Procedure For Termination of Entrepreneurial Activity in Turkmenistan

BUSINESS TURKMENISTAN
Procedure For Termination of Entrepreneurial Activity in Turkmenistan
Termination of entrepreneurial activity is carried out by the decision of the owner or the court.

What is entrepreneurship?

In accordance with the Law of Turkmenistan On Entrepreneurship, entrepreneurship is a proactive, independent activity of citizens aimed at obtaining profit or income, carried out on their own behalf, at their own risk and under their property responsibility or on behalf and under the property responsibility of a legal entity - enterprises.

Procedure for the termination of entrepreneurial activity

Termination of entrepreneurial activity is carried out by the decision of the owner or the court.

The court terminates business activity in the following cases:

  • carrying out entrepreneurial activities prohibited by the legislation of Turkmenistan, or not having a special permit (license) for such activities;
  • repeated or gross violation of the law;
  • violations of environmental safety standards;
  • declaring an entrepreneur bankrupt;
  • on other grounds provided for by the legislation of Turkmenistan.

The court that made the decision to terminate entrepreneurial activity in the above cases determines the procedure and terms for terminating entrepreneurial activity in accordance with the legislation of Turkmenistan.

In the event of the death of an entrepreneur, his rights and obligations to carry out entrepreneurial activities are transferred to his heirs.

Entrepreneurial activities carried out on the basis of a contract may be terminated upon the expiration of the term of such a contract or its termination at the request of one of the parties in the cases and in the manner provided for by the contract.