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Disadvantages of a Partnership?
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?
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?
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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