Ownership Rights of Legal Entities in Turkmenistan

BUSINESS TURKMENISTAN
Ownership Rights of Legal Entities in Turkmenistan
The property of legal entities in Turkmenistan is subdivided into property of enterprises and property of entrepreneurial associations.

In accordance with the Law of Turkmenistan On Property, property is a system of economic and legal relations that characterize socio-economic and organizational forms of distribution (appropriation) of property.

Ownership - legally regulated public (property and personal non-property) relations for the possession, use and disposal of property.

The property of legal entities in Turkmenistan is subdivided into property of enterprises and property of entrepreneurial associations.

Ownership of legal entities of Turkmenistan:

The property of an enterprise is formed as a result of the assignment by a citizen and (or) a legal entity of its property to the enterprise being created, and as a result of denationalization and privatization of properties of a state enterprise in accordance with the legislation of Turkmenistan.

Joint-stock companies, economic societies and other enterprises created as owners of property and as legal entities have the right of ownership to property transferred to them in the form of contributions and other contributions by their participants, and to property received as a result of entrepreneurial activity and acquired on other grounds that do not contradict the legislation of Turkmenistan. Joint-stock companies are also the owners of the funds received by them from the sale of shares.

Enterprises under an agreement between themselves can unite in associations, concerns and other forms of business associations that have the rights of a legal entity.

The entrepreneurial association has the right of ownership to property voluntarily transferred to it by its participants, as well as obtained as a result of the activity of an entrepreneurial association.

Source: Law of Turkmenistan On Property