Limited Liability Company
Corporate, Commercial and Contract Law
A limited liability company is a capital company whose share capital consists of the total of the shareholders’ capital shares and which may be established with at most fifty shareholders. It is regulated in Articles 573 et seq. of the Turkish Commercial Code (TTK). Shareholders, as a rule, are not liable for the company’s debts; they are obliged to pay the capital share they have subscribed and to perform the additional payment and ancillary performance obligations in the company agreement. Public receivables are an important exception to this rule.
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