Abstract:

Ordinary partnerships, definitionally, can be expressed as a type of entity which does not have any existence or personality district form its owners. These partnerships are basically governed by Article 620 et. sec of Turkish Code of Obligations. According to the related article, ordinary partnerships are defined as agreement undertaken by two or more persons in form of combining labor and assets to reach a common goal. Principally business partnerships are specified as a special kind of ordinary partnership. However, additional feature of business partnerships beyond ordinary partnerships is “corporation status” given by Corporate Tax Law (CTL).  In other words, as an ordinary partnership can be solely converted into a business partnership by getting corporate liability, corporate liability can be stated as key distinctive factor between ordinary partnership and business partnership. The aim of this study is beyond giving general information and mentioning some special subjects on business partnerships, which are a special kind of ordinary partnerships, referring their legal status; to assess how they should be treated for the cases such as liquidation and dividend distribution in other saying to assess their rights and obligations under Corporate Tax Law and Turkish Code of Obligations. 

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