WebClose Corporation South Africa – A close corporation (or CC) is a type of South African legal entity which was usually chosen for smaller businesses. Under the new Companies Act of 2008, close corporations can no longer be registered and they will be phased out over time. Close Corporation under South African Law Web4. A Close Corporation is a legal person so members are not liable in their personal capacity. It is a separate entity that exists separately from its members 5. Members of the CC both own and control the business 6. Usually two or more members have to sign legal documentation 7. Initial contributions are required to be made by members, but are ...
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