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Paralegal Manual: Chapter 1. Small Business Law. Contents. Introduction. Categories of SMMEs. Types of businesses Sole trader or sole proprietor.
Sole trader: Partnership: CC (close corporation) Private Company (Old Act) Private Company (New Act) Number of people: one: two to twenty: one to ten: one to fifty. Engineering Economy 15th Edition *Sullivan *Wicks *Koelling. Engineering Economy 15th Edition solution manual 1. ENGINEERING ECONOMY FIFTEENTH EDITION. Laws about terms and conditions of employment. There are different laws about conditions of employment. Employees' terms and conditions of employment may be covered by.
Partnership. Close corporation - Signing surety. Company. The differences between the four types of businesses. Advantages and disadvantages of the different types of businesses Co- operatives. Financing a cooperative Profits in a cooperative. Purpose of a cooperative? Principles of a cooperative.
Starting and registering a cooperative- Application for registration - Registration. Name of cooperative- Constitution of a cooperative- Keeping records- Contact details for the Registrar of cooperatives. Registrations as a new employer.
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Employee’s tax - SITE/PAYEHow to register as an employer for SITE/PAYEWhat must the employer do every month? What must the employer do every year?
Special situation for members of CCs and directors of companies. Casual employees and tax. Unemployment Insurance Fund (UIF)Who must contribute to UIF? Who must register for UIF? How to register for UIF? What must the employer do every month?
How to pay the UIFDeclaring new employees Skills Development Levy Who does the SDL apply to? Registering with SARSPaying the SDLDistributing the SDL funds Compensation for occupational injuries and diseases. How to register for Compensation. Does the employer pay Compensation for all employees? What must the employer do when someone gets hurt at work? Occupational health and safety.
Who does the Act apply to? Appointment of representatives Formalising the employment relationship with employees. Income tax. Provisional tax. How to register as a taxpayer. Sole traders and partnerships. Close corporations and companies.
What happens if you do not pay tax or pay late? SARS e. Filing - What is the cost? What are the steps involved? Value- added tax (VAT)VAT vendors. Who should register as a vendor?- The Small Retailers VAT Package.
How do you register for VAT? How does VAT work? VAT invoices. What records must be kept for VAT purposes?
Paying VAT to the Receiver. Claiming input credits. Business licences. What type of business needs a licence?
How to get a business licence. Does the business licence have to be renewed? What happens if a person sells food and does not get a business licence? Exporting and importing.
Permits for exporting and importing How can you get a permit? Goods that are subject to export and import controls. Registering as an exporter and importer. Administration skills for small businesses. Bookkeeping. Payroll and personnel records. Other important records- Customer service records- Stock control records- Business safety records. Filing. Filling in forms.
Writing out cheques. Support for SMMEs. Small Enterprise Development Agency (seda)Khula Enterprise Finance Ltd (Khula)Thusong Service Centre.
Tendering Advice Centres. National Small Business Advisory Council.
Problems. PROBLEM 1: What type of business to start. PROBLEM 2: Starting a business which needs a business licence. PROBLEM 3: Is being a VAT vendor worth it? PROBLEM 4: Drawing up a business plan. Model letters and forms. Model letter of appointment. Checklists. When starting a business.
Business licence types: an example. Introduction. Small business means a separate business entity, including profit- making and non- profit making enterprises (such as a cooperative), which is managed by one or more owners and which can be classified as a micro, very small, small, or medium enterprises (also referred to as SMMEs). Micro is the smallest type of business and has no more than 5 people working for the business; a ‘very small’ business has no more than 2. Categories of SMMEs. The National Small Business Act divides SMMEs into the following categories: Category of SMMEDescription. Survivalist enterprises. Operates in the informal sector of the economy.
Mainly undertaken by unemployed persons. Income generated below the poverty line, providing minimum means to keep the unemployed and their families alive. Little capital invested, not much assets.
Not much training. Opportunities for growing the business very small. Micro enterprises. Between one to five employees, usually the owner and family. Informal - no license, formal business premises, labour legislation. Turnover below the VAT registration level of R3.
Basic business skills and training. Potential to make the transition to a viable formal small business. Very small enterprise. Part of the formal economy, use technology. Less than 1. 0 paid employees.
Include self- employed artisans (electricians, plumbers) and professionals. Small enterprise. Less than 1. 00 employees. More established than very small enterprises, formal and registered, fixed business premises. Owner managed, but more complex management structure. Medium enterprise. Up to 2. 00 employees.
Still mainly owner managed, but decentralised management structure with division of labour. Operates from fixed premises with all formal requirements. Note: Women represent approximately 5. The government has passed the National Small Business Amendment Act (No 2. Small Enterprise Development Agency (SEDA) and the incorporation of organisations such as Ntsika Enterprise Promotion Agency, the National Manufacturing Advisory Centre and any other designated institutions into SEDA. This will be dealt with in more detail in the chapter.
This chapter looks at the laws that promote small business development, what the laws say a person who runs his or her own business must do and the support available from the government in order to do this. Types of businesses. If you want to start a business, you must decide whether you want your business to be: a sole trader or sole proprietora partnershipa close corporation (From 1 May 2.
Closed Corporations can be requested or conversions from company to Closed Corporation allowed. However existing entities can continue to operate). Sole trader or sole proprietor (owner)A sole trader or a sole proprietorship means one person owns the business. A sole trade does not have to register the business, for example, Vusi starts a shoe repair business which he calls ‘Cool Leather’ and runs it from his home. If you are a sole trader, the law does not make a difference between the things that you own and the things that belong to your business, which are called assets.
This means that the tools which Vusi uses to repair shoes, the table on which he works and the cash register belong to him in the same way that his television set or his bed does. There is also no difference between the money you owe people and the money your business owes people, which are called debts.
For example, the money Vusi must pay for electricity is no different from the money he must pay the man who sells him leather to repair shoes. If Vusi doesn’t pay his leather supplier for leather bought from him, the supplier can go to court to get his money. If Vusi does not have the money to pay the supplier, the court can take away his tools, his TV, his car, or anything that is a luxury, and sell it to pay the supplier. As Vusi, a sole proprietor, has given the business a name, he must refer to it in any business dealings as ‘Vusi Mahlangu t/a (trading as) Cool Leather’. Partnership. A partnership is a business that has between 2 and 2.
If two or more people want to start a partnership, they should sign a written agreement. A lawyer should prepare this. See What are the requirements for a contract?) The agreement must include these points: what happens to the assets of the business, for example, the tools and the furniture, if the partnership ends; how the partners will share the profits, for example, one partner works every day and another partner only works three days a week; they would not want to share the profits equally because the one partner has worked more days than the other; what happens if one of the partners wants to leave the partnership. Every time a new partner joins, the partners must sign a new agreement.
Like a sole trader, the law does not recognise a difference between the partnership's assets and debts and the assets and debts of the partners themselves. Not only that, but the law does not recognise a difference between different partners' assets and debts.
For example Nomonde's business partner Vuyani builds a house and does not pay the builder. The builder takes him to court to get his money. The court can take the tools and furniture of the partnership and sell them to give the builder his money.
The court can do this because there is no difference between Vuyani's assets and debts and the assets and debts of the partnership. So Vuyani's debts are also the debts of the partnership. If Vuyani cannot pay the builder, the builder can get his money from the partnership. Nomonde would be able to go to court to get the money back from Vuyani, but it is expensive to pay lawyers to take a case to court and it takes a long time before the court will hear her case. If Vusi, decides to run his Cool Leathers as a partnership, he must refer to the business in any business dealings as ‘Vusi Mahlangu t/a Cool Leather’. From 1 May 2. 01.
CC’s can be requested and the conversion from company to CC is also not allowed. Close corporation (CC)A close corporation is like a company, only less expensive and less complicated to run. From 1 May 2. 01.
CC’s can be requested and the conversion from company to CC is also not allowed. CC is more expensive to run than a partnership or sole trader because you need to pay an ‘accounting officer’ to do the books of the business. You also have to keep records for the CC and each member has to keep records for tax purposes. The people who own and manage the close corporation are called members. There are no directors or shareholders or a chairperson of the board, like a company has.
A close corporation cannot have more than 1. The law sees a close corporation as separate from its members.