Business Registration
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Starting a business is a daunting task. Innovation Evolved lets you skip all the headaches involved in registering a business. We help you to register following businesses:
(Pty) Ltd COMPANY
- Incorporated by 1 or more persons for financial gain for the shareholders.
- There must be a minimum of 1 director.
- This is a business structure for entrepreneurs to run their business with no limit on the number of directors.
- Private companies are not allowed to offer securities to the public and are also restricted from transferring its shares.
- Registered private companies are granted Proprietary Limited or "(Pty) Ltd” status.
- Annual audits required if all requirements are met (e.g. all directors are also the only shareholders of the company).
Non-Profit Companies
- Incorporated by at least 3 persons for public benefit, social activities, communal or group Interest, etc.
- Must have a minimum of 3 directors.
- The primary objective is to be a benefit to the public and not to make profit.
- Income/property may not be distributed to the incorporators, members, directors or officers.
- Only reasonable compensation for services rendered by them may be taken.
- The name of a non-profit company will end with “NPC”.
Close Corporations
A close corporation is generally a smaller corporation that elects close corporation status and is therefore entitled to operate without the strict formalities normally required in the operation of standard corporations.
In CC, shareholders and directors are entitled to operate much like a partnership.
CCs can no longer be registered, although existing CCs can still run as such indefinitely. The scrapping of CCs as an option is no problem for new business owners starting up, because the new Companies Act has made the Pty Ltd company just as cheap and easy to register and run as a CC. Although you are not able to register your business as a CC any longer, existing CCs will be around for quite a while still. You will most probably be doing business with a few of them, if not as your clients, then as your suppliers.
Sole Proprietorship
The Sole Proprietorship is the simplest and most common form of business conducted by a single individual owner (the “Sole Proprietor”). Sole Proprietorship can conduct business under its own name by simply doing business; for example, as “Jane Jones”. A sole proprietor can also do business under a trade name such as “Jane’s Jet Skis” or “Supreme Skis”.
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