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New Year, New Business - How to Pick the Right Legal Entity for It
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2023 dawns and you decide to realise your dream – you’re finally going into business for yourself. No more 9-5, no more horrible bosses, no more cubicles and endless meetings, no more corporate nonsense…
But are you an entrepreneur? What’s your plan? What legal entity should you trade in?
We share some thoughts on how to answer those questions.
Then we summarise the four choices of business entity available to you, analysing the pros and cons of each in an illustrative table.
Last (but certainly not least) we’ll talk about the tax efficiency and estate planning implications – don’t decide on a business vehicle without considering them!
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When Your Buyer Can’t Get Finance, Might a Kustingsbrief Save the Sale?
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There’s nothing to pour cold water on the excitement of a successful house sale quite like the realization that the buyer isn’t going to get a bond from the bank.
Is the sale stone dead? Is it back to square one for both seller and buyer? Or is there perhaps some way of saving the sale?
We discuss the option of a “kustingsbrief” or “seller’s bond”. What is it? Could it help you? What are its advantages and disadvantages?
Read on for some insights…
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Living Wills: 6 Myths Busted
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Traffic accidents, strokes, dread diseases, covid and the like often strike out of the blue. One moment all is well in the world, the next you are in ICU with tubes everywhere and the ventilator beeping. In a worst-case scenario you can no longer express your wishes as to what medical treatment you do and do not consent to.
That’s why you should decide now, while you are still able to, to make an “advance healthcare directive” such as a Living Will.
We discuss six myths that dissuade many people from making Living Wills – read about them and make your own mind up as to what you want…
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“Double Jeopardy” for Tax Evasion – Penalties plus Prosecution
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Our law’s “double jeopardy” rule is the protection we all have against being prosecuted twice for the same offence on the same facts.
But does it apply if you are subjected to both administrative penalties and criminal prosecution?
That was the question before the High Court recently when a close corporation and its member were criminally charged with tax evasion, after having already paid substantial administrative penalties. They cried “foul” and asked the Court to declare unconstitutional the relevant provisions in the Tax Administration Act. The Court’s decision fires yet another warning shot across the bows of anyone thinking of cheating the Taxman.
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Websites of the Month: Community Schemes - “CSOS Connect” Services Going Live
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If you are in a Community Scheme such as a Sectional Title development or a residential complex with a Homeowners Association (HOA), keep an eye on the “Shared Living” magazine from the CSOS (Community Schemes Ombud Service) on its Newsletter page. Most of the articles are clearly aimed at Bodies Corporate, HOAs and Managing Agents, but owners and tenants will also find value in many of the topics covered.
Click on Issue 19 (October – December) here and go to page 7 for a short presentation (keep your speakers on) on CSOS Connect’s online services. As at date of writing, only some services are already live, with a full roll-out planned for early 2023. Hopefully interacting with CSOS is about to become a lot better and easier!
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Have a Healthy,
Happy and Successful
2023!
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Disclaimer
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The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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