WHAT HAPPENS WHEN ANNUAL RETURNS ARE NOT FILED?

WHAT HAPPENS WHEN ANNUAL RETURNS ARE NOT FILED?

In terms of Section 33 of the Companies Act 71 of 2008 (“the Act”), read with Regulations 28, 29, 30 and 33 of the Companies Regulations of 2011 (“Regulations”), companies and close corporations must submit Annual Financial Statements or a Financial Accountability Supplement (“FAS”) together with their Annual Return with the Companies and Intellectual Property Commission (“CIPC”) annually. All companies (including external companies) and close corporations are required by law to file their annual returns with the CIPC on an…

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WHAT ARE THE BENEFITS OF CO-WORKING SPACES?

WHAT ARE THE BENEFITS OF CO-WORKING SPACES?

When walking into a co-working space, the first thing you will notice is that the atmosphere feels completely different from a regular office. You will feel a sense of excitement and collaboration in the air with a mixture of occupants who are deep in focus at their very own private desks, as well as other occupants who are engaged in conversation at the larger shared tables. In essence, co-working spaces are shared work spaces. They are more affordable alternatives for…

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ARE MUSLIM MARRIAGES RECOGNISED IN SOUTH AFRICA?

ARE MUSLIM MARRIAGES RECOGNISED IN SOUTH AFRICA?

All marriages entered in terms of Islamic law, are currently not recognised as valid marriages. For a valid marriage to be recognised in South Africa one must get married in terms of civil law which is regulated by the Marriage Act 25 of 1961 or two people can enter into a civil union partnership under the Civil Union Act 17 of 2006. Everyone has the right to freedom of religion, belief and opinion. The Constitution allows for legislation to recognise…

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HOW TO PUT TOGETHER AN EXIT STRATEGY

HOW TO PUT TOGETHER AN EXIT STRATEGY

Preparing yourself and your business for your inevitable exit from that business, whether by choice or fate, is one of the most neglected aspects we see in small and medium enterprises. That being said, we believe an exit strategy is critical not only in ensuring you achieve the best possible sale price on eventual exit, but also ensures that you realise the best possible returns from that business while you’re still around. But what is an exit strategy? Essentially it…

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WHAT TO LOOK OUT FOR BEFORE BUYING A PROPERTY

WHAT TO LOOK OUT FOR BEFORE BUYING A PROPERTY

You’ve searched far and wide for the perfect home for you and your family, and you’ve finally found it, or so you thought. Buying a home, especially for the first time, is as overwhelming as it is exciting. You’ve viewed your dream home, but remember, you receive so much information during your viewing, that you could easily become overwhelmed and miss important details. Especially if you have fallen in love with your potential new home. It is important to remember…

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EXCLUSIONARY CLAUSES IN HOSPITAL CONTRACTS

EXCLUSIONARY CLAUSES IN HOSPITAL CONTRACTS

The CPA contains certain outright prohibitions on the terms that can appear in contracts, the so-called “blacklist items”. Section 5(1) of the Act provides that a supplier (doctor/hospital) must not make a transaction or agreement subject to any term or condition if it directly or indirectly purports to waive or deprive  a consumer (patient) of a right in terms of the Act or avoid a supplier’s obligation or duty in terms of the Act, that would amount to an attempt…

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ESTATE PLANNING AND THE IMPORTANCE OF THE SUBDIVISION OF AGRICULTURAL LAND ACT

ESTATE PLANNING AND THE IMPORTANCE OF THE SUBDIVISION OF AGRICULTURAL LAND ACT

Mr Reyneke owns a farm in South Africa and in terms of his last will and testament he bequeathed the said farm to his two sons in equal shares. Mr Reyneke died in 2019 and the executor of his estate requires clarification concerning the farm and the two sons. Firstly, the distribution of a person’s estate when he dies is determined by the South Africa law of succession, subject to certain limitations. The South African law of succession is supported…

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LANDLORDS & TENANTS: CAN A TENANT CANCEL A LEASE?

LANDLORDS & TENANTS: CAN A TENANT CANCEL A LEASE?

When it comes to cancelling a lease early, both landlords and tenants must be aware of their responsibilities. It’s important to note that the Consumer Protection Act (CPA) has been put in place to protect consumers and it has changed the way that South Africans do business. The CPA also protects tenants in cases where they want to cancel a lease early. According to the CPA, if a tenant provides the landlord with 20 business days’ notice, the tenant has…

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DOES LIVING IN A SECURED ESTATE GIVE A FALSE SENSE OF SECURITY?

DOES LIVING IN A SECURED ESTATE GIVE A FALSE SENSE OF SECURITY?

Choosing to live in a secured residential estate in South Africa is becoming ever more popular with South Africans. Entering your estate whilst security guards watch out for unknown assailants that may enter, living in your home peacefully knowing that the security guards are ensuring that people may only enter with your permission, giving the home owners a sense of security. But is this a true sense of security or is it false, and if the unfortunate happens that you…

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WHAT IS THE BUSINESS JUDGEMENT RULE?

WHAT IS THE BUSINESS JUDGEMENT RULE?

When running a business there are going to be times where the directors in charge will have to make difficult decisions and take risks in order to either save the company or to seal a big deal and gain financially, the notion of “risk for reward”. As a director, one would be required to make a decision that would be in the best interest of the company, but sometimes these decisions end up being bad for the company, as it…

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