COMPANIES

FAC1601

FINANCIAL

ACCOUNTING REPORTING

FAC1601

DISCUSSION CLASSES NOTES

(PART 2)

STUDY UNITS 6 - 10

FAC1601

LECTURERS

Tel No: 012 429 4176

Mrs FM Osman

Mr A Eysele

Mr RN Ngcobo

Mr MT Hlongoane

Mr J van Staden

Mrs B Ntoyanto-Ceki

STUDY UNIT 6

COMPANIES

COMPANIES

A company is an association of persons known as shareholders, for a

common purpose, usually to increase their wealth (to make a profit).

Types of companies:

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Private company - ¡°(Proprietary)¡± Limited or (Pty) Ltd:

A privately owned company that is prohibited from inviting

the public to subscribe for its shares.

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Public company - ¡°Limited¡± or Ltd:

A company that is permitted to invite the general public to

subscribe for its share.

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Personal liability company - ¡°Incorporated¡± or Inc.:

A company that meets the criteria for a private company and is

memorandum of incorporation states that it is a personal liability

company.

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