Introduction

One of the first decisions a foreign entrepreneur or international investor must make when establishing a business in Turkey is choosing the correct legal form.

For most commercial investments, the choice eventually comes down to two structures:

Limited Liability Company – Limited Şirket (Ltd. Şti.)

or

Joint Stock Company – Anonim Şirket (A.Ş.)

Both are capital companies governed primarily by the Turkish Commercial Code No. 6102. Both have separate legal personality, both may generally be established with foreign shareholders, and both may be wholly foreign-owned in ordinary sectors. Turkish foreign investment policy is based on equal treatment, meaning international investors may generally establish the same company forms and are subject to the same formation rules as domestic investors.

However, the similarities can be misleading.

A limited liability company and a joint stock company differ significantly in relation to minimum capital, shareholder numbers, corporate governance, public-debt liability, transfer of shares, investment rounds, exit strategies, capital markets access and management structure.

For a small consulting business with one or two founders, a Turkish limited company may be perfectly adequate.

For a technology startup expecting venture capital investment, a multinational subsidiary, an investment platform, a joint venture or a company that may eventually be sold or listed, a joint stock company may often provide a much stronger structure.

Choosing the wrong type at incorporation is not necessarily irreversible, because Turkish law allows company type conversions under certain conditions. However, restructuring later may create additional legal, accounting, tax and transaction costs.

For this reason, foreign investors should not choose a company type merely because one has a lower minimum capital requirement.

The correct question is:

Which corporate structure best fits the ownership model, financing strategy, liability profile and eventual exit plan of the business?

This guide compares Turkish Limited Liability Companies and Joint Stock Companies in 2026 from the perspective of foreign entrepreneurs and investors.

1. Can Foreigners Establish Both an Ltd. Şti. and an A.Ş.?

Yes.

Foreign natural persons and foreign legal entities may generally establish either a Turkish limited liability company or joint stock company.

International investors are subject to the same general company formation rules as domestic investors, subject to special restrictions that may apply in certain regulated sectors. Turkey’s official Investment Office confirms that foreign investors may establish any company form recognised under the Turkish Commercial Code and generally enjoy equal treatment with Turkish investors.

In ordinary commercial sectors, a Turkish shareholder is generally not required.

A company may therefore potentially be structured as:

100% foreign-owned Ltd. Şti.

or

100% foreign-owned A.Ş.

Depending on the intended business, the shareholder may itself be a foreign corporation.

For example, a German GmbH, British Ltd, Dutch BV or US corporation may generally become the sole shareholder of a Turkish company, subject to the applicable foreign document, apostille/legalisation and Trade Registry requirements.

2. What Is a Turkish Limited Liability Company?

A Turkish limited liability company is a capital company formed by one or more natural or legal persons.

Under the current Turkish Commercial Code framework, a limited company may have between one and fifty shareholders.

The current statutory minimum capital is:

TRY 50,000.

The Ministry of Trade confirms that limited companies have a minimum capital of TRY 50,000 and may have no more than 50 shareholders. Limited companies cannot offer their shares to the public.

The mandatory corporate organs are broadly:

General Assembly of Shareholders

and

Manager or Board of Managers.

A limited company is frequently chosen for:

small and medium-sized businesses, consulting companies, family businesses, trading companies, ordinary e-commerce businesses, professional service companies and relatively closely held ventures.

3. What Is a Turkish Joint Stock Company?

A joint stock company is also a capital company with separate legal personality.

It may be established by one or more natural or legal persons.

Its capital is divided into shares, and its principal corporate organs are:

General Assembly

and

Board of Directors.

The current minimum capital for an ordinary joint stock company is:

TRY 250,000.

Where a non-public joint stock company adopts the registered capital system, the minimum starting capital is currently:

TRY 500,000.

Unlike the limited company form, a joint stock company may issue shares suitable for more sophisticated investment structures and is the company type capable of public offering and stock-exchange listing under the relevant capital markets framework. The Ministry of Trade expressly identifies the A.Ş. as the structure whose shares may be publicly offered and traded on a stock exchange.

4. Minimum Capital: TRY 50,000 vs TRY 250,000

One of the most visible differences is capital.

As of 2026:

The minimum capital thresholds were increased with effect from 1 January 2024.

For a newly established small business, the lower TRY 50,000 threshold can make an Ltd. Şti. attractive.

However, statutory minimum capital should not determine the entire structure.

A company with international operations, employees, significant contracts and financing needs may require substantially more actual capital regardless of whether Turkish law theoretically permits incorporation with TRY 50,000.

5. When Must the Capital Be Paid?

The timing of capital payment differs.

For an ordinary Turkish joint stock company, at least 25% of cash capital subscribed at incorporation must generally be paid before registration, with the balance payable within 24 months.

For a limited liability company, the current formation regime does not require the same 25% pre-registration payment. The subscribed cash capital may generally be paid within 24 months following incorporation, subject to the company’s articles and applicable corporate resolutions.

This gives a limited company some initial cash-flow flexibility.

For example, a founder incorporating an Ltd. Şti. with TRY 500,000 capital may not need to fund the same mandatory pre-registration percentage applicable to an A.Ş.

However, where the company is being established for immigration, regulatory, banking or investment purposes, simply delaying the capital payment may not be commercially advisable.

Some procedures look at paid-up capital, not merely subscribed capital.

6. Which Structure Provides Better Shareholder Liability Protection?

Both structures are capital companies and provide important limited-liability protection.

A joint stock company is liable for its debts with its own assets, while shareholders are generally liable to the company only for the capital they have undertaken to contribute.

A limited company’s ordinary commercial debts are likewise generally obligations of the company itself.

However, there is a major practical difference concerning public debts.

This difference is particularly important for foreign investors.

7. Limited Company Shareholders and Public Debt Liability

Under Article 35 of Law No. 6183 on the Collection Procedure of Public Receivables, shareholders of a Turkish limited company can become directly liable, in proportion to their shareholding, for public receivables that cannot be fully or partially collected from the company or that are considered uncollectible.

The same provision also contains specific rules concerning former and new shareholders where a limited company interest is transferred.

This may cover certain tax and other public liabilities.

Accordingly, the statement:

“I am only a shareholder, therefore I can never be personally pursued for company public debts”

is not accurate for a Turkish limited company.

This is a major reason why institutional investors frequently prefer the A.Ş. structure.

8. Are A.Ş. Shareholders Personally Responsible for Public Debts?

The position of an ordinary A.Ş. shareholder is significantly different.

Merely owning shares in an A.Ş. does not create the same Article 35 shareholder liability regime applicable to limited company partners.

However, this does not mean that directors or legal representatives are immune from liability.

Board members, legal representatives and other responsible persons may face separate personal liability under tax, social security and public receivables legislation depending on their authority, term of office and the relevant debt.

Therefore, an investor should distinguish between:

liability as a shareholder

and

liability as a director, manager or legal representative.

From a pure passive shareholder-liability perspective, an A.Ş. can generally provide stronger separation.

9. Which Is Better for a Passive Foreign Investor?

Where a foreign investor wants to provide capital but does not intend to manage the Turkish business personally, an A.Ş. will often be more attractive.

The reasons include:

more flexible share transfers, stronger separation from the limited-company public-debt shareholder regime, more sophisticated shareholder rights, potential issuance of different share groups and a corporate governance framework better suited to outside investment.

This is particularly relevant for:

venture capital funds, private equity investors, family offices, multinational groups, angel investors and international joint ventures.

A small owner-managed business may not need this level of complexity.

10. Management of a Limited Company

A Turkish limited company is managed by one or more managers.

Managers may include shareholders and, subject to the Turkish Commercial Code, non-shareholders may also be appointed.

However, Turkish law requires at least one shareholder to have management and representation authority. The Ministry of Trade expressly confirms this requirement.

This can matter in a foreign-owned structure.

For example, if a foreign corporation owns 100% of a Turkish limited company, the management arrangements should be designed carefully to satisfy Turkish company law while also dealing with the legal-person shareholder structure.

Management authority should also be coordinated with Turkish work permit rules where a foreign natural person will actively work in Turkey.

Ownership of shares and permission to work are separate legal concepts.

11. Management of a Joint Stock Company

A Turkish A.Ş. is managed and represented through its board of directors.

The board may consist of one or more persons.

A legal entity may itself be appointed as a board member, in which case a natural person is designated to act on behalf of that legal entity.

The board structure provides considerable flexibility for multinational and institutional investors.

For example, an international joint venture may establish a five-member board with:

two directors appointed by Investor A, two directors appointed by Investor B and one independent or mutually agreed director.

The parties may then regulate strategic decisions through the articles of association and shareholders’ agreement.

This type of governance structure is generally more natural in an A.Ş. than in a traditional closely held Ltd. Şti.

12. Which Structure Is Better for Share Transfers?

For most investment and exit scenarios, the A.Ş. is significantly more flexible.

The Ministry of Trade’s share transfer guidance explains that, as a general principle, transfers of A.Ş. shares are comparatively free and generally do not require Trade Registry registration and announcement, subject to exceptions and restrictions arising from the articles, share type or applicable legislation.

By contrast, a Turkish limited company share transfer is more formal.

The process generally involves a notarised share transfer agreement, approval of the general assembly unless the articles provide otherwise, and registration/announcement procedures.

For a company that expects shareholders to enter and exit regularly, this difference can be decisive.

13. Practical Example: Foreign Investor Exit

Assume two entrepreneurs establish a Turkish company.

Three years later, an international investor offers USD 5 million to acquire 60%.

If the company is an A.Ş., the transaction may generally be structured through a more conventional share acquisition, subject to the articles, shareholders’ agreement, regulatory approvals and share form.

If the company is an Ltd. Şti., the transaction involves more formal share transfer requirements and the incoming investor must also evaluate the public-debt risks associated with becoming a limited-company shareholder.

For this reason, founders expecting a future company sale often prefer an A.Ş. from the beginning.

14. Which Structure Is Better for Startups?

For a startup that intends to raise institutional investment, an A.Ş. is often the more suitable structure.

A startup may begin with two founders, but later ownership can include:

founders, angel investors, venture capital funds, strategic investors, employee incentive arrangements and international investors.

A joint stock company is better adapted to sophisticated equity transactions and different classes or groups of shares.

It is also more aligned with the financing and exit expectations of professional investors.

Turkey’s official foreign-investment guidance itself notes that joint stock companies are commonly preferred for joint ventures because they facilitate groups of shares and provide a limited-liability structure suitable for investments.

An Ltd. Şti. may still be appropriate for an early-stage bootstrapped startup, but founders should consider whether they will have to convert it into an A.Ş. before institutional investment.

15. Which Structure Is Better for Venture Capital?

Usually, an A.Ş.

A professional investor will often want rights relating to:

board representation, reserved matters, liquidation preferences, anti-dilution protection, information rights, future capital increases, tag-along rights, drag-along rights, exit mechanisms and share transfer procedures.

While contractual protections can be created in different structures, the A.Ş. is generally more compatible with sophisticated equity financing.

For that reason, when founders already know that venture capital fundraising is a realistic objective, starting directly as an A.Ş. can avoid a later type conversion.

16. Can a Limited Company Go Public?

No.

The Ministry of Trade expressly states that limited companies cannot be publicly offered.

If public offering, capital markets financing or a future Borsa İstanbul listing is part of the long-term plan, the company must operate in an appropriate joint stock company structure.

A joint stock company is the Turkish corporate form designed for share issuance and capital-market participation.

For many small companies this distinction is irrelevant.

For high-growth companies it can be crucial.

17. Can an A.Ş. Issue Different Groups of Shares?

A joint stock company can be structured with different share groups and privileges within the limits of Turkish law.

This may allow investors to negotiate different rights concerning:

voting, board nominations, dividends and other corporate governance matters.

For a founder-investor relationship, this flexibility can be particularly useful.

For example, founders may retain one class of shares while an institutional investor receives another class with board nomination or protective rights.

The precise validity and enforceability of these rights should be coordinated between the articles of association and the shareholders’ agreement.

18. Which Structure Is Better for a Joint Venture?

For significant international joint ventures, an A.Ş. is often preferable.

Imagine a Turkish business partner and a foreign multinational establishing a 50/50 venture.

The parties may want a detailed structure concerning:

board representation, chairman appointment, veto matters, business plan approval, financing obligations, deadlock, transfer restrictions, tag-along and drag-along rights.

An A.Ş. provides a corporate framework that generally fits these arrangements well.

Turkey’s official Investment Office also notes that parties to joint ventures commonly prefer the A.Ş. structure and regulate their relationship through shareholders’ agreements.

19. Which Company Is Easier and Cheaper to Establish?

An Ltd. Şti. is generally the simpler choice from a capital perspective.

Its minimum capital is lower and the cash capital does not have the same 25% pre-registration payment requirement applied to ordinary A.Ş. incorporation.

However, the actual formation procedure for foreign investors is broadly similar.

Foreign individual shareholders may need notarised Turkish passport translations and Turkish tax identification numbers.

Where the shareholder is a foreign company, corporate documents such as a certificate of activity, shareholder resolution and signatory documentation must generally be properly legalised or apostilled and translated into Turkish.

Both company forms are incorporated through the Trade Registry system using MERSIS.

Therefore, the difference in establishment difficulty is usually smaller than foreign investors initially expect.

20. Do Both Companies Have Separate Legal Personality?

Yes.

Both an Ltd. Şti. and an A.Ş. are independent legal persons.

This means company assets belong to the company rather than directly to the shareholders.

The company can generally:

own property, enter into contracts, employ personnel, open bank accounts, acquire intellectual property, sue and be sued.

Foreign investors should therefore distinguish a Turkish company from a branch.

A foreign company’s Turkish branch does not have the same independent legal personality, whereas both an Ltd. Şti. and an A.Ş. do.

21. Are the Corporate Tax Rates Different?

Generally, no.

Company type by itself does not create a different ordinary corporate income tax rate.

For the 2026 financial year, the general corporate income tax rate for ordinary corporate taxpayers is currently 25%, although special rates and reductions apply to specified sectors and qualifying activities.

Accordingly, choosing an Ltd. Şti. rather than an A.Ş. solely because one supposedly pays a lower general corporate income tax rate would normally be incorrect.

The more important tax differences frequently arise at the:

shareholder, dividend, financing and exit levels.

22. Can Share Exit Taxation Differ?

Yes, and this can be an important planning factor.

For individual shareholders subject to Turkish taxation on the relevant disposal gain, current Revenue Administration guidance provides special treatment for shares of Turkish resident companies that qualify as share certificates and have been held for more than two years.

The Revenue Administration states that shares of full taxpayer institutions held for more than two years fall outside the ordinary value appreciation gain rule applicable to securities, subject to the relevant statutory conditions.

By contrast, disposals of ordinary partnership rights or company interests are separately listed among transactions that may generate taxable value appreciation gains.

This can create an important distinction between certain A.Ş. share structures and limited-company interests.

However, this topic is highly fact-specific.

A foreign seller’s country of residence, double taxation treaty, whether the shares are certificated, acquisition date, seller type and Turkish tax status can materially change the outcome.

No company should select its legal form based on a tax exemption without obtaining transaction-specific tax advice.

23. Shareholder Number and Future Growth

An Ltd. Şti. is limited to a maximum of 50 shareholders.

For many businesses, this is more than sufficient.

A family business with four shareholders or a consulting company with two foreign founders is unlikely to ever approach this limit.

However, the ceiling can become relevant for:

larger investment platforms, employee ownership structures, companies with repeated investment rounds or businesses intending to develop a broad shareholder base.

An A.Ş. provides substantially greater flexibility in this respect.

24. Which Is Better for a One-Person Business?

Both structures may be established with a single shareholder.

The Ministry of Trade confirms that both limited companies and joint stock companies may be incorporated as single-shareholder companies.

For an individual foreign consultant, small trading operation or simple owner-operated business, an Ltd. Şti. may therefore be sufficient.

For a sole founder expecting major investment later, an A.Ş. may still make more sense despite the higher capital threshold.

The answer depends not on the number of founders today, but on what the ownership structure is likely to look like in three or five years.

25. Which Is Better for a Foreign Corporate Subsidiary?

For a multinational establishing a Turkish subsidiary, both forms can work.

An international company may choose an Ltd. Şti. where the Turkish business will remain relatively small, wholly owned and closely controlled by the foreign parent.

An A.Ş. may be preferable where:

the Turkish operation is strategically important, significant investment is planned, financing will be complex, management will involve a formal board, future co-investors are possible or a later sale is expected.

Institutional corporate groups often prefer the governance structure of an A.Ş., especially where headquarters expects formal board reporting and approval procedures.

26. Which Is Better for a Small Consultancy or Trading Company?

An Ltd. Şti. is often adequate.

If the business involves:

one or two shareholders, limited capital requirements, no external investors, no planned public offering and a relatively simple management structure,

there may be little reason to assume the additional corporate complexity of an A.Ş.

For example, a foreign entrepreneur setting up a small business consultancy in Istanbul may prefer an Ltd. Şti.

But if the same entrepreneur plans to build a technology platform and raise USD 10 million from investors, the answer may be very different.

27. Existing Companies and the 31 December 2026 Capital Deadline

There is an important transitional issue in 2026.

Existing Turkish limited and joint stock companies whose capital remains below the new statutory minimum amounts are generally required to increase their capital to the applicable minimum by 31 December 2026.

The Ministry of Trade states that companies failing to satisfy the requirement within the statutory period may be deemed dissolved under the transitional provision.

This is particularly important when a foreign investor is purchasing an older Turkish company.

For example, an old Ltd. Şti. may still show TRY 10,000 capital.

A foreign investor acquiring that company in 2026 must not assume that the historic capital amount can remain indefinitely.

28. Limited Company vs Joint Stock Company: Which Is Safer for an Acquisition?

If the investor is purchasing an existing company rather than establishing a new one, the public debt distinction becomes particularly significant.

Under Article 35 of Law No. 6183, a person acquiring shares in an existing limited company may, under the statutory conditions, face liability in relation to pre-transfer public receivables together with the transferor.

This makes tax and public-debt due diligence especially important in an Ltd. Şti. acquisition.

An A.Ş. share acquisition still requires comprehensive legal and financial due diligence, but an ordinary passive shareholder does not face the identical limited-company shareholder liability provision.

29. Which Structure Is Better for Selling the Business Later?

Usually the A.Ş.

A future buyer generally wants:

clear share ownership, straightforward transfer mechanics, clean corporate governance and efficient closing procedures.

A.Ş. shares can generally be transferred more flexibly than Ltd. Şti. interests.

For founders planning an eventual strategic sale, private equity exit or investment transaction, this flexibility can significantly reduce transaction friction.

The corporate structure should ideally support the eventual exit rather than obstruct it.

30. Can You Convert an Ltd. Şti. Into an A.Ş. Later?

Yes, Turkish company law permits corporate type conversions where the statutory requirements are satisfied.

Therefore, choosing an Ltd. Şti. at the beginning does not permanently prevent a later A.Ş. structure.

However, conversion can require:

corporate resolutions, financial documentation, Trade Registry filings, amendments to governance arrangements and coordination with contracts, licences and investors.

The process may be manageable, but it creates an additional corporate project.

If institutional investment is clearly expected from the beginning, establishing an A.Ş. directly may be more efficient.

31. A Practical Decision Example

Consider two foreign founders establishing a SaaS company in Turkey.

They currently have no employees and require only TRY 200,000 initial operational capital.

If they expect to remain owner-operated and fund the business from revenue, an Ltd. Şti. may provide a simple and economical structure.

Now change the facts.

The founders expect a seed round within twelve months, want to grant governance rights to investors, expect several investment rounds and ultimately want the company sold to an international technology group.

In that scenario, establishing an A.Ş. at the beginning may be significantly more efficient.

The business activity is almost identical.

The financing and exit strategy changes the correct company type.

32. Practical Comparison: Ltd. Şti. or A.Ş.?

For a foreign investor, the decision can often be reduced to a few strategic questions.

If the company will remain closely held, has only a few owners, does not expect external equity investment and values lower minimum capital, an Ltd. Şti. may be sufficient.

If the business expects institutional investment, multiple shareholder groups, easier exits, formal board governance, possible public offering or strong passive-shareholder liability separation, an A.Ş. will often be more appropriate.

Neither structure is universally superior.

The right structure depends on the business model.

Frequently Asked Questions

What is the minimum capital for a Turkish limited company in 2026?

The current minimum capital is TRY 50,000.

What is the minimum capital for a Turkish joint stock company?

The current minimum basic capital is TRY 250,000. A non-public A.Ş. using the registered capital system must have at least TRY 500,000 starting capital.

Can a foreigner own 100% of either company?

Generally yes, subject to special restrictions in regulated sectors. Turkey’s foreign investment framework is based on equal treatment of international and domestic investors.

Does a foreign investor need a Turkish shareholder?

Generally no.

Can one person establish an Ltd. Şti.?

Yes.

Can one person establish an A.Ş.?

Yes.

How many shareholders can an Ltd. Şti. have?

At least one and at most 50.

Is there the same 50-shareholder ceiling for an A.Ş.?

No equivalent maximum applies in the same manner.

Which company is easier to sell?

An A.Ş. usually provides more flexible share transfer mechanics.

Does an Ltd. Şti. share transfer require a notary?

The statutory transfer procedure generally requires a notarised transfer agreement together with the applicable general assembly and registration formalities.

Does an A.Ş. share transfer require Trade Registry registration?

As a general rule, ordinary A.Ş. share transfers are not universally subject to Trade Registry registration and announcement, although exceptions may apply.

Which company is better for startups?

An A.Ş. is frequently preferable where venture capital, multiple investment rounds or a future exit is expected.

Which company is better for a small consulting business?

An Ltd. Şti. may often be simpler and sufficient.

Which structure is better for international joint ventures?

An A.Ş. is frequently preferred because it provides greater flexibility for share groups, board governance and shareholder arrangements.

Can an Ltd. Şti. go public?

No.

Can an A.Ş. be publicly offered?

Yes, subject to Turkish capital markets legislation.

Are the ordinary corporate income tax rates different?

Generally no. The standard corporate income tax rate for ordinary companies in the 2026 financial year is currently 25%, subject to special rates and activity-based reductions.

Are Ltd. Şti. shareholders responsible for public debts?

Under Article 35 of Law No. 6183, limited-company shareholders may be pursued in proportion to their shares for qualifying public receivables that cannot be collected from the company.

Is an A.Ş. shareholder subject to the same rule merely because he owns shares?

No identical Article 35 limited-company shareholder regime applies merely because a person holds A.Ş. shares. Directors and legal representatives may nevertheless have separate liabilities.

Conclusion: Should a Foreign Investor Establish an Ltd. Şti. or an A.Ş. in Turkey?

For many foreign entrepreneurs, both the Limited Liability Company and Joint Stock Company can provide a legally effective structure for doing business in Turkey.

Both may generally be established with 100% foreign ownership.

Both have separate legal personality.

Both may employ personnel, own assets, open bank accounts, enter contracts and conduct commercial activities.

But they are not interchangeable.

The Limited Liability Company is generally more suitable for relatively simple and closely held businesses.

Its current minimum capital is only TRY 50,000, compared with TRY 250,000 for an ordinary A.Ş. Cash capital in an Ltd. Şti. may also generally be paid within 24 months after incorporation, whereas an ordinary A.Ş. requires at least 25% of subscribed cash capital before registration.

For a small foreign-owned trading company, consultancy, family business or ordinary SME, these advantages may make the Ltd. Şti. an efficient choice.

However, foreign investors should not overlook the public-debt liability regime.

Article 35 of Law No. 6183 can expose limited-company shareholders personally, in proportion to their shares, to qualifying public receivables that cannot be collected from the company. Specific statutory liability can also arise in connection with share transfers.

The Joint Stock Company, by contrast, will frequently be the stronger structure where the business expects growth, institutional capital or a future exit.

An A.Ş. generally provides:

more flexible share transfers, more sophisticated board governance, better compatibility with investment rounds, greater flexibility for different shareholder groups and the possibility of public offering.

It is therefore frequently preferable for:

technology startups, venture-backed companies, private equity structures, international joint ventures, multinational subsidiaries, high-value investments and companies expected to be sold in the future.

The most important distinction is therefore not:

“Which company is cheaper to establish?”

It is:

“What do we want this company to become?”

If the answer is:

“A small business owned and managed by one or two people,”

an Ltd. Şti. may be entirely appropriate.

If the answer is:

“A scalable company that will raise investment, admit new shareholders, establish sophisticated governance arrangements and eventually be sold or publicly offered,”

an A.Ş. will often be the more strategic structure.

Foreign founders should therefore decide the legal form by looking several years ahead.

The correct company formation analysis should consider the expected:

ownership structure → financing model → management system → public-debt exposure → investment rounds → share transfers → tax position → work permit strategy → exit strategy.

For many foreign-invested businesses, choosing the correct form at incorporation can prevent costly restructuring later.

A Turkish company should therefore be designed not only for the day it is established, but also for the day an investor enters, a founder exits or the entire business is sold.

This article reflects Turkish legislation and official administrative guidance available as of August 2026. It is prepared for general informational purposes only and does not constitute company-specific legal, tax, accounting or investment advice. The appropriate legal form should be determined according to the investors, sector, financing plan, expected ownership structure and exit strategy applicable to the specific business.