This question keeps comimg up. Quite a few small business will stay CC's as they will be immobilised by fear of a PTY or change.
But change is good right?
The New Companies Act is nothing short of Awesome! Due to the ramifications of the CPA, it has been reduced to 225 sections and 5 schedules.
You can convert free of fees within three years of the first May 2011. You have more latitiude in a PTY than in a CC. As a small company you are exempt from a lot of the activities that a larger PTY has to comply with. You can offer share incentive schemes.
You can amend the MOI where it does not conflict with the Companies Act at point of Conversion, You can change the name of the entity at the point of conversiom, subject to the usual name reservation procedures.
In essence you are getting back to the same place you were with your CC but with greater benfit and protection.
We have fchanged our structures in this way- formed a Holding company and converted all our trading CC as subsidiaries with a non trading company that just holds the assets with long version MOI's