MRL2601 Assignment 2 Semester 2 Due 20 September 2024
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Course
Entrepreneurial Law
Institution
University Of South Africa
Book
Entrepreneurial Law
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, Names : Izak Mabuya
Student Number :34940987
Module Code : MRL 2601
Unique Assignment Number:588481
Due Date: 5 June 2024
Question 1
Nandi and Patricia must follow these steps to incorporate a company:
1.Choose a company name: They must select a unique and suitable name for their
catering business. They can check the availability of the name with the CIPC.
2.Decide on the company structure: They must determine the type of company structure
they want to establish. Whether a private company or not.
3.Appoint directors and shareholders: They should appoint directors who will manage the
company's operations and shareholders who will own the company's shares. They both
can be directors and shareholders.
4.Prepare the necessary documents: They need to prepare the required documents,
including those which outlines the company's rules and regulations, and the Articles of
Association, which governs the internal management of the company.
5.Register the company: They must register the company with the Companies and
Intellectual Property Commission (CIPC) in South Africa. They will need to submit the
necessary documents, pay the registration fees, and provide details about the company's
directors, shareholders, and registered address.
6.Obtain necessary licenses and permits: Depending on the nature of their catering
business, Nandi and Patricia may need to obtain specific licenses and permits, such as
food handling permits or health and safety certifications. They should research and
comply with the legal requirements in their jurisdiction.
7.Set up company bank accounts: They should open a separate bank account for the
company to keep its finances separate from personal finances. This will help with financial
management and legal compliance.
8.Comply with tax obligations: They need to register for taxes, such as income tax and
value-added tax (VAT), and ensure they comply with all tax obligations. They should
consult with a tax professional to understand their specific tax requirements.
9.Maintain proper records: It is important to maintain accurate and up-to-date records of
the company's financial transactions, including income, expenses, and assets. This will
help with financial management, tax compliance, and reporting.
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