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JOINT STOCK COMPANY

LIMITED COMPANY

SHARE HOLDER

Joint stock company can be set up with a single shareholder.There is no restriction about the share holder amount.

Limited Company can be set up with a single shareholder .There will be no more than 50 shareholders.

SHARE HOLDER'S NATIONALITY CAPITAL

free

between 50.000 TL and 100.000 TL

at least 25% of the capital should be paid during the registration process and the unpaid amount should be paid within 24 months after registration.

free

10.000 TL

at least 25% of the capital should be paid during the registration process and the unpaid amount should be paid within 24 months after registration.

SHARE HOLDERS LIALIBITY

In Joint stock companies, liabilities of shareholders are limited to the amount of capital subscribed by shareholders for both tax and legal purposes.

According to 6183 legislation Shareholders are liable to the company only with the amount of subscribed capital and in proportion to their capital contribution with regards to third party receivables. LLC shareholders are jointly and severally liable against public receivables such as taxes with their own/personal assets. Such liability occurs only if the tax office cannot collect outstanding taxes from the assets of the company.

MANAGEMENT

There are two administrative bodies in the A.S. as the Board of Directors and the General Assembly.

General Assembly is the supreme body of the limited liability company which consists of the shareholders of the company. The company is represented and managed by the manager or managers appointed by the general assembly. At least one of the shareholders of the LLC shall be appointed as manager.

WEB SITE

Capital companies that are subject to independent auditing will be required to establish an Internet site within 3 months of their registration at the trade registry and to reserve a part of this site for publishing the announcements that the company is legally required to make.

Capital companies that are subject to independent auditing will be required to establish an Internet site within 3 months of their registration at the trade registry and to reserve a part of this site for publishing the announcements that the company is legally required to make.

THE TITLE OF THE COMPANY

Companies must state the nature of business in the company name.

companies must state the nature of business in the company name.When the company name consists of a name of real person, the words that refer to the company

type cannot be abbreviated such as Ltd.

PUBLIC OFFERING FOR SHARES

Joınt stock companies can be listed with stockexchanges. There is an opportunity to go public.The company shares can be on the stock market.

There is no opportunity to go public.

INDEPENDENT AUDIT

Companies that exceed the limits designated by the decision of the governmental authorities are subject to independent audit.

Companies that exceed the limits designated by the decision of the governmental authorities are subject to independent audit.

ATTORNEY

JCS with the capital of 250.000 TL and above must have a consulting agreement with an attorney.

 

There is no attorney requirement.

 



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