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LET ’S TALK LEGAL BUSINESS PERSPECTIVE ON ANTENEPTUAL AGREEMENTS
BUSINESS FOCUS
CYBER CRIME
SHORT-TERM INSURANCE IS SET TO BIG SHAKE UP IN 2020
WHAT IS IDENTITY THEFT & HOW CAN I PREVENT IT?
TECH REVIEW WHAT 4IR MEANS IN THE CONTEXT OF SOUTH AFRICA?
CONVERSATION WITH
FEZILE DHLAMINI
FOUNDER & CEO, GREEN SCOOTER
REFLECTIONS OF THE NEW YEAR INSIGHT FEATURE
AUTHENTICITY IS A SUPERPOWER
MORE INFORMATION ABOUT SMALL BUSINESS RUNWAY EXPO 2020
PUBLISHING CREDITS CHIEF EDITOR Benito Mamaile editor@businessxposure.co.za EXPERT CONTRIBUTORS Frans Nel Dr. Travis Bradberry Morgen Moyo Msuku Media Madelain Roscher Amina Williams Jacques Loots Elena Agaragimova South African Risk Information Centre PICTURES Intellectual Media Cover Interview Pictures Credit: Pixel Kollective Entrepreneur of the month Pictures Credit: SBR DESIGNERS Intellectual Media and Communications LEGAL Loots Attorneys
Fezile Dhlamini Founder & Chief Executive Officer
Green Scooter ZA
COVER INTERVIEW
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BENITO MAMAILE CEO & Business Development, Intellectual Media and Communications Platform Architect & Chief Editor, National Business Xposure South Africa
JACQUES LOOTS Admitted Attorney & CEO Loots Attorneys South Africa
DR. TRAVIS BRADBERRY Coauthor of Emotional Intelligence President at TalentSmart United States of America
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CHIEF EDITOR’S LETTER
TAKE ACTION – “ AIM, READY, FIRE! ”
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COVER INTERVIEW
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COVER INTERVIEW
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COVER INTERVIEW
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COVER INTERVIEW
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GUEST BLOG
Frans Nel Marketing Consultant, Brand Builder, Entrepreneur, Writer, Storyteller & Teacher Frans Nel
“ It’s becoming difficult to discern between what is true or real and what is false or fake.”
Amidst the abundance of faux, authenticity is a superpower. 10
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ENTREPRENEUR OF THE MONTH
SMALL BUSINESS RUNWAY
NBX ENTREPRENEUR OF THE MONTH
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ENTREPRENEUR OF THE MONTH
GCINA MADONSELA
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CAREER & LIFE
Elena Agaragimova, Career/Performance Consultant United Arab Emirates, Dubai
REFLECTIONS OF THE NEW
YEAR
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Elena Agaragimova
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Amina Williams Publicist, Digital Strategist & Social Media Manager Willamina Media aminawilliamspr
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BUSINESS FOCUS
Short-term insurance set for a BIG SHAKE UP in 2020
Mutoda Mahamba, CEO & Co-Founder of Solvency
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TECH REVIEW
What 4IR means in the context of South Africa? Contributed by
Ekart Zollner | Bizcommunity
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We live in an era that is more and more defined by technology and terminology, and whether we like it, not, whether we are ready, or not, we are in the midst of it already.
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MONEY MATTERS
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LET’S TALK LEGAL
By Jacques Loots
Loots Attorneys An Admitted Attorney
All business owners know the challenges involved with the building and establishing of healthy business and although many businesses survive serious hardship and challenges, the marriages of the business owners do not. If both parties to a marriage own their own businesses this can become quite an arduous matter to resolve in divorce settlement negotiations. WHAT CAN YOU AS A BUSINESS OWNER DO TO AVOID LOSING YOUR BUSINESS IN CASE OF A DIVORCE? Registering the correct Ante Nuptial Contract prior to your marriage will ensure that the necessary protection is in place. Failure to register an Ante Nuptial Contract in South Africa will result in a marriage being regarded as in community of property. In the case of a marriage in community of property both parties to the marriage own a 50% share of the business. In the event of divorce and in the instance where the one party is unable to purchase the shares of the other party, both parties will own a 50% share in the business. You can imagine the damage that this could do to a business if 2 people who did not see a future together as husband and wife tries to manage a business together. IF NOT IN COMMUNITY THEN WHAT OTHER OPTIONS ARE THERE? When entering into an Ante Nuptial Agreement you will have the following options: 1. OUT OF COMMUNITY EXCLUDING THE ACCRUAL SYSTEM. This has the effect that each party retains his own assets and liabilities whether acquired prior to or during the existence of the marriage. Both spouses have full and independent contractual capacity and in the event of divorce each parties retains control over their own assets. This also protects the parties against claims from the other party’s creditors which can be beneficial for the party that does not own a business as it provides protection in the event that the business of the other party fail.
2. OUT OF COMMUNITY INCLUDING THE ACCRUAL SYSTEM This is probably the most reasonable marriage system for the majority of couples. Including the accrual system permits a form of sharing, consistent with a primary objective of marriage, but permitting retention of each party’s independence of contract and ability to retain their own unique separate estates. Accrual is the sharing of what the separate estates may have grown during the existence of the marriage. Each party is allowed to deduct whatever they have brought into the marriage as a startup value and whatever was accrued during the existence of the marriage is then shared between the parties. The difference with a normal marriage in community of property is however that each party retains his or her separate estate and that the creditors of one party may not attach or sell the property of the other party for judgment debt. In practice it can be observed as follows: Each party retains his or her own estate. Each party may accumulate assets and incur liabilities without interference from or assistance of the other spouse. The estate of each party is determinable separately. In the event of divorce, the monetary value of the smaller estate is subtracted from the monetary value of the larger estate, the difference is split, and the party having the larger estate pays half of the difference between the two estates to the party with the smaller estate.
Unfortunately many couples entering into a marriage decides that a marriage out of community of property is unfair to the other party as it is perceived that one party does not want to share his assets with the other party or does not trust that the marriage will survive and wants to keep everything to himself or herself. In the highly competitive society we are currently and with financial hardships killing of a lot of small businesses, this should rather be seen as a safeguard of the assets of the other party in the event that something does go wrong with the business or as a second chance that couples may have in the event of one of the parties being blacklisted for bad debt as it safeguards the name of the other party. For any questions you may have or to register your Ante-Nuptial Agreement please contact our offices to set up an appointment.
082 441 7150 31
231 General Hertzog Road, Three Rivers
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MIND MAPPING
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