LIMITED LIABILITY COMPANIES
JOINT STOCK COMPANIES
* It can be a single partner company. The number of partners shall not exceed 50.
* It can be established with a capital of 10,000 TL.
* A general meeting must be held in order to increase the capital.
* Share transfer shall be made by preparing the written contract, approval of such contract by notary, approval of the share transfer by the general assembly, registering the share transfer in the trade registry and registering the share transfer in the company share book.
* The partner is responsible for public debts. The partner is responsible for the non-collected portion of the tax and SGK premium debts of company, over all of his/her properties at the rate of share.
* Company partners may require termination of the company for good cause.
* It can be a single partner company. There is no limit for the number of partners.
* It can be established with a minimum capital of 50,000 TL and registered capital of 100,000 TL.
* The board of directors has the authority to increase the capital up to the ceiling of registered capital without a general assembly meeting.
* Approval of the share transfer by notary public is not necessary. When a partner wishes to transfer his/her share, he/she may transfer it by a share transfer agreement unless otherwise provided in the main contract.
Transfer before the notary public is not necessary. The transfers are not registered in the trade registry.
* The partner has no responsibility for public debts. The only responsibility is to pay the capital debt committed. The partner paying the capital debt has no debt responsibility, including public debt.
* The partners shall not demand for termination of the company.
Considering the issues such as tax liabilities, share transfer, etc. it is seen that establishing a joint-stock company seems more advantageous.
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