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Joint Stock Company
Anonim Sirket in Turkey – one of the varieties of business entities. Joint Stock Company in Turkey is a commercial organization the paid authorized capital of which is divided by the definite number of shares which certify the obligations of the shareholders in relation to the society.
Joint Stock Company forms its capital by means of shares issuing and selling, and it is created on the basis of the voluntary agreement of juridical and physical persons, is aimed at obtaining the income in the interests of the shareholders.
Joint Stock Company in Turkey is a company with a limited liability the founders of which are minimum 5 shareholders, juridical or physical persons. The capital of the company is divided into the shares. The responsibility of the shareholders is limited to the shares of the paid authorized capital.
The majority of the joint stock companies in Turkey are Closed Joint Stock Companies (Anonim Sirket halka kapali). However, there are also open Joint Stock Companies - (Anonim Sirket halka acik).
Minimum demands to the paid authorized capital of the Joint Stock Company is 50 000 TL.
General Assembly of shareholders’ meeting, the board of directors and supervisory board of the company are the obligatory bodies of managing and control of the company in Turkey.
The company is managed by the Board of Directors which consists of minimum three persons and foreigners are allowed without limits.
The general assembly of the shareholders’ is called by the decision of the shareholders unlimited times a year.
The supervisory board controls the Board of Directors and reports about its activity to the General Assembly.
Closed Joint Stock Company in Turkey (Anonim Sirket Halka Kapali)
The closed joint stock company in Turkey – company the shares of which are distributed only among the founders or earlier defined persons.
The shareholders have the advantages of buying the shares which are sold by other shareholders. The number of participants is limited to 100 individuals or legal persons. The closed joint stock company in Turkey is not obliged to publish the reports before the public.
Open joint stock Company in Turkey (Anonim Sirket Halka Acik)
Anonim Sirket Halka Acik – open joint stock company which has a right to issue additional shares and attract new shareholders into its composition. The number of shareholders must exceed 100 individuals and legal persons. Open Joint Stock Company has a right to put out to tender its shares and also is obliged to publish the reports to public display.
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