brad112 10 Posted May 31, 2012 Hi all, I hope someone can give me some advise. I am in the process of registering a company to trade through, historically I have been trading as a sole proprioter personally and through BOB. How do I transfer my sellers profile from myself to the company on Bidorbuy. A company is obviously a seperate legal entity and as such I would like the transaction which is concluded on BOB to be between the company and the seller. Would the companies reqistration number then replace my ID number? Thanks, Brad Share this post Link to post Share on other sites
mrmouse 12 Posted May 31, 2012 Hi all, I hope someone can give me some advise. I am in the process of registering a company to trade through, historically I have been trading as a sole proprioter personally and through BOB. How do I transfer my sellers profile from myself to the company on Bidorbuy. A company is obviously a seperate legal entity and as such I would like the transaction which is concluded on BOB to be between the company and the seller. Would the companies reqistration number then replace my ID number? Thanks, Brad If you are to be the sole member of the cc, pty ltd , it doesnt really make much difference . Share this post Link to post Share on other sites
brad112 10 Posted June 1, 2012 (edited) It does make a difference, because a company is a seperate legal entity, ultimatly the company is responsible for all liability towards its customers and tax to SARS. There are benifits of trading via a company an example would be liability cover and certain business insurance. If for example a seller is a company but registered on BOB as a individual would the insurance company accept a potential claim? SARS also has the power to request evidence directly from banks and other third parties (believe me I am in the auditing/tax profession), what would be the implication if SARS conducts a tax audit (generally everyone gets an income tax review once ever 5 years which can lead to a tax audit if SARS is not happy) on an individual and decide to include the income earned on BOB through your company to your personal tax return as it was matched to your ID. Edited June 1, 2012 by brad112 Share this post Link to post Share on other sites
MiemsJewels 12 Posted June 1, 2012 Why bother do go through all of this? Much more work to do then. You can still change your name to the company'"s name! All your customers will know it is you then! Share this post Link to post Share on other sites
mrmouse 12 Posted June 1, 2012 It does make a difference, because a company is a seperate legal entity, ultimatly the company is responsible for all liability towards its customers and tax to SARS. There are benifits of trading via a company an example would be liability cover and certain business insurance. If for example a seller is a company but registered on BOB as a individual would the insurance company accept a potential claim? SARS also has the power to request evidence directly from banks and other third parties (believe me I am in the auditing/tax profession), what would be the implication if SARS conducts a tax audit (generally everyone gets an income tax review once ever 5 years which can lead to a tax audit if SARS is not happy) on an individual and decide to include the income earned on BOB through your company to your personal tax return as it was matched to your ID. Not all small businesses are vat vendors , as a sole member of a CC and there is a problem , they will come after you the sole member ,insurance ,, well depends on what you sell , it would be interesting to see how many BoB sellers have liability insurance on what they sell , these days I feel to register as a CC and not a T/A doesnt really give you much if you fly under the VAT thresh hold , what you can claim as a CC gets smaller and smaller every year , sole proprieters have just as many rights as a CC and sometimes is even more beneficial I feel . I run as a sole proprietor and I have never had a minutes problems , Share this post Link to post Share on other sites
