What is a Cc in Terms of Small Business?
A CC is more flexible and simplified than a company or Pty (LTD). A CC is ideally suited to small businesses because it is much simpler to administrate. Managerial and admin requirements for a CC are much less formal than for companies. In contrast to a company, the CC act has been designed in a way that an ordinary person would be able to complete the documents for registration of the CC.
Although a CC is required to appoint an Accounting Officer, audited financial statements are not required at this time. The Companies Act prescribes mandatory meetings for Companies, such as annual general meetings, but this is not a requirement for a CC. Meetings may be held between members when necessary.
Members of a CC do not all have to take an active role in the running process of the business. Although, because of the size of most CC's the members are more often than not the managers of the busines and thus play an active role in the day to day running of the CC.
Some facts about a CC (Close Corporation)
A CC is a legal entity, which means that the law looks at a CC as an entirety. It is a business entity, as thus usually the members are excluded from financial obligations, unless specifically stipulated otherwise. At the moment, no annual returns are required for a CC, and audited financial statements are not a recuirement either.
Meetings for a CC are not mandatory and can be held as and where necessary. A CC may have an interest in other companies, by becoming shareholders in those companies. All members may play an active role in running and managing the CC on a day to day basis. The proprietor or member is not personally held liable for the debts of the CC.Legal procedures for registrations and admin are kept relatively simple for a CC. Members of a CC are the registered "owners" of the CC, and are listed during the registration process of the CC.
Any changes in respect of members of a CC must be communicated to the CC Registration Office in Pretoria South Africa. Non South Africans (or foreign nationals) may become members of a CC, as long as their membership details have been authorised by the Registration Office, by confirming their nationality per letter when registering the CC. A CC may have anything from one member up to a maximum of ten members at any given time. There are however no limitations as to the number of employees a CC may have. Where a member of a CC is under the age of 21, the registration documents have to be signed by either a parent or guardian.
To find out more about cc's visit our cc webpage.
Related Tags: south africa, company, business, starting a business, registration, procedure, cc, small company, close corporation, cc south africa
You can read more on how to go about registering a cc as a business entity in South Africa, visit our cc registration webpage.
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