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Hi question, I am a 100% member of my cc. I am in the process of selling it, but a bit of confusion has arisen. Going forward after sale, am I still liable for any entries in the CC up to date of sale, and then new owner is liable from date of sale onwards, or does new owner, once registered as sole member of the CC become responsible for PAST, present and future actions, liabilities, tax etc? ie does he take over full responsibility of the CC, almost like he has been the only owner? For argument sake, if Sars has a question 2 years down the line about financials in years before new owner bought CC, do they have it with me, or will the onus be on the new owner?
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The debts, assets and so on are the property of the cc. So, the member at any point in time is responsible.
Often agreements for the sale of a members interest try to pin it down to date of transfer, but that is an arrangement between the buyer and seller and does not affect the rights of a third party.
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