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Business Entities and Law Summary

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Disadvantages of a Partnership?

Does not have perpetual succession; Automatic dissolution of the partnership occurs when one partner decides to exit partnership, death, insolvency or retirement and results in the need for creating a new partnership; Legal continuity is disrupted by the entry or exit of any partner; Partnerships not subject to income tax.

Can new Close Corporations be registered?

As per the Act, from 1 May 2011, no new closed corporations may be formed, no companies can convert to a closed corporation, but closed corporations can convert into a company.

Distinguish between a Inter vivos trust and a Trust mortis causa?

Trust mortis causa= a trust that has been set up by the means of a will. Inter vivos= is a trust set up by means of a contract.

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Business Entities and Law Summary

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Business Entities and Law Summary Sole Prop; Partnership; Companies; Close Corporation Business Trust Perfect for a foundation

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