Understanding Memorandum of Incorporation

1. Understanding Memorandum of Incorporation The guidance of an experienced and expert business or corporate lawyer is very necessary while drafting and preparing Memorandum of Incorporation. The Memorandum of Incorporation can be defined as a document that clearly establishes and describes the rights, duties and responsibilities of shareholders, directors and others within a company. This helps a company getting incorporated in the Act or a pre-existing company was structured before the date that the Act comes into operation. Memorandum of Incorporation was introduced in the year 2008 and is one of the primary documenst you need to focus on to set up company in South Africa. You cannot ignore it if you are a foreigner and want to set up a company in South Africa. This is one of the most significant documents absolutely necessary to start a company. The gravity of seriousness and significance that this legal business document possesses makes it bad decision to not seek legal help of able lawyer while making it. It sets out the structure and governance of that specific company it is made for. Respective roles of shareholders and directors are clearly defined in it. Company’s authority level is also established in it. Customised Memorandum of Incorporation can also be made but a lawyer’s help should be sought.

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