Top 10 causes of insurance claims
Worldwide and local events impact both business and domestic premiums A Fire at a busy warehouse leaves a company struggling to replace its buffer stock; a ransomware attack paralyses a company’s IT systems; the use of industrial adhesives in manufacturing results in a costly product recall. Every day, companies around the globe (together with their […]
CORPORATE GOVERNANCE – FINANCIAL YEAR-END OF A COMPANY
Every company has a financial year. A company’s financial year is any 12-month period that the company uses for accounting purposes. The financial year-end of a company is usually the end of any quarter, such as the end of February, June, September or December. Even though the financial year of a company is usually a 12-month period, […]
VALUATION METHODS
A business valuation is a process whereby a value is placed on a business or a business unit, based on the historical and projected financial performance of the business. It is critical, as a shareholder or business owner, to know what your business is worth in order to make sound business decisions and maintain ongoing business strategy. These decisions can include evaluating or negotiating a possible sale of the […]
PROFESSIONALISM GOES A LONG WAY
Professionalism is defined as a person’s conduct at work. It refers to the level of competence or excellence that is expected of a professional. One should never apologise for having high standards and rather provide the level of expectation. It is the employer’s duty to ensure good performance by all his/her employees, so their company will be viewed as professional. Employees should be made aware of the […]
DOES YOUR BUSINESS NEED A LIQUOR LICENSE?
Liquor manufacturers and suppliers require a liquor license, as regulated by the National Liquor Authority. If your liquor registration has been cancelled, you cannot continue to trade. Trading without a license is an offence punishable by law. What is the National Liquor Authority? The National Liquor Authority is a regulatory body within the Department of […]
WHO WILL TAKE OVER YOUR BUSINESS AFTER YOU’RE GONE?
Owning a business requires careful succession planning and is part of your estate planning as you have to determine who will succeed you, or who will purchase your shares, or who will be entitled to the income after your death. The future ownership of your business is at stake. Partnership A partnership automatically dissolves upon […]
ARE RESTRAINT OF TRADE AGREEMENTS ALWAYS VALID AND ENFORCEABLE?
Historically restraint of trade agreements were void and unenforceable unless the employer could prove that it was a reasonable agreement entered into between the parties. Fortunately for employers the position in our law has changed. What are restraint of trade agreements? An agreement that seeks to restrict a party’s right to carry on a trade, […]
WHAT’S THE BUZZ ABOUT BUSINESS RESCUE?
If a company/close corporation is in financial trouble and all possible avenues to save the business have been exhausted, there is one last option available to save the business: it can lodge an application for business rescue at the CIPC. In order to qualify for business rescue proceedings, the business must satisfy the requirements as […]