In the second of a series of articles, to be published in De Rebus magazine, regarding the implications of new Companies Act of 2008 Vivian Chaplin briefly discusses the types of companies created by the new Act as well as the future of the Close Corporation.
The main classification of types of companies will forthwith be:
1. For profit companies – e.g. private companies, public companies, state – owned companies and personal liability companies, or
2. Non- profit companies, or
3. External companies.
Existing Close Corporations will be phased out, but no new Close Corporations can be registered after the new Companies Act comes into effect.
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