Property Buyers: Must you Pay the Previous Owner’s Old Debts?
Imagine this. You buy your dream house. You take transfer. You book a date for your move with Fred’s Furniture Removals. But when you apply for electricity and water accounts so you can actually move in, your local municipality refuses until you settle an old (and substantial) municipal debt which the original owner still owes. “Pay up” says the municipality, “or we’ll sue. You could lose the house.
Imagine this. You buy your dream house. You take transfer. You book a date for your move with Fred’s Furniture Removals. But when you apply for electricity and water accounts so you can actually move in, your local municipality refuses until you settle an old (and substantial) municipal debt which the original owner still owes. “Pay up” says the municipality, “or we’ll sue. You could lose the house.
Step 3 in starting your own business is, you will recall from last month's article, picking the correct trading vehicle upfront.
Let’s start off our analysis of the various choices open to you with the sole proprietorship (or “sole trader”) option – could it be the best fit for your particular needs and those of your new business?
A recent High Court judgement reminds us once again of how important it is, when dealing with a company, to check that whichever director/s you are dealing with is/are fully authorised to bind the company.
Both businesses and individuals need to start preparing for the much-delayed nationwide rollout of the demerit system in terms of AARTO (the Administrative Adjudication of Road Traffic Offences Act).
Entrepreneurs and managers: Give your business a boost. Keep your team smiling and producing with “7 Ways to Keep Your Employees Happy (And Working Really Hard)” on the Forbes Magazine website.
The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
