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Type of business: click here for more info.
You should choose the type of legal structure to suit your own circumstances and the nature of the business you are starting. You can have employees regardless of whether you are a sole trader, partnership or limited company. It is possible to commence a business as a sole trader and to establish a limited company at a later time when the business has had a chance to develop.
However, there may be good reasons why your business should be set up in one form in preference to another.
Current trade forms in South Africa:
Sole Proprietor/Trader
A sole proprietorship is a business owned by one individual. As a proprietor, you are self-employed and may trade in your own name or register a different business trading name. The business is not separate from the owner, and the owner enters into all transactions in his/her own capacity. Due to this inseparability in legal status, it is therefore logical that all the assets owned by the business are owned by the individual, and all the debts that the business is liable for are in fact the individual’s liabilities. This type of business therefore is not a separate legal entity.
Partnership / Joint Venture
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A partnership is a business formed by people who intend on making and sharing profits. The relationship is based on an agreement between two or more people who undertake to contribute something (knowledge, skill, money or assets) with the intention to make a profit and share it amongst themselves.
Trust
A Trust is a fiduciary relationship in which one person (the Trustee) holds the title to property (the Trust estate or Trust property) for the benefit of another (the beneficiary). Trusts are established to provide legal protection for the Trustor’s (person who generally makes the donations or gives the gifts) assets, to make sure that these are distributed according to the wishes of the Trustor and to save time, reduce paperwork and in some cases, avoid or reduce inheritance or estate taxes.
Company
A private companyis a company whose shares may not be offered to the public for sale and which operates under legal requirements less strict than those for a public company. A private company has private ownership, and there are restrictions to the transferability of shares. It is a separate legal entity. This means that the company enters into contracts in its own capacity and the owners are therefore not liable for the debts of the business. A private company can have up to 50 owners who can be natural or legal persons collectively.
A public companyis a company that can offer its shares to the public. They don’t have to offer the shares to the public, but they can. It operates as a separate legal entity from its owners. It is formed and owned by owners. Shares of a public company are listed and traded on a stock exchange marker freely. The owners of a public company are limited to losing only the amount they have paid for the shares they own.
A personal liability companyis a private company that is mainly used by associations such as Lawyers, Engineers and Accountants. The principle difference between a private company and a personal liability company is that its directors and past directors are jointly and severally liable, together with the company, for any debts and liabilities of the company that were contracted during their respective terms of office. However, the owner of the personal liability company is considered separate from the company.
Close Corporations
A close corporation was designed especially for small businesses. It is more flexible than a company, but more separated from its owners than a sole proprietorship and partnership. It may be formed by one or more members but no more than 10. Only individuals can be members. However, since 1 May 2011, no more close corporations may be formed in South Africa.
Co-operatives
A very simple definition of a co-operative would be to say it is a business where a group of people get together voluntary to address their common needs. A co-op is a business that is jointly owned and controlled by the people who form the co-op. Each member runs and owns their own separate business. They meet at regular intervals, hear detailed reports and elect directors among themselves.
‘‘Primary co-operative’’ which is a co-operative formed by a minimum of five natural persons whose object is to provide employment or services to its members and to facilitate community development;
“Secondary co-operative’’which is a co-operative formed by two or more primary co-operatives to provide sectoral services to its members, and may include juristic persons;
Non-Profit Organisations
A company incorporated for public benefit or another object relating to one or more cultural or social activities, or communal or group interests. These are entities that are registered to provide services and do not intend to make, or to be judged by, the profits that they make. These “Associations Not for Gain” are often funded by donations and foreign funding. Generally, they provide services to various “communities” such as children’s feeding schemes, organisations that take care of AIDS orphans, religious and charitable organisations etc.
Sectional Title and Body Corporate
The purpose of the Sectional Titles Schemes Management (STSM) Act, No 8 of 2011 is to provide for the establishment of bodies corporate to manage and regulate sections and common property in sectional titles schemes and, for that purpose, to apply rules applicable to such schemes and a sectional titles schemes management advisory council.
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Taxes: click here for more info.
What are the different taxes that need to be paid? When, how and why must they be paid
Accounting records: click here for more info.
- How do I sort out the myriad pieces of paper and information required for my business?
- How long must I keep records for?
- What records must I keep?
- What package must I use, and do I need to use a package?
| Companies | Retention Period |
| Memorandum and Articles of Association / Incorporation | Indefinite |
| Certificate of Incorporation / Registration Certificate (CM1/COR14.3) | Indefinite |
| Certificate of Change in Name (CM9 / COR15.2) | Indefinite |
| Certificate to Commence Business (CM46) | Indefinite |
| Share/Securities Register, Minute Book, | Indefinite |
| Consent to waive notice period to pass special resolution (CM25) | Indefinite |
| Special resolution (CM26) | Indefinite |
| Close Corporation | Retention Period |
| Founding Statement (CK1) | Indefinite |
| Amending Founding Statement (CK2 and CK2A) | Indefinite |
| Minute Book | Indefinite |
| Annual Financial Statements | 15 Years |
| Books of Account | 15 Years |
| Accounting records including Supporting schedules | 15 Years |
| Fixed Asset Registers | 15 Years |
| Record of trust monies | Indefinite |
| Tax returns and assessments (after date of submission) | 5 Years |
| Staff personnel records (after employment ceased) | 3 Years |
| Salary and wage registers | 3 Years |
| Paid cheques and bills of exchange | 6 Years |
| Invoices – sales and purchases | 5 Years |
| Bank statements and vouchers | 5 Years |
| Stock Sheets | 5 Years |
| Documentary proof of zero rated supplies | 5 Years |
| Year-end working papers | 5 Years |
| VAT records | 5 Years |
| Other vouchers and general correspondence | 5 Years |
Payroll and HR: click here for more info.
Your employees are your most valuable asset, how should you be managing this asset?
WHAT IS AN EMPLOYEE
An individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. Also called worker.
The terms of an individual’s employment are specified by an offer letter, an employment contract, or verbally.
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Assets & Liabilities: click here for more info.
Owners Equity = Assets – Liabilities (O = A – L).
This is the basic accounting formula.
Assets and liabilities need to be managed and controlled.
- Assets can be tangible (equipment, computers, land & buildings), or intangible (goodwill, knowledge, copyright, trademark), but all need to be looked after to ensure the success of any business.
- Liabilities are often very necessary in a business to ensure their success (seed funding, asset purchase, bond, loans, etc.), but these also need to be managed to ensure that the borrowings can be repaid, without causing problems in the normal operations.