In accordance with TR Commercial Code Article 638 ff. The right of leaving the partnership can be brought by Articles of Association during the establishment of company or with a change at the AoA.
A shareholder who is willing to leave the partnership, should address this to company director(s) providing that AoA grants the shareholders right to leaving the partnership.
In case no such right is granted with the AoA, shareholders are entitled to take a legal action against the Company and claim to leave the partnership if there is a certain justified reason. In that case, the judge can take necessary precautions in order to protect the shareholder’s right and avoid forfeiture during the course of trial.
Company’s right of excluding a shareholder off, could also be brought by AoA. If not, it is also possible to exclude a shareholder by taking legal action against him/her. In that case, the claimant would be the company itself.
Please do not hesitate to contact with us should you need further clarification.