Common Terminology

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Legal entities

Close Corporation (CC) A business entity registered in terms of the Close Corporations Act 69 of 1984. A maximum of ten natural people can be members of a CC. It may conclude agreements of sale or leases in its own name.

Company A trading entity that is commonly used for commercial activity and may enter into agreements of sale or lease in its own name.

Natural person Not a company, cc or trust – when one buys property in one’s own name, it is bought as a natural person

Partnership A contract between a minimum of two and a maximum of twenty persons, to carry on business in common. It is not a separate legal entity. When property is purchased by a partnership, all partners enter into the contact as natural persons.

Trust A contract between the founder and the trustee in terms of which the trustee is to administer the trust fund for the benefit of the beneficiaries