A "limited şirket" is a type of business entity in Turkey that combines elements of both a corporation and a partnership. It offers limited liability to its owners, meaning their personal assets are protected from the company's debts. This structure is popular among small and medium-sized enterprises due to its flexibility and ease of management. In a limited şirket, the ownership is divided into shares, and the number of shareholders can range from one to fifty. The company must adhere to specific regulations set by the Turkish Commercial Code, including maintaining proper accounting records and filing annual reports.