Bronx New York Agreement to Incorporate Close Corporation

Name: Bronx New York Agreement to Incorporate Close Corporation
Brand: US Legal Forms
Rating: 4.7 (466 reviews)

Category:

Corporations - Incorporation

State:

Multi-State

County:

Bronx

Control #:

US-0092BG

Format:

Instant download

Description

A corporation whose shares are held by a single shareholder or a closely-knit group of shareholders (such as a family) is known as a close corporation. The shares of stock are not traded publicly. Many of these types of corporations are small firms that in the past would have been operated as a sole proprietorship or partner¬ship, but have been incorporated in order to obtain the advantages of limited liability or a tax benefit or both.

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FAQ

CLOSE LLC. The main difference between a regular LLC and a Close LLC is the restriction on the selling of a member's shares. A member must offer to sell his/her shares to the other member(s) of the Close LLC before they can be sold to anyone else. Also, all members must approve of the sale of shares.

The company type Close Corporation (hereinafter referred to as CC) is from an international perspective a rare type of a simplified limited liability company. It was introduced in 1984 and is still today the most popular legal form to conduct business within South Africa as well as over the borders.

The easiest definition of a close corporation is one that is held by a limited number of shareholders and is not publicly traded. The company is run by the shareholders and is generally exempt from many requirements of other corporations, including having a board of directors and holding annual meetings.

Close Corporations Key Features a Close Corporation (cc) is a legal entity. Audited financial statements are not required for Close Corporations. Meetings are not compulsory and can be held on an ad hoc basis. Close Corporations (CCs) may become shareholders in other companies.

Both Close Corporations (CC) and Private Companies (Pty) count as a legal entities and have limited liability of members or shareholders. Close Corporations are often the type of company chosen by small business owners. CCs have members up to a maximum of 10 natural people.

A close corporation is a corporation which does not exceed a statutorily defined number of shareholders and is not a public corporation. This number depends on the state's business laws, but the number is usually 35 shareholders.

Certified copy of ID/passport copy of directors, Certification must be less than 3 months, Smart ID copy certified on both side. Certified copy of ID of applicant. Written statement in the form of a letter that the close corporation is not in liquidation or engaged in business rescue proceedings. Form CoR21.

The scrapping of CCs as an option is no problem for new business owners starting up, because the new Companies Act has made the Pty Ltd company just as cheap and easy to register and run as a Cc. Although you are not able to register your business as a CC any longer, existing CCs will be around for quite a while still.

Contrary to what many people believe, the new Companies Act has not repealed the Close Corporations Act. The new Companies Act has, however, repealed certain provisions of the Close Corporations Act and amended certain others.

Company or Close Corporation However a Close Corporation that existed at 30 April 2011 has two options: convert to a Company in terms of Schedule of 2 of the new Companies Act with an appropriate customised Memorandum of Incorporation (MOI).

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Bronx New York Agreement to Incorporate Close Corporation

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What are the differences between a regular corporation and a close corporation?

Does close corporation still exist in South Africa?

What is a close corporation agreement?

What are the distinguishing features of a close corporation?

What is the difference between a close corporation and a Pty Ltd?

What is considered a close corporation?

What are the 4 requirements for the conversion of a close corporation to a company?

Why were close corporations discontinued in South Africa?

Does the close corporation Act still apply?

Do close corporations have Memorandum of incorporation?

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