Close Corporation
- Juristic person
- Enjoys perpetual succession
- Can have a maximum of 10 members
- Companies cannot hold a member's interest
- Comprise of members
- Has a founding statement
- Articles of association are not required
- Has member's contributions
- Has an accounting officer
- Annual general meeting not required
- Certificate of incorporation
- Members hold member's interest
- Can purchase a members interest
- Members are responsible for the day to day management of the CC
- No register of members
- Limited liability
- Financial statements
- No prohibition on a CC to provide financial assistance for the acquisition of a member's interest
- Since January 2006 an inter vivos trust can be member of a CC
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Company
- Juristic person
- Enjoys perpetual succession
- Companies can be share holders
- Comprise of directors and shareholders
- Has a memorandum
- Registered articles of association
- Has a share capital
- Convenes an annual general meeting
- Certificate of incorporation
- Members hold shares
- Can acquire its own shares under certain circumstances
- Directors are responsible for the day to day management of the company
- Register of members
- Limited liability
- Audited financial statements
- Prohibition on a company to provide financial assistance for the acquisition of its own shares
- A private company can have up to 50 shareholders
- A public company can have an unlimited number of shareholders
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