One Man Company – Muhasebe News https://www.muhasebenews.com Muhasebe News Mon, 03 Jul 2017 14:26:37 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.3 What is the Partnership and Capital Structure in Limited Companies? https://www.muhasebenews.com/en/what-is-the-partnership-and-capital-structure-in-limited-companies/ https://www.muhasebenews.com/en/what-is-the-partnership-and-capital-structure-in-limited-companies/#respond Mon, 03 Jul 2017 14:26:37 +0000 https://www.muhasebenews.com/?p=18656 1- WHO CAN ESTABLISH A LIMITED COMPANY?
Limited Companies are established by one or more than one real person or legal entity under a commercial name. The original capital should be determined and that capital consists of total amount of capital stocks. Shareholders are not responsible for company debts. They are responsible for paying capital stocks that they undertake and fulfilling additional payments and subsidiary liabilities that are provided in the articles of incorporation. A limited company can be established for every kinds of economical purpose and subject that are not forbidden by law.

2- HOW MANY SHAREHOLDERS CAN ESTABLISH A LIMITED COMPANY?
It can be a one-man company; however, the number of shareholders should be maximum 50. The company can turn into one-man company afterwards. In this case, this fact should be notified to directors within 7 days. After this notification, directors are supposed to enroll and declare that company has been turned into one-man company. Company cannot acquire its own share in order to be the sole shareholder.

3- WHAT SHOULD BE THE AMOUNT OF CAPITAL OF A CO. LTD?
Minimum amount of capital in limited companies should be at least 10.000 TL and a a share should be at least 25 TL and the multiples of it.

Source: Turkish Code of Commerce

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.

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What are the Features of One Man Company? https://www.muhasebenews.com/en/what-are-the-features-of-one-man-company/ https://www.muhasebenews.com/en/what-are-the-features-of-one-man-company/#respond Sat, 01 Jul 2017 06:54:16 +0000 https://www.muhasebenews.com/?p=18573 The features of one man company:
1- With the New Turkish Commercial Code, it is possible to establish one man company.
2- One man company can be established during incorporation (at the beginning) or after the incorporation.
3- Board of Directors may consist of one or more than one person.
4- The sole owner constitutes Board of Directors. It is an obligation that decisions should be written in order to be valid.
5- The agreements between the sole owner and the company should be written. By comparison, the provision related to self-work will be applied in this case.
6- Furthermore, one-man limited companies are also subject to the same provisions.
7- Shareholder cannot become indebted to the company unless he/she discharges his/her debts originating from capital subscription and, company’s profits with its free reserves and retained losses correspond.
8- There can be one-man Board of Directors. Member(s) of the Board does not have to be shareholder(s). Moreover, persons except shareholders can be Member of Board.
9- If the number of shareholders reduces to 1 or the company turns into multi-partnership, Board of Directors should confirm it by making decision.

Source: Turkish Code of Commerce

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.

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