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Close Corporation versus a Company

Comparing a Close Corporation (CC) to a Company can be difficult.

To make the comparison easier, I suggest that you write down what you want out of our form of business ownership. Do you want the option of expandability, or do you want to manage the business entirely yourself.

There are two types of companies available - they are Private Companies and Public Companies. The table below will help you to decide on the best option. Research and advice from professional business advisors will help you in making the right decision.

	Close Corporation	Private Company	Public Company
Name	CC	(Pty) Ltd Propriety Limited	Ltd
No. of Owners	1 - 10	1 -50	7 - number of shares issued
Name of Owners	Members	Shareholders	Shareholders
Liability	Limited	Limited	Limited
Continuity	Unlimited	Unlimited	Unlimited
Managed By	All/some members	At least 1 director elected by shareholders	Minimum 2 directors, elected by shareholders
Capital	Contributed or borrowed by members	A maximum of 50 selected shareholders contribute the capital	Selling of share to the public
Formation	Founding Statement	Memorandum & Articles of Association	Memorandum, Articles of Association and a Prospectus
Payment to Owners	Paid according to % interest held by each member	Dividends per share depending on no. of shares	Dividends per share depending on no. of shares
Availability of Financial Information	Only available to members of the CC	Only available to shareholders & perspective shareholders	Info freely available to the public. Not confidential - involves many people
Type of Taxation	Pays Company Tax	Pays Company Tax	Pays Company Tax