What Are the Company Types and Features? How to Establish a Company?

First of all, if you have an idea or a product you want to sell, you have taken the first step to get started. After that, what you need to do is to calculate your steps by acting in a planned manner.

You can start by researching whether there is a demand for this product or service. What makes your product or service different from others? How do you plan to take place in the sector?

You can answer these questions by conducting market research and feasibility studies, analyzing the state of the market, and determining how you will position yourself. If you look for answers to questions such as who should choose you and why, you can draw a roadmap for yourself.

Don't be afraid to take risks, but don't leave your business to chance either. Make your plan considering situations such as feasibility study, capital risks, unseen expenses, taxes and return on investment. When starting a business, never forget that you have to push the gas pedal all the way to get the plane off the ground, and always remind yourself of your dreams.

After creating your business plan, it is time to choose the type of company that suits you. Before establishing a company, you must decide which one is more suitable for you. There are 3 different types of companies: Sole Proprietorship, Limited Liability Company, and Joint Stock Company. If you have information about their features, you can easily make a decision.

How to Establish a Sole Proprietorship?

The easiest way to establish a company is "Sole Proprietorship". It is the fastest established and fastest closed company type. A sole proprietorship can be established with the support of an accountant.

Required Documents to Establish a Sole Proprietorship:

• Power of attorney for accountant to be obtained from notary public

• Signature declaration to be obtained from notary public

• Rental contract

• Certificate of residence

• Two photographs of the company owner

How to Establish a Limited Liability Company?

When establishing a limited liability company, there must be at least 1 and at most 50 partners. One of the most important points that distinguishes it from a sole proprietorship is that a capital of 10,000 TL is required.

The capital share contributed by each partner must be 25 TL and its multiples. In addition, while regulating the capital article of the articles of association, the nominal value of the capital shares and the number of shares belonging to the partner must also be specified. The final step is to collect the necessary documents with the accountant.

Required Documents to Establish a Limited Liability Company:

• Establishment notification form

• Petition

• Notarized contract

• Chamber registration declaration

• Certificate of residence

• Rental contract

• Receipt proving that the capital has been deposited

How to Establish a Joint Stock Company?

It is a type of company whose capital is determined and divided into shares. It is a company that is liable for its debts only with its assets. Joint stock company owners have a fixed tax rate.

Therefore, it would be more appropriate for companies with high income to choose this company type. It is also the company type preferred by entrepreneurs who plan to receive investment. You must work with a lawyer during the establishment and subsequent processes.

Required Documents to Establish a Joint Stock Company:

• Petition

• Approval of the articles of association

• Signature declaration for all partners

• Photocopy of identity card of all partners

• Chamber registration declaration

• Receipt proving that the capital has been deposited

• In customs brokerage companies, the notarized customs brokerage permit of the partners and externally appointed managers authorized in customs procedures must be submitted. In Authorized Customs Brokerage companies, the notarized authorization certificate of the partners obtained from the Undersecretariat of Customs must be submitted.

• In case the parents of the minor company partner or any of the parents is a partner in the company, the trustee appointment decision obtained from the court for the minor partner.

• If municipalities and other local administrations and the unions established by them are among the founders of the company to be established, a copy of the Council of Ministers decision permitting the participation of these organizations is required.

After the establishment of the company, all relevant documents must be filed and kept in an organized manner. The documents that should be in this file are:

• Official Gazette of Establishment

• Signature circulars

• Trademark registration

• Patent, if any

• Company information and documents

• All documents such as receipts, registrations, etc. related to the establishment.

If you have made an agreement with a financial advisor, a copy of each of these must also be kept with your financial advisor. In addition, it would be beneficial for you to create a contract folder containing the contracts of the persons and organizations with which you have signed contracts.

We cannot pass without giving an important piece of information. If you want to do e-commerce on marketplaces, these marketplaces plan to make it mandatory for sellers to establish a company. We advise you to be prepared for this.

We also know that the procedures of establishing a company and international cargo shipments are quite troublesome and time-consuming processes.