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Tag: Turkish Law

Ordinary Partnership As A Trade Company

7 Mart 2021
| Yorum yapılmamış
| Eng, Turkish Law

ORDINARY PARTNERSHIP IN TURKISH LAW The basic definition for “company” is a business association formed by two or more parties who bring together their labor and / or capital to achieve a common purpose. Following the latest change in Turkish Commercial Code a single person is able to set up business by forming a company. The sole purpose of establishing business by forming a company is to make profit and to share it. Without any concern of making and sharing profit, an association is also possible by forming either a “society” or a “foundation” which are not regulated by Commercial Code. To establish a company the founder(s) enter into a contract between themselves. This contract is called, “company contract”; which can...

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Establishing a Business in Turkey

7 Mart 2021
| Yorum yapılmamış
| Eng, Turkish Law

Overview Foreign investors should review and concern the related provisions of Turkish “Foreign Direct Investment Law” (Dated: June 17, 2003, No.4875). According to Foreign Direct Investment Law (FDI) Art. 3: “Unless stipulated by international agreements and other special laws: 1. Foreign investors are free to make foreign direct investments in Turkey, 2. Foreign investors shall be subject to equal treatment with domestic investors.” (See Full Text here) Law is based on the principle of equal treatment, allowing international investors to have the same rights and liabilities as local investors. Same conditions which applied to national investors for setting up a business are the same with those applied to foreign investors. Which means that there is no distinction between local and...

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General Partnership (Collective Company – Kollektif Şirket) in Turkish Law

7 Mart 2021
| Yorum yapılmamış
| Eng, Turkish Law

  A. Definition and Characteristics A general partnership is an advanced form of the ordinary partnership and it is regulated by the Commercial Code. Like an ordinary partnership, it is formed between two or more persons who undertake to contribute capital or labor to achieve a common purpose. But, unlike an ordinary partnership, a general partnership has legal personality under Turkish law. Transactions of a general partnership are Conducted in the name of the partnership (registered company title), not in the name of partners. The commercial title of general partnership must contain partners’ or at least one of the partner’s name and surname along with the term “Collective Company”. (TCC*[1] Art. 42) It is defined by Law as “Collective Company...

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