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Thread: Business closing down

  1. #1
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    Business closing down

    Hi all,

    The coronavirus situation has forced me to close my small business down. However, the business is owned by a registered company and I don't want to deregister the company since the company also owns another business (which is dormant at the moment but which I will be pursuing once my current small business ceases to trade).

    How can I do this? Is it even possible? I had a cursory look around the internet and ir seems that liquidating or deregistering the company is the only option.

    Thanks,

    Andre

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    Diamond Member Justloadit's Avatar
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    Closing down a company does not necessarily mean de-registering.
    It simply stops trading.
    The issue here is a more legal issue, in the sense that the company has outstanding debts, which require to be serviced if the business no longer trade.
    If these debts are not cleared, then the company/owners will be sued to clear the debts.

    Keeping the company alive even though not trading costs money. You have to maintain correspondence with CIPRO, Bank accounts, SARS, Balance sheets, PAYEE, UIF, even if zero trading, you must continue.
    This may require the services of a book keeper who will not do this for nothing.
    Bank accounts whether in use or not, attract a monthly fee.
    CIPRO filing requires a yearly fee, and is usually done by the book keeper.

    I have a situation just as you have described for many years, and it costs me over R300 a month to maintain. I think that this year it may be time to cut the strings, that venture is never going to happen. I am getting older and have less motivation, and quite frankly don't want the headache of another business which requires staff, expenses. It is just simply getting to hard to always be responsible for some one else's welfare. Its interesting, that I no longer see opportunity to make some extra bucks, but rather the amount of hassle to do it . Maybe I have worked long enough to rest on my laurels, and start enjoying life as I move to the next phase of the life cycle.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Has anyone actually been given assistance by the government in regards to funding for their small business?

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    Didn’t receive help from the state? no option to keep the business working remotely?

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