Government wants end Close Corporations

noxibox

Honorary Master
Joined
Apr 6, 2005
Messages
17,506
My recollection of the ruling in one case against a Close Corporation was that the owners of the business had to be able to demonstrate a genuine intent and/or attempt to run a profitable business. In that particular case the owners had been running what ultimately amounted to not much more than a scam (even if they had not specifically intended it to be so) and were unable to demonstrate they had ever attempted or intended to run the business successfully.
 

blunomore

Honorary Master
Joined
Jul 8, 2007
Messages
26,789
We have a CC consisting of four members and we own a property together. Each couple pay half the bond amount. EVERY single month the bank calls me to tell the these other two did not pay and I have to remind them.
 

sabagamma

Senior Member
Joined
Jul 27, 2006
Messages
910
what on earth is the real goal behind all this, ANC communism, whats after that?, this is truly sicking
Where does ANC communism come into all this? Can you substantiate that? No, not in the least. Do yourself a favour and RTFA. Then go and read up about South Africa and the ANC - you will find quite a gap between your delusional thinking and reality. Some pointers on what to look for: GEAR, privatisation, liberalisation, free trade & free enterprise.

You may not agree with what the ANC does, how it does it or even what it says - fine, you are entitled to your opinion. But be sure your opinion can be substantiated otherwise your will continue to be the laughing stock of your community.

Not everything in life is an ANC, muslim extremist, zionist, communist, fascist, UN or military industrial complex plot.
 

LancelotSA

Banned
Joined
Aug 20, 2007
Messages
14,713
Not everything in life is an ANC, muslim extremist, zionist, communist, fascist, UN or military industrial complex plot.
Nice one!

And before the usual crowd start calling us ANC members, I am not sure about your allegiance, but I am not, but I am capable of seeing when someone is giving blame when none is due... and it happens fairly often on here.
 

milomak

Honorary Master
Joined
May 23, 2007
Messages
12,272
I thought this was already applicable in cases of gross negligence or where people tried to shield themselves with the CC's limited liability. (Can't remember the exact wording) Or has it been extended further now?
it's called piercing the corporate veil. Essentially it is when for all intents and purposes the CC is trading as if you were doing the activities in your personal capacity.
 
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