Can You Open A Close Corporation In South Africa
Like a company a CC is a legal person and has its own distinct legal personality and identity. Remember your corporation will be governed by the corporate law in the state of charter.
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It can also be dissolved as result of liquidation.
Can you open a close corporation in south africa. And has no assets or because of the inadequacy of its assets there is no reasonable probability of the company or close corporation being liquidated. If your company or close corporation ceases to operate you may deregister it with the Companies and Intellectual Property Commission CIPC. Of course you can always incorporate in a state that does observe close corporations.
CLOSE CORPORATIONS ACT Updated to 1 May 2011 Act 69 of 1984 G. CCs have members up to a maximum of 10 natural people. The company type Close Corporation hereinafter referred to as CC is from an international perspective a rare type of a simplified limited liability company.
Close Corporations are often the type of company chosen by small business owners. Close Corporations South Africa. BE IT ENACTED by the State President and the House of Assembly of the Republic of South Africa as follows.
Whilst it is no longer possible to form a new close corporation it is still worth knowing the main features them. Another legal person such as a CC or a company may not be an owner of a CC. Anaccounting officer must be appointed to the CC as he will draw up thefinancial statements.
Shall during the business hours of the corporation be open to inspection by any person upon payment to the corporation. A Close Corporation CC PTY Companies is for most new South African businesses the preferred choice of legal business entity. Both Close Corporations CC and Private Companies Pty count as a legal entities and have limited liability of members or shareholders.
Incorporation of businesses in South Africa is currently in a major state of flux because of the introduction of the new Companies Act which was due to come into effect in April 2011This chapter was written just before then with the result that all the details of the changes and their practical applications were not yet fully known. CCs can be start-ups or a mature businesses with a maximum of 10 members. This article explains its basic structure.
Or A business entity is being bought which is a close corporation. A shelf close corporation is available for purchase. In order for you to make an informed decision in deciding what form of ownership will suit your needs it is recommended that you first consider the disadvantages of a Close Corporation.
A close corporation CC is the entity usually chosen for smaller businesses. It is possible still to purchase a shelf close corporation although availability of these will become screamingly more scarce or you may find if you are buying an existing business its legal entity is that of a close. As you can see from the above list there are a number of advantages in starting or registering a Close Corporation CC.
It was introduced in 1984 and is still today the most popular legal form to conduct business within South Africa as well as over the borders. 4 legal must-knows when buying a business PLUS costly mistakes to avoid What do I need to do. Private Company Pty Limited and Close Corporation.
CCs CAN NO LONGER BE REGISTERED. Whilst Close Corporations are no longer available as new business entities it is still worth consideration in the event that. Only natural living and breathing persons may be owners of a CC.
Deregistration implies that a business ceases to be registered as either a company or close corporation no legal persona or standing since it no longer. A business can be referred for deregistration upon request from the company or close corporation or any other third party provided that the company or close corporation has ceased to carry on business. What the law says about a CC.
Onecopy of the Certificate of Incorporation is kept by the Registraranother copy is sent to the CC and a third copy is sent to SARS SouthAfrican Revenue Services to register. 41 Reckless or fraudulent carrying on of business. According to the South African Revenue Services SARS this effectively means that the company or close corporation is not doing any business nor has any assets or liabilities Pansegrouw says.
According to Section 64 of the Close Corporation Act if the business of a corporation was or is being carried on recklessly with gross negligence or with intent to defraud any person or for any fraudulent purpose the members of the close corporation can be held personally liable. A close corporation is the simplest easiest and most practical independent legal business structure that can be established in South Africa. TheRegistrar of Close Corporations will issue a Certificate ofIncorporation and a Registration number when the CC is registered.
SA Close Corporations provides an effective and complete solution to register your new Close Corporation or Company. The number of employees however is not limited.
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