Two types of companies may be incorporated under the new Companies Act 2008, namely non-profit companies and profit companies.
Profit companies may be incorporated under the following types:
• Private Companies (Fee R795.00) - more than 7 directors, additional R150.00/director
• Personal Liability Companies (R795.00) - more than 7 directors, additional R150.00/director
Private Companies (Pty) Ltd
Private companies under the new Act are prohibited to offer securities to the public and the transferability of their shares are also restricted. Private companies however, are no longer limited to 50 members as was the case under the current Companies Act.
Personal Liability Companies (Inc)
The directors and past directors (where applicable) of such companies are jointly and severally liable together with the company for any debts and liabilities arising during their periods of office.