Subsidiary liabilities at the limited corporations

Subsidiary liabilities are one of the innovations that Turkish Commercial Code No. 6102 brought in the law of limited corporations. Anticipating the subsidiary liabilities are one of the exceptions of the single debt principle. Without any regulations in the corporate charter, it is not possible to anticipate the subsidiary liabilities. Subsidiary liabilities are not obligatory matters of the corporate charter but optional matters. After the company is established, subsidiary liabilities can be anticipated by modifying the corporate charter. General assembly decisions anticipating the subsidiary liabilities may only be made upon the written approval of all relevant partners. Positive approvals of the partners who are not under such liabilities are not needed. Subsidiary liabilities have to be based on a principal capital share. They can be anticipated for a single share, certain share groups, certain shares or even for all shares. In this manner, subsidiary liabilities become liabilities bonded to the right. It is not possible to bind those subsidiary liabilities to the partners personally. The purpose of the subsidiary liabilities is to support realizing the field of operation of the company. The purpose is not to meet the need of equity capital.