What is the difference between a close corporation, a company and a trust?

Last Updated On December 20, 2018

CREATION
CC: Registration of founding statement at the Companies Office
Company: Registration of articles of association and statutes at the Companies Office
Trust: Registration of trust deed at Master of the Supreme Court’s Office

EQUITY
CC: Members hold members interest (maximum ten and only natural persons)
Company: Shareholders hold shares
Trust: Trustees hold trust assets on behalf of trust for the benefit the beneficiaries

MANAGEMENT
CC: Members
Company: Directors
Trust: Trustees

INCOME
CC: Members
Company: Shareholders in the form of dividends
Trust: Benficiaries either stipulated by trust deed or in the discretion of trustees in the case of a discretionary trust

CONTRACTS
CC: Association agreement (optional)
Company: Memorandum
Trust: Trust deed