Class notes
Summary document for test
- Course
- Business Entities
- Institution
- University Of The Witwatersrand (wits)
Contains note summaries for week 1-3's work including case summaries
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Business Entities Prep:Week 1: Different types of business entities and the purpose of S7 of the Act
and how it interlinks with the BOR.
The role of the company and need for reform:
Intention of Companies Act 2008:
COMPANY LAW FOR THE 21ST CENTURY: DTI POLICY PAPER
•Political/social/economic change
•Higher standards of corporate governance
•Encourage innovation/diversity
, •Rise in international trade/investment:
•Promote efficiency/simplicity of the company
•Transparency
•Compliance with constitution
The purpose of the Companies Act 2008: section 7
(a) To promote the development of the South African economy by—
(i) encouraging entrepreneurship and enterprise efficiency;
(ii) creating flexibility and simplicity …
(iii)encouraging transparency and high standards of corporate governance as
appropriate, given the significant role of enterprises within the social and
economic life of the nation;
(b) To promote innovation and investment in the South African markets;
(c) To continue to provide for the… use of business enterprises, in a manner that
enhances the economic welfare of South Africa as a partner within the global
economy;
Week 2: Partnerships and their importance
The definition of partnerships as per Pezutto v Dreyer.
‘…a legal relationship created by way of a contract between two or more
persons in terms of which each of the partners agrees to make some
contribution to the partnership business, which is carried on for the joint
benefit of the parties and the object of which is to make a profit’
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