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New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]Industrial Action Report finds SA recorded the highest number of strikes last year
A 2012 Industrial Action Report tabled by the Department of Labour (DoL) has showed a significant increase in the number of strikes last year, compared to the previous four years, EyeWitnessNews reports. According to the report, there were 99 strikes recorded last year alone. Here are the key [read more...]| by FSP Business, 21 October 2013 |
According to the Accounting & Tax Club, the MOI and the Companies Act tell you what to do regarding your company and how to do it.
As you know, MOIs are a legal requirement. You can't have a company without one.
That's not all.
There are risks if you don't have a properly drafted MOI.
If you don't have a properly drafted MOI, your business will face the following difficulties:
#1: Board: As the Practical Accountancy Loose Leaf explains, without an MOI directors can issue shares, reclassify shares and issue debt instruments without the consent of shareholders. But if you have a properly drafted MOI, you can protect your shareholders and restrict the power of the board.
#2: Business rescue: If you don't have a properly drafted MOI, directors can pass a resolution on your financially distressed company and hold up shareholder's rights. A properly drafted MOI can help you avoid this.
Well there you have it. The consequences you'll face if you don't have a properly drafted MOI. Is that a risk you're prepared to take?
Make sure you draft your MOI properly and ensure it complies with the requirements by the Companies Act.
Good day We have a permanent employee who gets paid monthly, requesting to change his permamnent contract to a Limited Duration Contract so that he could be paid hourly and so earn more. All our permanent staff ... [see the answer]
