Do you want to register your Company as a Personal Liability Company Inc.? We can register your Personal Liability Company (also Incorporated Company) at CIPC within the quickest possible timeframe. Apply on this page below.
What is a Personal Liability Company Inc.?
A Personal Liability Company Inc. is a private company which is mainly used by ‘associations’ such as Lawyers, Engineers and Accountants. The Company’s Name must end with the word “Incorporated”. It operates on the principle of ‘personal liability’. This term means that the directors of the company, as well as previous directors, will be responsible for the debts of the company. The owner of a Personal Liability Company Inc. is considered separate from the company. That means the creditors cannot seize the owner’s personal assets such as a home or Investments.
- Security. A Personal Liability Company Inc. provides security for the owners of the company.
- Tax saving. Tax is only paid once – by the individual, not the company. It is only paid on the profits (salaries / bonuses) that are paid out to the members of the Personal Liability Company Inc. The Company itself does NOT pay taxes on its profits.
- Flexible profit distribution. Owners of a Personal Liability Company Inc. are free to decide how they want to distribute the profits to the members of the company – there are no fixed rules as with a Pty or CC.
- Custom MOI. You will need to amend / setup your Company’s Memorandum of Incorporation (MOI) to show that it is a Personal Liability Company Inc. It will need to show the letters “Inc.” in the Company Name. Memorandum of Incorporation ( MOI ) – click here to apply.
- ID / Passport.
- Location. The address of the business needs to be in South Africa (business / home).
- Age. Members need to be 18 years of age or older.
R 2 890 once-off for Personal Liability Company (Inc.)