A Preliminary Analysis Of South Africa Close Corporation Act

In recent years, South Africa small and medium-sized enterprises has taken an increasingly important role in the industrialization strategies of developing countries in the region. In 1984, South Africa made the law of regulating SouthAfrica small and medium-sized enterprises behavior-South Africa CloseCorporation Act. With the further development relationship of China and South Africa, more and more Chinese go to South Africa to establish small and medium-sized enterprises, however, The studying of South Africa Close Corporation Act is still blank in domestic at present. So There are realistic meanings in the research of the South Africa Close Corporation Act.There is a choice of a new company form to small and medium enterprises that do not issue stocks outwards with the formulation of South Africa Close Corporation Act. This company form combine some of the attributes of partnership law with the corporate attributes of legal personality and limited liability. It provides a simple, Inexpensive, and flexible form of incorporation for the enterprise consisting of a single entrepreneur or small number of participants.South Africa close corporation is made up of natural person, its member's "share" is called "interests", The funds of the corporation are made up by member's "contribution"; The establishment of South Africa close corporation only need to submit a founding statement to Registration Office of South Africa, South Africa close corporations do not need article associational, but members can make association agreement regulate members' behavior; South Africa close corporation have neither shareholders nor board of directors, every member is entitled to participate in the management of the business and to act as agent for the corporation, every member owe a fiduciary duty and a duty of care to thecorporation; South Africa close corporation belong to the company with limited liability, but if the members of close corporation violate the regulations of South Africa Close Corporation Act, they will lose the protection of limited liability. According to Close Corporation Act and Company Act, South Africa close corporation can convert to company very easy, and vice versa; South Africa close corporation is relatively looser at accounting, the corporation need not legal auditors, But there must be an appointed accountant in it, the accountant must cause the annual financial statement. And the "South Africa Close Corporation Act has been proved to be one of the most remarkable innovation in South African Company law system"This article will introduce and analyses South Africa Close Corporation Act from three respect in detail. First, we begin from the course of the formation and development of South Africa Close Corporation Act to Prove the reality requirements of South Africa small and medium-sized enterprises for South Africa Close Corporation Act. Then, we demonstrate clearly the main contents and new characteristics of South Africa Close Corporation Act and the Amendment Act. Finally, we illustrate the influence of South Africa Close Corporation Act in domestic and international, and through comparing company legislation of our country with South Africa Close Corporation Act. We get the reference meanings of South Africa Close Corporation Act for our country .The related methodology involve comparative analysis, case studies, sample illustration.