Building a successful business is a very exciting process for entrepreneurs. “Limited Company”, which is a frequently preferred type of company in the business world, draws attention with its many advantages. In this article, we will examine the stages of establishing a Limited Liability Company in detail.
1. Identify Your Business Idea: At the heart of every successful business is a strong business idea. Before setting up a Limited Liability Company, it is important to clarify what type of business you want to do and your goals. When determining your business idea, it is helpful to do research to analyze the industry, examine competitors, and get to know potential customers.
2. Choose a Company Name: It is important to choose a name that describes your Limited Liability Company. Your company name must be suitable for your target audience, catchy and suitable for trademark registration. At the same time, it must comply with the Turkish Commercial Code and must not have been used before. It is recommended that you seek support from a lawyer or chamber of commerce when determining your company name.
3. Identify Partners: The Limited Liability Company must have at least one partner. Partners participate in the management of the company, providing capital, knowledge and experience. It is important to draft and sign a partnership agreement to avoid disputes between partners. Partners must agree in the partnership agreement to determine their capital shares, duties and responsibilities.
4. Set Capital: You are required to allocate a capital to your Limited Company. According to the Turkish Commercial Code, the minimum capital amount is 10,000 TL. Capital can be provided by the partners in the form of cash, goods, or services. It is important that you establish the financial structure of the company by determining the amount and distribution of capital.
5. Determine the Corporate Headquarters: You must designate a headquarters for your Limited Liability Company. The corporate headquarters refers to a physical space where all business-related activities will be carried out. The location of the company’s headquarters determines the jurisdiction in which the company will do business. If you do not want to rent a physical space, you can consider the virtual office option.
6. Prepare the Company’s Articles of Association: You need to prepare the “articles of association of the company”, which is the basic document of the Limited Company. The company’s articles of association include the purpose of the company, its shareholding structure, capital distribution, governing bodies, and other important aspects. The contract must be signed and registered in the presence of a notary public.
7. Apply to the Tax Office: You need to register your Limited Liability Company with the tax office. By applying to the tax office, you will be able to obtain the tax number and other financial records of your company. It is important to keep tax records regularly and to act in accordance with tax obligations.
8. Registration Procedures in the Trade Registry: You must register your Limited Liability Company in the Turkish Trade Registry. Registration is an important step that certifies that the company has been officially established and has become a legal entity. By applying to the Trade Registry, you need to register the commercial records and other information of your company.
The establishment stages of a Limited Company are as follows. However, this process can be complex and involve legal details. For this reason, you can get free consultancy from us on these issues and get support so that you can establish your company correctly.
You may also want to take a look at our limited company formation service.
