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5876482
Close Corporation
Descrição
Close Corporation
Sem etiquetas
fiduciary duty
cc
accounting officer
business studies
grade 10
Mapa Mental por
Lester Stoffels
, atualizado more than 1 year ago
Mais
Menos
Criado por
Lester Stoffels
quase 8 anos atrás
9
0
0
Resumo de Recurso
Close Corporation
Characteristics
Suitable for small businesses
1-10 members
Name must be registered and end with cc
Founding statement must be completed
Each member has in interest in cc
The cc is a legal entity and can enter into contracts
Continuity of existence
Is a legal person and pay tax
Dividends is exempt from tax
Disadvantages
Capital is restricted to what 10 members can contribute
Liability status can be lost
Anotações:
if members are in violation of their fiduciary duty for example omitting the letters cc when signing a contract.
Consent of fellow members is required
Anotações:
when selling an interest in a cc
CC can only be sold to a natural person
Anotações:
and therefore not to another cc or company
Must appoint an accounting officer
Advantages
Easy and inexpensive to establish
CC is a legal person therefore responsible for its own assets
Members have limited liability for the debts
An indefinite lifespan
Anotações:
means that members can change without affecting the continuity of the cc
Members are allowed to participate in management of business
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