Legal entities may be a “silent partner” of a limited partnership company. As a natural entity it is possible to be a “silent” as well as a “working” partner of a limited partnership company. A “silent partner” may not put his own work as a share in the company. The ‘working’ partner is the manager of the limited partnership company. A limited partnership company is not obliged to order a general assembly. The decisions concerned the company happens by means of vote. Only the “working partner” has the right to represent the company to third parties. Registered partnership A registered partnership can be established if the establishing person is a natural entity who has the intention to carry on a trade name. The liability of each partner has no limit. Legal entities may not take a part in a registered partnership. The partners of a registered partnership are towards third parties responsible with all their assets. There is no obligation to have a general board meeting after a certain period. The partners stipulate this mutual when they find it necessary. Each partner has one vote. The majority of votes count. Partnership partially limited by shares This kind of company is not often used. A partnership partially limited by shares is a company of which the shares are divided. It can be established by at least five partners of whom at least one has to be a “working” partner. One or a couple of partners are for the debts responsible like in a registered partnership company. The other partners are responsible like in a joint stock company. Like in a Limited partnership company the “working” partner’s responsibility is not restricted, while the “silent” partner’s responsibility depends on the consistent of the shares. The manager capacity belongs actually to the “working” partners. This way the management and the partnership of the partnership company which partially is limited by shares is nearly the same. When the manager capacity ends, the partner will be automatically a “silent” partner. Even if it is considerable that one partner in the company can be a “working” partner, then it will be defined that it isn’t necessary that the organization of the company consist of a commission. Liaison offices Foreign companies are allowed to set up liaison offices in Turkey for the purpose of non-commercial activities (information gathering, market research, or studying the activities of potential competitors). Liaison offices are specifically barred from engaging in any activity that directly or indirectly results in generating any form of income. A liaison office is not allowed to engage in any profit generating business, all the expenses of the office has to be paid by means of funds (foreign currency) transferred from the foreign company. Since a liaison office has no profits, its operations are largely tax-exempt. Salaries paid to its employees (nationals as well as expatriates) for example, are exempt from the personal income tax. These exemptions are directly related to the nature and the scope of the office's activities. If the office ever becomes even indirectly in involved in a profit generating activity, office will become liable not only for all taxes but any penalties that may be involved in their non-payment. The undersecretariat of treasury authorized to permit foreign companies established under the laws of foreign countries to open liaison offices, provided that they do not engage in commercial activities in Turkey. Joint venture A joint venture is a general partnership typically formed to undertake a particular business transaction or project and is intended to exist for a limited time period. Joint ventures typically exist for five to seven
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