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Commercial Law

The importance of having a valid partnership agreement

2023-08-30T07:31:25+00:00August 30th, 2023|Commercial Law|

THE IMPORTANCE OF HAVING A VALID PARTNERSHIP AGREEMENT Written by Marco Basson 13 of June 2023 A partnership agreement is a legally binding contract that protects the interests of all partners involved. It sets out the legal framework for the partnership and the rights and obligations of each partner. In the event of a dispute or disagreement, a partnership agreement serves as a reference point for resolving conflicts and protecting the rights of the partners. It also clarifies what is expected from each

What Is Business Rescue? Business Rescue Proceedings In South Africa Explained.

2022-12-14T08:06:24+00:00June 22nd, 2022|Commercial Law|

What Is Business Rescue? Business Rescue Proceedings In South Africa  Explained. Written by M Snyders 31 May 2022 WHAT IS BUSINESS RESCUE? Business rescue proceedings are instituted when there is a need to rehabilitate a financially distressed company. The rehabilitation process allows the company to restructure its affairs under the management of a business rescue practitioner. The restructuring process takes place in accordance with the business rescue plan. Chapter 6 of the Companies Act 71 of 2008 makes provision for the business rescue

What is a tenants rights when the property is being sold?

2022-12-14T08:06:58+00:00June 8th, 2022|Commercial Law|

What is a tenant's rights when the property is being sold? Written by Mari van der Walt 25 May 2022 When a landlord elects to sell the property currently occupied by a tenant, it can cause a lot of uncertainty and fear for the tenant and might cause an impasse between the landlord and the tenant. This article will examine the rights and obligations of each party to the sale, the purchaser, tenant, and landlord. Is the landlord allowed to sell the property

What is the Liquidation Process of a Company in South Africa?

2022-12-14T08:08:50+00:00April 25th, 2022|Commercial Law|

WHAT IS THE LIQUIDATION PROCESS OF A COMPANY IN SOUTH AFRICA? Written by M Snyders 22 April 2022 WHAT IS LIQUIDATION? A company or close corporation will be subjected to the liquidation process where business restructuring or business rescue is not possible. Liquidation of a company involves the sale of the company's assets and the distribution of the proceeds from the sale of the assets to the creditors. During the sale and distribution process, the company has to refrain from all business activities.

What are the formalities for a legally binding contract?

2022-12-14T08:21:14+00:00July 29th, 2021|Commercial Law|

What are the formalities for a legally binding contract? What is a contract? A contract is an agreement entered into by two or more persons to create a legal obligation with animus contrahendi that is recognized by law and binding n the parties thereof. Agreement: The parties must have consensus and agree on the course of action. Obligation: A legal bond between a creditor and debtor, where the debtor must give, do or refrain from doing something to or for the creditor. Animus

Can a director be held personally liable to the creditors of a company?

2022-12-14T08:26:05+00:00May 3rd, 2021|Commercial Law|

Can A Director Be Held Personally Liable To The Creditors Of A Company? There are a few instances in which a director can become liable for the debts of a company. The first being in an instance where the director binds himself/herself in his/her personal capacity as surety for a debt. The other instances are stipulated in the Companies Act No. 71 of 2008 (“the Act”) which came into effect on 1 May 2011. In terms of the Act, when can a director

5 Benefits of Having a Shareholders Agreement In South Africa

2022-12-14T08:28:59+00:00September 25th, 2020|Commercial Law|

5 Benefits of Having a Shareholders Agreement In South Africa A Shareholders Agreement will provide various benefits to all parties involved. We have noted five main advantages of a Shareholders Agreement that has been appropriately structured and correctly drafted and concluded after proper analysis by commercial attorneys specializing in Shareholders Agreements. They are as follows: Potential disputes are reduced. Enunciating the terms and conditions governing the shareholder relationship reduces the grey areas for all involved parties. Any dispute, irrespective of its materiality, places

What Should A Shareholders Agreement Include

2022-12-14T08:29:49+00:00September 25th, 2020|Commercial Law|

What Should A Shareholders Agreement Include? Each company's Shareholders Agreement will be different as same needs to be drafted and tailored to fit the company's unique needs and requirements. However, there are 5 main factors that one should ensure are included when drafting a Shareholders Agreement. 1. Shareholders’ Meetings Shareholders’ meetings should clearly be stipulated as to the regularity of the meetings, as well as how it is called. Special circumstances should be provided whereby the members could deviate from the general rules,

Why Is A Shareholders Agreement Necessary

2022-12-14T08:30:22+00:00September 25th, 2020|Commercial Law|

Why Is A Shareholders Agreement Necessary? A Shareholders Agreement contractly concludes, formalise and governs the relationship as well as the duties and responsibilities between all stakeholders to the company. By clearly setting out the rights and responsibility of each party as well as the manner in which profits will be shared, it provides clear guidelines to follow if and when key decisions need to be made, or a dispute arise. By concluding a shareholders agreement, the parties involved can ensure that everything is transparent

What are the different types of companies in South Africa

2022-12-14T08:30:56+00:00July 23rd, 2020|Commercial Law|

What are the different types of companies in South Africa? By J’Retha Rossouw Identifying the structure or type of entity to suit your company’s needs, is vital to any successful business. This decision will largely impact on the manner in which the company is administrated and regulated, and has to suit the nature of your business and its memo operandi. The Companies Act 71 of 2008 differentiates between two types of companies – companies that trades for profits, and those that don’t, more

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