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WHAT IS A LIMITED PARTNERSHIP AND WHAT DOCUMENTS ARE REQUIRED FOR ITS ESTABLISHMENT?

What is a Limited Partnership?

According to the Turkish Commercial Code No. 6762’a limited partnership is a type of company that arises from two or more partners operating a commercial enterprise under the same commercial name. It is established by a contract.

Types of Limited Partnerships

A limited partnership is divided into two sub-types:

• General partnership: This is a type of company preferred by entrepreneurs engaged in commercial activities. In this type of company, one partner has limited liability while the other's liability is limited to a certain capital. In general partnerships, you can make a profit without directly engaging in trade. If you have commercial knowledge and skills but do not have sufficient capital, you can choose this type of company.
• General partnership: This is a type of company preferred by entrepreneurs engaged in commercial activities. In this type of company, one partner has limited liability while the other's liability is limited to a certain capital. In general partnerships, you can make a profit without directly engaging in trade. If you have commercial knowledge and skills but do not have sufficient capital, you can choose this type of company.

What are the Characteristics of Limited Partnerships?

This type of company has some unique characteristics compared to other types of companies. These characteristics are as follows:

• In this type of company, some partners are limited partners (complementary) while others have unlimited liability.
• Limited partnerships have legal personality and a structure consisting of at least five partners.
• Those who do not prefer to engage in trade but want to act as investors can choose this type of company.
• These companies have an Audit Board and a Board of Directors.
• During the establishment stage, the partners and their responsibilities are predetermined in the company agreement.

How to Establish a Limited Partnership?

Those who want to establish a company of this type first need to obtain the necessary documents and apply to establish the company. These documents are:

• Legal books,
• Documents to be submitted to the tax office,
• Documents to be submitted to the Trade Registry Office.

1 - Documents to be Submitted to the Trade Registry Office

The documents to be submitted to the Trade Registry Office’during the establishment stage are as follows:

• A petition signed by those who want to establish this type of company and the names of the authorized persons,
• Notarized contract,
• Notarized photocopies of the identity cards of the partners,
• A letter of undertaking that can be obtained from the Trade Registry Office,
• Notarized and signed registration declaration of those having signature authority,
• A copy of the capital deposited in the Central Bank.

2 - Legal Books Required During the Establishment Stage

A legal book is a type of book that is mandatory to keep in this type of company. You can obtain this book from a stationery store. Besides, you need to certify this book by a notary after filling it out. The other legal books are as follows:

• Share,
• Inventory,
• Daily Journal,
• The Great Ledger,
• Board of Directors' Decision Book,
• General Meeting Minutes and Discussion Book.

3 - Documents to be Submitted to the Tax Office

• Signature circulars,
• Photocopy of identity card,
• Copy of the contract,
• Printed petition,
• Residence information.

After completing all the documents listed above, you can apply to establish a limited partnership. After submitting your documents, you also need to complete procedures such as obtaining a cash register plate, registering with the chamber of industry, chamber of commerce, or the chamber of tradesmen and artisans. Since the chamber to be registered may vary depending on the business activity, you need to manage this process correctly during the establishment stage. After registering with the chamber, you can complete your Social Security procedures and submit your employment documents.

Take Advantage of Ifasturk for Company Establishment!
Compared to personally taking on the process of company establishment and management, Ifasturk enables you to save money and time. It accompanies you throughout the process of company establishment and post-establishment and offers you an end-to-end solution to manage all your tax processes. You can contact us to get more detailed information.