Exam (elaborations)
MRL2601 Assignment 2.
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- MRL2601 Assignment 2
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- University Of South Africa
MRL2601 Assignment 2.
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MRL2601Assignment 2
(ANSWERS)
Semester 2 2023
ADMIN
[COMPANY NAME]
, QUESTION 1 Nandi and Patricia want to start a catering business together
called It-out (Ply) Ltd. Briefly explain the steps which they would need to lake
In order to incorporate a company. (5)
To incorporate a company, Nandi and Patricia will need to follow several steps. Here are the key
steps they should take to incorporate their catering business, It-out (Ply) Ltd:
1. Choose a Business Structure: They should decide on the type of company structure they want, such
as a private limited company, partnership, or sole proprietorship. In this case, since they want to start
a company called "It-out (Ply) Ltd," they are likely opting for a private limited company.
2. Choose a Name: They need to select a unique and available name for their company. They should
check with the relevant government authority or registrar to ensure that the chosen name is not
already in use.
3. Draft a Memorandum and Articles of Association: They should create the company's
Memorandum of Association and Articles of Association. These documents outline the company's
objectives, rules, and regulations governing its operations.
4. Appoint Directors and a Company Secretary: They must appoint directors for the company. In
many jurisdictions, a private limited company must have at least one director. They may also need to
appoint a company secretary, depending on local regulations.
5. Share Capital and Shareholders: Decide on the initial share capital and allocate shares among
themselves and any other potential investors. Prepare a share certificate for each shareholder.
6. Registered Office: Provide the registered office address of the company, which will be the official
address for legal correspondence.
7. Register with the Government: File the necessary incorporation documents and pay the
registration fees to the appropriate government authority or registrar. This typically includes
submitting the Memorandum and Articles of Association and other required forms.
8. Obtain Necessary Permits and Licenses: Depending on the nature of their catering business and
the local regulations, they may need to obtain permits or licenses to operate legally.
9. Tax Registration: Register the company for taxes, including income tax and VAT/GST, if applicable
in their jurisdiction.
10. Bank Account: Open a business bank account in the company's name to manage finances
separately from personal accounts.
11. Compliance: Ensure ongoing compliance with local laws and regulations, such as filing annual
financial statements, holding annual general meetings, and paying taxes.
12. Business Insurance: Consider getting insurance coverage for the catering business to protect
against potential liabilities and risks.
13. Employer Registration: If they plan to hire employees, they may need to register as employers and
comply with labor laws and regulations.
14. Trademark Registration: If they want to protect their company name or logo, they may consider
registering it as a trademark.
15. Business Plan: Develop a comprehensive business plan that outlines their goals, target market,
marketing strategy, and financial projections.
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