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What is a close corporation? |
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A close corporate is a limited liability entity which is much
easier to incorporate and will give any business a good professional
image. It is very acceptable for any small business intending to do
business with both the private and public sector.
A cc is a lot simpler to incorporate and its financials do not have to be audited by a firm of chartered accountants.
A new close corporation takes on average one month to register (this includes name reservation and lodgement of the founding statement).
Differences between a cc and a (Pty)Ltd are described below:
| (Pty) Ltd |
Close corporation |
| The Pty is its own legal person independent of the directors. (Directors do become personally liable under certain circumstances) |
The cc is its own legal person independent of the directors |
| Can have a maximum Of 50 directors |
Can Have A Maximum Of 10 Members |
| A Pty can be a shareholder in another company |
Pty's cannot have interest in a cc. |
| Comprise Of Directors And Shareholders |
Comprise Of Members |
| Has a Memorandum |
The Founding Statement is much easier to understand |
| Articles Of Association need to be registered |
Articles Of Association are not required |
| Articles Of Association need to be registered |
Articles Of Association are not required |
| No annual returns to be lodged. |
No annual returns to be lodged. |
| Has a Share Capital |
Has Member's Contributions |
| Has An Auditor (has to be a firm of Chartered Accountants) |
Has An Accounting Officer (No need for a firm of C.A's) |
| Members Hold Shares |
Members Hold Member's Interest |
| Limited Liability |
Limited Liability |
To order your cc or (Pty)Ltd please click here |
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