This article examines the general characteristics of limited liability principles and exemptions to limited liability introduced for creditor protection in Turkish Law. In the first section, it examines the general application of limited liability in the Turkish Commercial Code. In the second section, it examines the exemptions to limited liability introduced by case law and statutory laws. This work concentrates on recent developments that might attract interest at international level by broadening the discussion in the area of limited liability. Thus, this article does not cover every exemption. The chosen examples introduce fundamental and controversial exemptions to the limited liability principle. The third section of the article examines the future of limited liability in Turkish law by examining the Draft Commercial Reform Bill. As the Draft Bill introduces some exemptions to limited liability in corporate groups, the issue is examined in detail as a special concern.