LEAVE TRADITIONALISM BEHIND, START DISCOVERING TTK!
It has been stressed that the New Turkish Trade Law (TTK) would have tremendous effects on business world, and would bring many changes to our daily lives. Prof. Dr. Serdar Özkan, IUE Head of Department of Business Administration, who reviewed the new law after it became effective, pointed out that there was still so much to do regarding the implementation of the law, and especially the family businesses were motivated to become institutionalized.
Prof. Dr. Özkan stated that Turkey was in possession of the New Turkish Trade Law that was expected to improve Turkey’s competitive force worldwide and the most important thing was the implementation of the law. Özkan said, “The new law is compatible with the West. The provisions of the law have a direct effect on daily practices of the business world. However, when you look at the law as a whole, it is visible that one of its main goals is making long-term business relations and companies, in other words, the sustainability. Transparency and accountability are its complementary components”.
‘A revolutionary law’
Prof. Dr. Özkan indicated that the law had a revolutionary point of view in business culture, and said that the necessary adjustments in partnership rights would have positive effects on the business world which stayed away from associations. Prof. Dr. Özkan stated that various capital owners would get together and know that their rights were protected by law, thus creating new business ideas. Özkan also stated enterprises which created equilibrium of cost, quality, and time managed to survive, not the ones with traditional methods. Prof. Dr. Serdar Özkan said, “These are possible with planning, budgeting, and risk analysing. New Turkish Trade Law aims for the institutionalization of the enterprises which are mostly consisted of family businesses. Duties and responsibilities of enterprise managers, financial reporting and auditing also make institutionalization of the families essential.”
Prof. Dr. Özkan pointed out that the new law brought extra costs for the enterprises, and the state did not share the costs, but with the new implementations, the enterprises would become stabilised in medium and long term with.
Business owners should discover the law
Prof. Dr. Özkan, who stated that the traditional enterprise owners had a brand new path to discover, stated the following:
"The provisions of the new law on partnership rights, competition law, intellectual property rights, risk management, corporate management, accounting and auditing should be definitely learned by each enterprise immediately. It is essential for an enterprise to get a risk analysis. While doing this, tax advisors, financial advisors, and legal advisors should be consulted on subjects such as amendment of the principal agreement, union, liquidation, group company accounting, reporting system, keeping the accounts, etc. Traditional methods should be abandoned. New Turkish Trade Law is really a new law, and it is not healthy to build it on old methods and approaches without making special analysis.”
