Results 1 to 8 of 8

Thread: Difference between CC and PTY

  1. #1
    Full Member
    Join Date
    May 2011
    Location
    JHB
    Posts
    31
    Thanks
    1
    Thanked 2 Times in 2 Posts

    Difference between CC and PTY

    The company I work for is in the process of moving from a cc to a pty, what are the 'real' changes - day-to-day changes we should expect? What is the general procedure within the company?

  2. #2
    Full Member BuyNoEvil's Avatar
    Join Date
    Jun 2011
    Location
    Johannesburg
    Posts
    40
    Thanks
    0
    Thanked 11 Times in 7 Posts
    Probably has to do with he new Companies Act not allowing the registration of any new CC's. It is also generally expected that existing CC's will be given about 2 years in which to convert a another business form, most probably a Pty Ltd.

    Operationally for the employee there is no difference.

  3. #3
    Gold Member Singhms's Avatar
    Join Date
    Oct 2008
    Location
    Pretoria (National)
    Posts
    977
    Thanks
    161
    Thanked 52 Times in 48 Posts
    Do existing CC's have to convert to a PTY?

    I taught they would just remain?
    Visit our online store SINGHMS RETAIL and sign up to receive a 10% discount off your first purchase.
    Follow us on our facebook page SINGHMS RETAIL FACEBOOK for instant updates.
    New products and discounts added daily.

  4. #4
    Full Member BuyNoEvil's Avatar
    Join Date
    Jun 2011
    Location
    Johannesburg
    Posts
    40
    Thanks
    0
    Thanked 11 Times in 7 Posts
    NO guidance or directive from CIPC or minister on this as yet. The general expectation though is that it will ultimately be required.

  5. #5
    Bronze Member rfnel's Avatar
    Join Date
    Jun 2011
    Location
    Germiston
    Posts
    196
    Thanks
    120
    Thanked 41 Times in 31 Posts
    Blog Entries
    4
    Quote Originally Posted by Singhms View Post
    Do existing CC's have to convert to a PTY?

    I taught they would just remain?
    That is my understanding as well.
    "Fortune favours the bold" - Virgil
    Riaan Nel
    Freelance Software Development | LinkedIn | Skype

  6. #6
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts
    Quote Originally Posted by Slippy View Post
    The company I work for is in the process of moving from a cc to a pty, what are the 'real' changes - day-to-day changes we should expect? What is the general procedure within the company?
    As an employee, no difference at all. The differences between a cc and pty are fairly small and really onyl affect directors and shareholders. You will have a slightly different name on your invoices and letterheads, but can't think of anything else that will be different.

  7. #7
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts
    Quote Originally Posted by Singhms View Post
    Do existing CC's have to convert to a PTY?

    I taught they would just remain?
    My understanding is that there is no obligation at all for existing CC's to convert. They can if they want, but don't have to.
    There is no time constraint on when this might change.

    I think in practice in say 10 to 20 years time when most people have forgotten about CC's, you will find people becoming suspicious of this strange entity and being cautious in dealing with them. Bank staff will be confused and struggle to find the right forms to open account, ditto for municipalities and government organisations. Eventually the members will become frustrated and convert. For now though, there is no need.

  8. Thanks given for this post:

    Singhms (20-Oct-11)

  9. #8
    Full Member
    Join Date
    Oct 2011
    Location
    Gordon's Bay, Western Cape
    Posts
    67
    Thanks
    2
    Thanked 2 Times in 2 Posts
    Nope, they would just remain until the members resolve to convert it. Completely voluntary off-course. All that is different, is that there will be no new CC's.

    But why not convert? (PTY) Ltd is also now exact like a CC and looks more professional?

Similar Threads

  1. UK to SA price difference
    By murdock in forum General Business Forum
    Replies: 23
    Last Post: 10-Aug-11, 09:41 AM
  2. [Article] NOW YOU CAN TELL THE DIFFERENCE
    By BBBEE_CompSpec in forum General Business Forum
    Replies: 6
    Last Post: 17-Dec-09, 08:55 PM
  3. The difference between B&B and self-catering.
    By Dave A in forum General Business Forum
    Replies: 0
    Last Post: 28-Jan-07, 08:52 AM
  4. The difference between blogs and forums.
    By Dave A in forum Technology Forum
    Replies: 2
    Last Post: 11-Jan-07, 01:24 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •