Incorporation is the legal process of registering a company with the Registrar so that it becomes a legal entity.
They are legal documents that explain:
The purpose of the company
How the company is governed
The powers of directors
The rights of shareholders
How decisions are made
Each applicant must sign the application.
Shareholders own the company.
Directors and the company secretary (if any) manage and control the company.
Yes. A company exists in law as its own legal person.
It depends on the type of business. For a Sole Proprietorship, one person owns and controls the business, while for a Partnership, two or more people may own it.
No. The business and the owner are the same in law.
The owner is personally responsible for all debts and obligations.
A statement of capital is an official record that shows the share structure of a company.
It must include:
Total number of shares —The full number of shares the company has issued.
Value of shares —The total face value (par/nominal value) of shares that were issued before the law started applying.
Classes of shares —For each type (class) of share, it must show:
The rights attached to the shares (e.g. voting, dividends)
The number of shares in that class
The total value of those shares (if applicable)
Payment status of shares —How much has been paid for each share and how much is still unpaid, including any premium paid.