Fethiye Law Firm

Commercial Law

30 Mart 2020

Regulations and Rules by Fethiye Lawyer Regulations and Rules by Fethiye Lawyer. Commercial Law. Commercial activities and subjects are governed by the Turkish Commercial Code (1956) and the Act of Debts (1926). The Commercial Law Act of Debts regulates the contracts in general and every fundamental aspect such as formation, abolition, annulment and invalidity etc. The Turkish Commercial Code is constituted of 5 parts and regulates Traders, Companies, Legal Instruments, Insurance, Land Transport, Sea Transport etc. Law on Capital Market No. 2499 regulates all the transaction regarding the capital market and the Stock Exchange, how companies may be quoted to the Stock Exchange, the transfer of shares, etc. Types of Companies – Fethiye Lawyer According the Turkish commercial Code and Code of Obligations there is 6 types of Companies which are ; Collective Company, Commandite Company, Joint Stock Company, Limited Company, Ordinary Partnership and Joint Venture. In Collective Company and Ordinary Partnership, the partners are fully responsible from the debts of the Company with all their personal belongings and those companies are manages by the partners. Commercial Law. In the Commandite Company, some partners are fully responsible from the debts of the Company with all their belongings and some partner only with their capital investment. This type of company is managed by the fully responsible partners. Commercial Law – The Liabilities of Shareholders in the Company As said above in Ordinary Partnership and Collective Company the partners are fully responsible with all their belongings from the debts of the company. In Joint Stock Companies and Limited Companies the liability of the shareholders is limited with their participation to their share capital and except the public debts like tax debts or social security premium debts, the shareholders have no any responsibility from the debts of the company provided they have not givenan individual guaranty. Once the capital share is paid shareholders have no any liability for the debts of the company. Corporate Governance In order to set up a company it’s a necessary to draft the “Articles of Association” (By-Laws) which regulates the targets, trading title, work area, corporate purpose, shares, capital, rules and decision making organs of the company. This By-Law has to be legalized by the public notary. All the companies must be registered to the Commercial Register. Term of Appointment : The members of the Board may be elected for maximum three years period. Range of Directors Liabilities: They are not allowed to compete with the company or have an activity in a competitive company, provided special permission is given by the General. Assembly in this respect Annual Accounts- Financial and Operating results : Duties and Liabilities :With the exceptions of having obtained a special permission from the Ministry of Commerce as per the Tax Laws, the annual fiscal period is a calendar year, starting from the 1st of January and ending 31st of December.Specially in companies with foreign investment and in order to consolidate the accounts of the Turkish company with the foreign main company accounts different fiscal years may be accepted provided a permission in that respect has been obtein from the Ministry of Finance. Necessary […]

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