CEVAP:

According to Article 211 of the Turkish Commercial Code, a collective company is a type of company which can be established only by persons (individuals) for the
purposes of operating a commercial enterprise under a commercial title. Shareholders’ liability is joint and unlimited with all their property and this principle is an obligatory rule which the parties cannot agree otherwise. The shareholders’ unlimited liability for the debts of the Company is not a direct liability which means that a creditor should first refer to the Company for the debts and only if the Company is unable to pay, then refer to the shareholders. In such a case the shareholders are jointly and severally liable for the debts.