Get the paperwork right on every part of your enterprise Aug 7, 2008
Your association agreement should be in addition to the partnership, close corporation documents or company documents that you sign. These documents that you sign upon registration are merely records showing that you both own the business. (Business Report, South Africa)
When choosing a format for your new enterprise, examine all three options Jul 13, 2008
You have a choice of three entities: sole proprietor, close corporation or private company ... n Close corporation: The risk to the business owner is limited ... Last week the government announced plans to discontinue close corporations. (Business Report, South Africa)
Door to shut for close corporations Jul 4, 2008
6 million close corporations which were first set up in the apartheid era to allow smaller entities - including small family businesses - to start up and run more easily without the bureaucratic red tape associated with proprietary limited firms. However, the state wants to close opportunities for misuse of the close corporation system, while establishing a new system that will allow business to flourish ... While the extent of abuse - such as tax avoidance - is not clear among close... (Business Report, South Africa)
High court lifts liability veil on close corporations Jan 10, 2008
Cape Town - The Cape high court has established new law for the circumstances in which members and officers of a close corporation can be held personally liable for the corporation's debts. Adam Harris, an insolvency law specialist attorney with law firm Bowman Gilfillan, said that generally, close corporations could be set up to ensure that members were not liable for its debts ... "But this judgment is significant in that the court has confirmed that the corporate veil may be pierced where... (Business Report, South Africa)
The time is...NOW!| Dec 26, 2007
Not only is there a need to register with the South African Revenue Services (SARS), you also need to decide what form of business you want to trade under, such as a sole proprietorship or close corporation ... Existing customers receive a 20 percent discount when they use the services of Shelf Company Warehouse, who offer a reserved account number, VAT registered companies or close corporations and tax clearance certificates all important for customers wanting to tender for a contract. (iAfrica.com)
House-buying basics| Oct 15, 2007
You can also buy a property through a company, close corporation or trust check whats best for you with a good personal financial advisor ... A transferring attorney (normally appointed by the seller) takes care of the transfer of the property into your name or a company, close corporation or trust ... Then the new bond is registered and the property is transferred into your name (or a company, close corporation or trust. (iAfrica.com)
Have an exit strategy...| Aug 2, 2007
He and two of his friends suggested we form a CC (Close Corporation), with each owning 25 percent. Before I go along, I just want to check one issue regarding CCs: is it possible for any one of the CC members to build up debt in the CCs name for which I can later be partly responsible. (iAfrica.com)
Santaco denounces violence but vows to fight for minivan routes Jul 5, 2007
" Mthembu said all the violence in the industry was about route conflicts, but it should be possible to deal with these via the corporatisation of the industry. This involved family-owned taxi businesses being housed in a suitable corporate structure, such as a company or close corporation, with Santaco possibly the holding company. Mthembu said the World Cup was critical to the taxi industry, but the provincial leaders had told the organisation that they felt left out of the process. "It looks... (Business Report, South Africa)
Eskom pays R2m for vandalistic staff Jun 21, 2007
5 percent interest, dating back to May 2002, to the close corporation, Fantique Trade 675 CC of Pilgrim's Rest farmer Peter Wood. Wood decided to sue for damages after Eskom workers in March 2000 entered his farm and without any notification "pruned" 72 Macadamia and 72 Avocado trees they claimed hampered the safe operation of overhead power lines on Woods' farm. (iAfrica.com)
How many energy adverts does it take to change a light bulb? Jun 1, 2007
When BEC applied for the licence a year ago, it applied as a close corporation that was 100 percent owned by Kabushnie Jones, who is married to an American, Andrew Jones, who is now applying for South African citizenship. Icasa was asked to investigate their marriage contract to see if it would affect the shareholding structure. (Business Report, South Africa)
Volunteer tax details now, or wait for Sars to pounce Apr 30, 2007
The amnesty is available to any individual or entity - such as an unlisted company, close corporation, co-operative or a trust - having natural persons as beneficiaries, that conducts a trade or business with a turnover in the 2006 assessment year of less than R10 million. All taxes are covered by the amnesty, including income tax, value-added tax (VAT), pay as you earn, skills development levy, unemployment insurance contributions and secondary tax on companies, for instance. (Business Report, South Africa)
Red tape snarls up small business policy Mar 26, 2007
This is an account of an unfruitful journey through the corridors of officialdom in an attempt to register a close corporation and a trademark ... The entrepreneur who wanted to register the close corporation was asked to pay R50 to reserve a company name, R100 to register a close corporation and R266 to register a trademark ... The applicant still had to print out the form and get it to the Cipro office in Sunnyside, Pretoria, along with an "original signed letter" from her accountant... (Business Report, South Africa)
Press is wrong about Baloyi loan, claims Fidentia Mar 26, 2007
Online Edition Powered By IOL. Johannesburg - Beleaguered Fidentia's R8 million loan made to leading businesswoman Danisa Baloyi was a normal loan and there was no intention to write it off, said Ross Edwards, the former head of public relations and communication at Fidentia. (Business Report, South Africa)
Baloyi threatens to sue after Absa throws her off its board Mar 26, 2007
Online Edition Powered By IOL. Johannesburg - Danisa Baloyi, a leading business figure who was implicated in the Fidentia scandal, has threatened legal action against Absa for axing her from its board. (Business Report, South Africa)
Shapes for Women aims to open 40 new outlets by end of next year Mar 26, 2007
Online Edition Powered By IOL. Durban - Shapes for Women, a franchise system of women-only gyms, is planning to open a further 40 outlets by the end of next year to capture a growing market of women who do not enjoy the testosterone climate of conventional gyms. (Business Report, South Africa)
New corporate bill will soon be ready for consultation Nov 10, 2006
The process was not solely intended to result in a new Companies Act; a related goal was the repeal of the Close Corporation Act ... n To repeal the Companies Act and provide for the future repeal of the Close Corporations Act. (Business Report, South Africa)
August starts insolvency increase Sep 29, 2006
A compulsory liquidation takes place when the affairs of a company or close corporation are wound up by order of the court. Insolvencies refer to individuals or partnerships that are unable to pay their debts and are placed under final sequestration. (Business Report, South Africa)
Two entrepreneurs live to tell their tales Jul 12, 2006
I want to form a close corporation and invite another investor to help expand my business. I also need to register for value-added tax because I have calculated that my expected income in year three will be in excess of R300 000. (Business Report, South Africa)
Ministers mum on business interests Mar 18, 2006
At least 14 ministers and deputy ministers had not declared all their interests as company directors or close corporation members as prescribed by law, according to an auditor general report tabled in Parliament on Friday ... The investigation revealed that the majority of members of government who were either directors or members in companies or close corporations, failed to declare their interests as required by law ... The majority of the 1678 designated employees, spread among national and... (iAfrica.com)
Trying to beat the taxman?| Mar 3, 2006
These days it is seldom advantageous (from a tax point of view anyway) to register ownership of a private home in the name of a trust, close corporation or company ... According to Conveyancing attorney Grant Gunston, when you buy a property in the name of a trust, close corporation or company, you'll pay additional tax both when purchasing and when selling ... The rate at which CGT is paid is also higher for legal entities than that which applies to private individuals, and there is the added... (iAfrica.com)
Joburg council to tighten accounts procedures Jan 1, 2006
"A score will then be applied to the application. All applicants who receive below a certain score, will then be requested to provide personal surety ship or, in the case of a company or close corporation, a personal guarantee by the owner or directors or the cession of their debtors book," she says. "We believe that these new procedures will substantially improve the city's ability to manage its credit risk and put us on track to reduce the debtors book.". (Business Report, South Africa)
