Ordinary Partnership

Ordinary Parnership - Joint Venture ORDINARY PARTNERSHIP AS A TRADE COMPANY IN TURKISH LAW The basic definition for “company” is a business association formed by two or more parties who bring together their labor and / or capital to achieve a common purpose. Following the latest change in Turkish Commercial Code a single person is able to set up business by forming a company. The sole purpose of establishing business by forming a company is to make profit and to share it. Without any concern of making and sharing profit, an association is also possible by forming either a “society” or a “foundation” which are not regulated by Commercial Code. To establish a company the founder(s) enter into a contract...

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