Director – Muhasebe News

Is Sole Corporation Possible?

MuhasebeNews — Fri, 12 Oct 2018 12:00:26 +0000

1-Is Sole Corporation Possible?
Yes.
It is possible to establish a Sole Corporation in accordance with the New Turkish Commercial Code (It is called ‘’New’’, but it has been in force since July 1, 2012.

2-Which companies can be established as one-man business?
Limited Companies and Stock Companies can be established as one-man business without any other shareholder.

3-How was the administration previously?
According to the administration before the New Turkish Commercial Code, it was statutory obligation to be 2 shareholders for Limited Companies and 5 shareholders for Stock Companies. This obligation was abolished with the New Turkish Commercial Code.

4-Does the authorized signatory also belonged to a single person?
Yes.
The person who establishes a limited company as a sole corporation is also the authorized signatory.
A copartner (a share, a shareholder) can be also a member of board in his/her company and he/she may represent the company by himself/herself.

5-How is the authorization period determined?
The company is represented by the Directors in Limited Companies. The authorization period of the company may be unlimited. Particularly, if the company is one-man company and that person is the sole director, he/she will be assigned unlimited. The stock companies are represented by the board of directors. However, the members of the board of directors are assigned maximum for 3 years. After 3 years, the same person can be assigned once again as a member of the board of directors.

Source: Turkish Commercial Code (6102 and 6335)
Date: 3 February 2017

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Are Directors and Shareholders of a Limited Company Responsible for Unpaid SSI Premium Debts in Turkey?

MuhasebeNews — Wed, 11 Oct 2017 13:00:57 +0000

1- ARE DIRECTORS AND SHAREHOLDERS OF A LIMITED COMPANY RESPONSIBLE FOR UNPAID SSI PREMIUM DEBTS?
Directors in Limited Companies are jointly and severally responsible for all debts originating during their term of office with their business legal entity.

On the other hand, Shareholders in Limited Companies are responsible for debts, which cannot be completely or partially collected from assets of legal entities or will not be able collected, at the ratio of their shares.

2- WHAT IS THE RESPONSIBILITIES OF TRANSFEREE/TRANSFEROR IN CASE OF SHARE TRANSFER IN A LIMITED COMPANY?
In case of share transfer in a Limited Company, the transferee and the transferor are responsible for paying overdue premiums and other debts belonging to the period before transfer at the ratio of their shares.

Source: SSI

If a Legal Entity Becomes a Partner during Incorporations, What Should be Done?

MuhasebeNews — Fri, 30 Jun 2017 08:58:53 +0000

Legal entities can be assigned to the Board of Directors in Corporations and Limited Companies; however, real person(s) representing legal entities cannot be assigned as a Member of Board or a Director. If a legal entity is assigned, there should be a real person assigned as a representative.

There should be participation decision made by a legal entity. This participation decision should be notarized; furthermore, capitalization and its representative should be stated.

Source: Turkish Code of Commerce

Elon Musk Hits Back at Tesla’s Investors!

MuhasebeNews — Fri, 14 Apr 2017 07:41:27 +0000

The investors in Tesla demanded to appoint two independent directors in order to solve the problems in the Board of Tesla!

However, Tesla’s Chief Executive Elon Musk hits back at the investors who are concerned about administration of the company.

Musk has added more independent directors are due to be appointed but that has nothing to do with the investors’ demand.

Source: Euronews