Firstly, thank you for your time and hopefully for your insightful comments!
I started my business 4 and half years ago and it is growing slowly but surly. I started with one shop and now will be opening my 3rd in July I operate where the larger shops fear to tread, I think for good reason! Turnover for last year was R1.6 mill some of which is coming from tenders.
My prices are good, my service very good (I think!), but for me to take this further, I think I will need to bring on a BEE partner. What I have found is that a lot of quotes that I get requested to do are from promotions companies generally it seems BEE I often will get the same quote from 2-3 different companies. After they put on their margin, the quote is then too high. So need to get the tenders directly from the source.
Obviously a BEE partner would be great, and luckily enough, my wife fits the bill!
Right, so need to move from a sole-prop to a company I am guessing a limited company? (or has something taken the place of a CC). Is there a nice article somewhere that lists how they are formed, responsibilities, minimum requirements ect?
Is it fairly easy to move? Vat numbers, UIF ect? Bank details. Can I still trade as Maxsport?
Is there an article somewhere for the tax implications of moving?
As this is for tenders making my wife a 51% partner makes sense, although I will getting the larger share of the profits is this ok?
Any other pitfalls I need to look out for?