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Private Company
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Close Corporation
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· Juristic person
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· Juristic person
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· Enjoys perpetual succession
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· Enjoys perpetual succession
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· Can have a maximum of 50 members
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· Can have a maximum of 10 members
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· Companies can be share holders
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· Companies cannot hold a member’s interest
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· Comprise of directors and shareholders
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· Comprise of members
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· Has a memorandum
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· Has a founding statement
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· Registered articles of association
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· Articles of association are not required
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· Compulsory annual return to be lodged
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· No annual return to be lodged, yet
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· Has a share capital
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· Has member’s contributions
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· Has an auditor
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· Has an accounting officer
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· Convenes an annual general meeting
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· Annual general meeting not required
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· Certificate of incorporation
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· Certificate of incorporation
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· Members hold shares
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· Members hold member’s interest
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· Can acquire its own shares under certain circumstances
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· Can purchase a members interest
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· Directors are responsible for the day to day management of the company
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· Members are responsible for the day to day management of the cc
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· Register of members
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· No register of members
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· Limited liability
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· Limited liability
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· Audited financial statements
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· No financial statements needed
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· Prohibition on a company to provide financial assistance for the acquisition of its own shares
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· No prohibition on a cc to provide financial assistance for the acquistion of a member’s interest
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Error
Notification
