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ARTICLE · 19 FEBRUARY 2013

Joint Ventures Under Turkish Legal System

A discussion on the topic of joint ventures under Turkish law.

TurkeyCorporate/Commercial Law
Nilufer Budak
Nilufer Budak

I. General Information

Under Turkish law, joint ventures are defined as partnerships whereby two or more independent legal entities or individuals come together for the achievement of a common target. A joint venture is generally created for a specific project and the main elements needed for a joint venture are the individuals or the legal entities, a common purpose, contributions and the agreement of the partners. Under general principles of law, joint ventures can be formed as one of the commercial company types (most commonly, joint stock companies or limited companies) as defined in the Turkish Commercial Code numbered 6102 ("TCC"), or as an ordinary partnership in which case they shall be subject to the related provisions of the Turkish Code of Obligations numbered 6098 ("TCO"). Joint ventures which do not meet the criteria set out in the TCC shall be deemed as an ordinary partnership as per Article 620 of the TCO.

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