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Sole Trader / sole proprietorship

Definition: Sole Trader Sole trader or sole proprietor is a business owned and controlled by one person who takes all the decisions, responsibility and profits from the business they run.

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Partnership  

Definition:  A partnership is an agreement between two or more parties that have agreed to finance and work together in the pursuit of common business goals. All partners bear equal responsibility for debts incurred.

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Co-operatives

Definition Co-operative refers to autonomous association of persons united voluntarily to meet their common economic and social needs and aspirations through a jointly owned and democratically controlled enterprise organised and operated on co-operative principles.

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Close Corporation (CC)
 
Definition:  A Close Corporation CC is an optional association of one or more persons, not exceeding ten, who qualify for membership in terms of the Act 69 of 1984, and secure its incorporation by complying with the requirements of this Act. 

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Private Company 

Definition: A private company is a voluntary association of 1 or more persons, governed by the company Act 71 of 2008, incorporated in terms of the Memorandum of Incorporation and its name ending with the word "Proprietary Limited (Pty Ltd)". It is a company with legal personalities and is prohibited by MOI from offering its shares to the public, i.e. the transferability of its shares is restricted. 

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Personal Liability Company 

Definition: A personal liability company is a voluntary association of 1 or more persons, governed by the company Act 71 of 2008, incorporated in terms of the Memorandum of Incorporation and its name ends with the suffix 'Incorporated' or 'Inc'. The directors are jointly and severally liable with the company for all company debts and liabilities incurred. 

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Public Company

Definition: A public company is a voluntary association of 1 or more persons, governed by the company Act 71 of 2008, incorporated in terms of the Memorandum of Incorporation and its name ending with the word "Limited (Ltd"). A company that has issued securities through an initial public offering (IPO) and is traded on an open market. 

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Non-profit company (NPO) 

Definition  A non-profit company is an association incorporated not for gain. These companies are governed by the members and directors. The companies resemble business oriented (for profit) companies in their legal structure.

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