LIMITED LIABLE COMPANY (LLC)

• Can be established with one shareholder.
• Can be established with a minimum capital amount of TL 10,000.
• Shares can be transferred with a share transfer agreement executed before a notary public.
• Shareholders are responsible from public debts (such as tax, social security debts etc.) with their own assets in proportion to their capital share.
• Gains arising out of share transfers are subject to income tax.
• The managers of LLC are personally liable for public debts of the company.

 

JOINT STOCK COMPANY (JSC)

• Can be established with one shareholder.
• Can be established with a minimum capital amount of TL 50,000.
• JSCs are managed by general assembly and board of directors. Directors of JSCs are not required to be shareholders in the company.
• No legal requirement to execute share transfer agreement before a notary public.
• JSCs can go public.
• Shareholders are not responsible for public debts.
• Gains arising out of share transfers are not subject to income tax provided that the transfer is made two years after such shares are acquired.
• The Company itself is liable for public debts and not managers or shareholders.