New Business (CC)

[Tweak]

Hey guys,

I'm hoping someone here could direct me to a place that I can get information on Registering my own Closed Corporation.

Is it nessicary to put up people who you want to sign up as part of your closed corporation vs just taking yourselves?

Regards,
Tweak

 

[Other Pineapple Smurf]

My wife has a CC that I'm actively involved in and I just completed Accounting reporting that handled CCs this semester:

No new CCs are being registered but you can get a shelf CC. Speak to a shelf company to assist you. Not so sure what you trying to say but all CC members need to be involved with the startup.

Also get proper advice on the pros and cons of a CC. Much of the CC protection and tax benifets have fallen away and soon CCs themselves will no longer be operating but instead will become companies. Just remember that from next year all companies have to be registered as their trading name - no idea how that is going to impact CCs.

You also need an accounting officer, so shop around for a good firm (can recommend one in the Helderber but rather get one closer to you). They can also assist you.

 

[poffle]

My lawyer mate said that CC's are no longer viable because they getting discontinued so to speak, so you will have to pay a fee later on to change it. Rather register yourself as a Pty ltd.

--- not how true this is, but this is what i was told.

 

[Tweak]

Thanks for taking the time to post.

It makes sense what you are telling me. Once I have the capital and decent business plan I will register my Pty. Ltd. Business

 

[Tosser]

My wife has a CC that I'm actively involved in and I just completed Accounting reporting that handled CCs this semester:

No new CCs are being registered but you can get a shelf CC. Speak to a shelf company to assist you. Not so sure what you trying to say but all CC members need to be involved with the startup.

Also get proper advice on the pros and cons of a CC. Much of the CC protection and tax benifets have fallen away and soon CCs themselves will no longer be operating but instead will become companies. Just remember that from next year all companies have to be registered as their trading name - no idea how that is going to impact CCs.

You also need an accounting officer, so shop around for a good firm (can recommend one in the Helderber but rather get one closer to you). They can also assist you.

If I may ask, did the fact that you have now done the accounting course mean that you no longer require an accounting officer i.e. are you now qualified to fill this role?
If CC’s are falling away then will you have to register your current CC as a company PTY? Any idea of the impact of this? Why would you not rather want to register as sole proprietor?

The way I’ve understood it, the main advantage to a CC was that you are not liable for the CC, whilst with sole proprietor there is no limit to your liability? The advantage of the sp is that there are no statutory requirements though.

 

[Other Pineapple Smurf]

If I may ask, did the fact that you have now done the accounting course mean that you no longer require an accounting officer i.e. are you now qualified to fill this role? .

No

I'm not a registered bookeeper, auditor or accountant - the law has very clear guidelines on who may be an accounting officer. We use a bookeeping firm instead.

If CC’s are falling away then will you have to register your current CC as a company PTY? Any idea of the impact of this? Why would you not rather want to register as sole proprietor?

The way I’ve understood it, the main advantage to a CC was that you are not liable for the CC, whilst with sole proprietor there is no limit to your liability? The advantage of the sp is that there are no statutory requirements though.

CC and (PTY) LTD give you more legal protection than a SP. The CC / (PTY) LTD is the one getting sued and not you should something go wrong.

 

[Messugga]

Sorry to hijack the thread a bit, but I have a CC that I registered a few years ago and that I'd like to close/deregister. How would I go about doing that?

 

[Tosser]

Sorry to hijack the thread a bit, but I have a CC that I registered a few years ago and that I'd like to close/deregister. How would I go about doing that?

Well it seems this is being done for you automatically, assuming you have not submitted your annual returns to Cipro?

From the Cipro site:
When was Annual Returns introduced?
1 September 2008

What will happen to my close corporation if I do not lodge Annual Returns?
If the close corporation failed to lodge its annual return for a period more than six months from the last day it may lodge, then the close corporation will be placed in deregistration and eventually be final deregistered (close corporation no longer exists).

Linky: http://www.cipro.gov.za/products_services/close_corps.asp

 

[Messugga]

Well it seems this is being done for you automatically, assuming you have not submitted your annual returns to Cipro?

From the Cipro site:
When was Annual Returns introduced?
1 September 2008

What will happen to my close corporation if I do not lodge Annual Returns?
If the close corporation failed to lodge its annual return for a period more than six months from the last day it may lodge, then the close corporation will be placed in deregistration and eventually be final deregistered (close corporation no longer exists).

Linky: http://www.cipro.gov.za/products_services/close_corps.asp

Noticed that as well, but alas, the CC is still open. I also emailed the guys at CIPRO asking them what I need to do but never got a reply.