ABAKA SPHONGO TRADING ENTERPRISE

ABAKA SPHONGO TRADING ENTERPRISE is an Close Corporation business incorporated in South Africa on May 5, 2011. Their business is recorded as In Business. The activity is registered as CONSTRUCTION, GABIONS, PLUMBING, ROAD WORKS AND TRADE IN ALL ASPECTS. It is not part of a group. The company has no filed accounts. The company was incorporated 13 years ago.

Since May 1, 2011, it has been impossible to incorporate a new close corporation in South Africa. There are, however, still hundreds of thousands of close corporations in existence. They are regulated chiefly by the Close Corporations Act.

A close corporation is a juristic person distinct from its members. It enjoys perpetual succession, and its members have limited liability. It has the capacity and the powers of a natural person, and is encumbered by a minimal number of formalities. It may be formed by a single person. It does not deal in shares and share capital; instead, there are "members' interests," which are determined as a percentage of ownership.

There are, with close corporations, no strict rules relating to the maintenance of capital, and they also enjoy flexibility in the arrangement of their internal relationships. There are no directors: All members have an equal say, but they carry the risk of personal liability. The fiduciary duties and duties of care and skill are codified, and the accounting and disclosure provisions are less extensive for a close corporation than for, say, a public company.

Key Financials are not available as ABAKA SPHONGO TRADING ENTERPRISE has not filed accounts. Accounts are required to be filed on or before 20/09/2013.

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