalities following the payment of real estate selling price seem relatively simple, the sale and purchase of…
Read MorePoints to Consider in Foreigners’ Acquisiton of Turkish Citizenship by Real Estate Purchase Procedures and principles regarding the acquisition of Turkish Citizenship by real estate purchase are stipulated in the Regulation on the Implementation of Turkish Citizenship Law dated 31.05.2019. In line with this regulation, Directorate General of Land and Cadastre has also published a…
Read MoreAcquisition of Turkish Citizenship In accordance with the Law amendment that has been come into force on September 19th 2018, non-Turkish citizens who purchase a property worth 250,000 USD can acquire Turkish Citizenship. First step for a non-Turkish citizen who is willing to become a Turkish Citizen is to purchase a property worth minimum of…
Read More19 SEPTEMBER 2018 DATED LAW AMENDMENT REGARDING TO ACQUISITION OF TURKISH CITIZENSHIP 19 SEPTEMBER 2018 DATED LAW AMENDMENT REGARDING TO ACQUISITION OF TURKISH CITIZENSHIP The regulation regarding acquiring Turkish citizenship is amended by the decision of the Cabinet of Ministers dated 18.09.2018 and is entered into force as of its publish date on Official Gazette…
Read MoreAdvantages of Establishing a Joint Stock Company The two most preferred types of companies in the global financial world are the Joint Stock Companies and Limited Liability Companies. It is important to know the advantages and disadvantages of these two type of companies, particularly for entrepreneurs who are considering to establish a start-up. Among these…
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