Did you know: The CIPC requires you to keep these nine records?

Simangele Mzizi, Fsp Business, 29 Aug. 2014

Tags: cipc, companies and intellectual property commission, accounting records

It’s not only SARS and the Companies Act that require you to keep accounting records.

That’s right.

The Companies and Intellectual Property Commission (CIPC) also calls on you to keep certain accounting records to be legally compliant.

You’ll need these records when you make changes to your business (i.e. changes in directors, change of business address and contact details, share or owner changes, etc)

As you can see, these documents are quite important and non-compliance is out of the question.

Read on to discover the nine documents the CIPC requires you to keep so you can comply and avoid harsh penalties.

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Keep these nine accounting records, says the CIPC

The Practical Accountancy Loose Leaf Service outlines the nine accounting records the CIPC wants you to keep:

Accounting record #1: Minutes book.

Accounting record #2: Registers of shares, directors and directors interest.

Accounting record #3: Share certificates.

Accounting record #4: Certificate of incorporation.

Accounting record #5: Memorandum of Incorporation.

Accounting record #6: Notices issued by your company for meetings.

Accounting record #7: Agenda’s for directors or shareholders meetings.

Accounting record #8: Minutes for directors or shareholders meetings to record what decisions were taken.

Accounting record #9: Fixed asset register.

Keeping these nine records won’t only help ensure you comply with the CIPC, they’ll come in handy when you need to protect yourself and third parties who do business with you, monitor and review business performance and processes, get funding and make business decisions.

If you fail to keep these accounting records, you’ll have penalties coming your way. So make sure you look after and maintain these nine accounting records as required by the CIPC.

For more information on accounting records, check out the Practical Accountancy Loose Leaf Service.

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