Results 1 to 2 of 2

Thread: Sale of CC implications past and future

  1. #1
    New Member
    Join Date
    Jul 2015
    Thanked 0 Times in 0 Posts

    Sale of CC implications past and future

    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?

  2. #2
    Gold Member
    Join Date
    Mar 2012
    Thanked 381 Times in 298 Posts
    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.

  3. Thank given for this post:

    Arraddee (22-Jul-15), Dave A (23-Jul-15)

Similar Threads

  1. Replies: 0
    Last Post: 27-Nov-12, 02:31 PM
  2. Vehicle tax Implications?
    By Just Gone in forum Tax Forum
    Replies: 4
    Last Post: 10-May-12, 04:57 PM
  3. Getting past judgement deadlock
    By Slippy in forum National Credit Act Forum
    Replies: 5
    Last Post: 01-Jul-11, 10:00 AM
  4. [Question] Tax implications of changes in membership of a CC
    By Avdl in forum Tax Forum
    Replies: 1
    Last Post: 17-Oct-10, 06:52 AM
  5. Carrying the burden of our past.
    By Dave A in forum South African Politics Forum
    Replies: 0
    Last Post: 18-Jul-07, 08:20 AM

Tags for this Thread

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