Description of Limited Liability Company
The limited liability company is established by one or more real or legal persons under a trade name. Its registered capital is determined and this capital consists of the sum of the capital shares.
Do the shareholders of the Limited Liability Company have responsibility for the company debts?
The shareholders are not responsible for company debts. They are only obliged to pay the capital shares they have committed and to fulfill the additional payment and performance obligations stipulated in the company contract.
Can the Limited Liability Company carry out all works from every field?
The limited liability company can be established for any economic purpose and subject which are not prohibited by law.
How many shareholders can be in a limited liability company at best?
The number of shareholders in limited liability companies cannot exceed fifty.
If the number of shareholders is reduced to one, the directors shall be notified in writing about this situation within seven days from the date of the transaction. Directors shall register and declare the name, place of residence and nationality of the company, which has one shareholder, from the date of receipt of the notification until the end of the seventh day, otherwise, they shall be liable for any damage that may arise. The same obligation applies if the company is established with one shareholder.
The Company cannot acquire its registered capital in a way that will result in the transformation of the company into a company with one shareholder.
Source: Turkish Commercial Code Article 573 and 574.
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