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"YES, YOU CAN HAVE YOUR OWN BUSINESS"
FAQ - Frequently Asked Questions
FAQ asked before starting a business.
Q: Should I start a company or a cc or some other form?
A: Click here for a brief table comparing the different (but common) forms a business can take.
Q: How do I register my new company?
A: If you are starting a Pty Ltd you will need your accountant or lawyer to help register the company.
If you are starting a cc then take a look at how SEDA suggest you go about it.
If you are going to trade as a sole proprietor then simply start doing so but then also do the following (which must be done by the cc and pty too), register for income tax with SARS and if applicable the following: VAT, as an employer with SARS, compensation commissioner, any trading licences for certain industries, UIF, SDL seta. Review our accounts page too.
Q: How do I raise finance for my new company?
A: This site is more concerned in keeping your debt down then getting into debt, but if you insist, try some of the following options at SEDA and glance at our resources page too.
Q: Is all this information on this site available in a downloadable format or book for ease of future reference?
A: No, unfortunately not yet. We're still tweaking the site by adding information people ask for, making parts easier to understand and improving layout. Once we're happy with the content we'll compile a reference book for the new business owner. Our newsletter will let you know if this happens.
FAQ by new small business owners.
Q: What other government departments do I need to register with?
A: This depends on the nature of your business, but at least try and see if you need to register for the following: VAT, UIF, as an employer with SARS, SDL, workman's compensation, trade licences.
FAQ asked by existing business owners.
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A simplified comparison between the various business structures commonly used by small businesses.
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Sole Proprietor
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Close Corporation (cc)
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Private Company (Pty Ltd)
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Simply start trading ... as yourself
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Cheap and simple to register
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Need professional help to register, its a bit more expensive to setup and run
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Only one owner - you
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May have more than one owner, but they must be people, not companies.
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Many owners possible and they can be persons or companies.
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Owner personally responsible for all debt
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Owners not personally responsible for debt except if signed surety, comitted fraud or for money owed to SARS.
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Owners not personally responsible for debt except if signed surety, comitted fraud or for money owed to SARS.
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"One man show " image
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Small business image
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More professional image.
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No auditor necessary
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No auditor necessary
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Must be audited
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In almost every case we would recommend that a full time small business start out as a close corporation (cc). If successful it can later change to a private company (pty) Ltd.
Back to the FAQ section
For more information contact us at info@smallbusinessowner.co.za with your query and we'll see if we can assist.
Are you an expert in a field related to small businesses in South Africa? Drop us a mail at info@smallbusinessowner.co.za.
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