New Companies Act

Posted on 11. Aug, 2010 by in General News

The new South African Companies Act 71 of 2008 is set to take effect from 1 October 2010 and will eventually replace the Companies Act 61 of 1973 in its entirety. A noteworthy aspect of the new act is the introduction of an ‘owner managed’ private company which is exempt from audit/review requirements. This new entity type is therefore an appealing choice for small businesses and conversion from a cc to an ‘owner managed’ private company should be considered.

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