Partner's and Manager's Liability for Company Debt
Summary: The belief 'I established a company, if it goes bankrupt, only the company goes bankrupt, foreclosure won't come to my house' is partly true and partly ...
The belief “I established a company, if it goes bankrupt, only the company goes bankrupt, foreclosure won’t come to my house” is partly true and partly false. It depends on which company you established and what the debt is.
1. Commercial Debts (Market Debt)
For debts owed to third parties (Bank, Supplier);
- Joint Stock Company (A.Ş.): Partners and Managers are generally not liable. Only the company’s assets are pursued. (However, if the manager committed “Bad management/Irregularity”, they can be held personally liable via TCC 553 lawsuit).
- Limited Liability Company (LTD): Partners are liable only up to the capital they committed to contribute.
2. Public Debts (Tax and SSI) - CRITICAL!
The state does not forgive its receivables. If Tax and SSI debts cannot be collected from the company;
- Limited Liability Company: Partners are liable with all their personal assets (House, Car) in proportion to their shares. Managers are fully liable.
- Joint Stock Company: Partners (if not on the board) are not liable. Only Board Members are liable with their personal assets.
3. Share Transfer and Liability
Even if you transfer your shares in the debtor company, your liability continues for public debts arising before the transfer date (in LTD companies).
Frequently Asked Questions
Q: What can be done to a manager who ruined the company? A: Company partners can file a “Liability Lawsuit” against the manager/executive who caused damage to the company and have the damage compensated personally.
Legal Support: You can contact us for the cancellation of seizures on your personal assets due to company debts.
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Contact us for professional legal assistance on this matter.
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Fevzi Yaşkır, registered with the Konya Bar Association, practices in Criminal Law, Family Law, Labor Law, and Enforcement Law. He is committed to defending his clients' rights at the highest level.