2023 Semester 2 Assignment 2 answers - Entrepreneurial Law (MRL2601)
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Course
MRL2601 - Entrepreneurial Law (MRL2601)
Institution
University Of South Africa (Unisa)
Assignment 2
QUESTION 1
Nandi and Patricia want to start a catering business together called It-out (Pty) Ltd. Briefly explain the
steps which they would need to take in order to incorporate a company. (5)
QUESTION 2
The board of directors of Mongalo Estates (Pty) Ltd is contemplating selling...
Assignment 2
SEMESTER 2 2023
MRL2601
ENTREPRENEURIAL LAW
, Assignment 2
QUESTION 1
Nandi and Patricia want to start a catering business together called It-out (Pty)
Ltd. Briefly explain the steps which they would need to take in order to
incorporate a company. (5)
To incorporate a company, Nandi and Patricia would need to follow these steps:
1. Name Reservation: Choose a unique and appropriate name for their catering
business. They can apply for name reservation with the Companies and
Intellectual Property Commission (CIPC) to ensure the name is available.
2. Company Registration: Prepare the necessary documents, such as the
Memorandum of Incorporation (MOI) and complete the registration forms
required by the CIPC. The MOI will outline the company's rules, management
structure, and other important details.
3. Appointing Directors and Officers: Decide on the initial directors and officers
for the company. They would need to provide the necessary details and
documentation of these individuals to the CIPC during registration.
4. Shareholder Agreements: If there are specific agreements between Nandi and
Patricia regarding shareholding, decision-making, profit-sharing, etc., they
should draft a shareholder agreement.
5. Payment of Registration Fees: Pay the required registration fees and submit
all the necessary documents to the CIPC.
6. Receive Certificate of Incorporation: Once all the documents are processed
and approved, they will receive a Certificate of Incorporation, indicating that
the company is officially registered.
7. Compliance and Reporting: After incorporation, they must comply with all legal
requirements, such as submitting annual financial statements and other
relevant documents to the CIPC.
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