In principle, the liability of shareholders or partners of joint stock companies and limited liability companies is limited to their capital commitment. However, being a partner or a legal representative in limited liability companies encumbers additional liability with regard to tax and other public debts of the company and such additional liability is generally disregarded by foreign investors.

The Turkish Commercial Code (hereinafter to be referred to as the “TCC”) entered into force on January 1st, 1957, and for over 50 years since then, while most of the European countries have adopted new codes or amended their regulations in accordance with the latest developments taking place in the world, the TCC has not been significantly amended.