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STARTING A BUSINESS |
Open Joint-Stock Company / Public Limited Company (PLC) 1. A joint stock company, limited liability company and limited liability company with capital divided into shares are capital companies. In capital companies, the shareholders are liable to the company only with the capital they have contributed. 2. General limited partnership companies and collective companies are sole proprietorships. In sole partnerships, the principle of second degree and unlimited liability of partners for debts of the company applies. 3. The establishment, basic characteristics and operation of these companies are regulated by the Turkish Commercial Code No. 6102. Cooperatives are mainly regulated by the Law on Cooperatives No. 1163. 4. Joint stock companies and limited liability companies are the most common types of companies in Turkey. Approximately 82% of all companies are limited liability companies, 13% are joint stock companies and 4% are cooperatives. The total number of collective companies and limited liability companies is approximately 1%. |
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