Tax exemption for Non-profit organisations is not absolute

Introduction The term ‘Non-Profit Organisation’ could be misleading because it suggests that entities in this category do not make a profit, which is not the case. Non-profit organisations are essentially organisations that are prohibited from distributing profits to their members or officers. They could be incorporated; in which case the governing corporate law provides for…

Fundamentals of shares and share capital

Introduction Profit making ventures are usually registered as companies limited by shares or unlimited companies. A company is limited by shares when the liability of shareholders of the company is limited to the amount, if any, unpaid on the shares held by them. In the case of unlimited companies, the liability of the shareholders is…