I've decided to shut my Pty Ltd after almost 22 years in "corporate" business.
There is really no reason to have one of these monsters anymore.
All the red tape is really bad and still getting worse. Legislation is getting more and more complex, and more and more onerous for SMMEs.
And the so-called protections that directors once enjoyed are almost gone. My business will continue as David Lipschitz, sole proprietor. Kind of has a nice ring to it, don't you think?
No more: VAT returns, PAYE and UIF returns, six monthly reconciliations, payments on the last day of the month and the 7th day of the month, VAT audits, no need for R15 000 of accounting fees every year, no need for corporate lawyers, no need for annual CIPRO fees, no need for special private and company insurance structures.
I can run my business on the "cash system" instead of the "profit and loss (P&L) system".
In my humble opinion, the P&L system is almost meaningless, and is subject to infinite manipulation, making company law more and more complex, and more and more difficult to implement, which is making the corruption in company accounts worse and worse.
I have done everything right in my business, but I am treated with suspicion and I don't want to be a part of this negative energy system anymore.
The company's act and regulations on companies and directors make director's life a misery of spending inordinate amounts of time reading new "governance" requirements on businesses, most of which are common sense if one runs an ethical and aware business.
Yes, I expect that as a sole proprietor, I might pay more tax, but I'll immediately save a month of bureaucratic red tape, even with my wife doing most of the actual bookkeeping. And my stress levels will dramatically decrease, thus making me a better person.
And I've been taking Uber and minibus taxis for the past two weeks and I've met truly amazing people.
Hoping to sell my car and "go public" once again, for the first time since 1995. Less insurance. Less worry. Maybe these minibus taxi guys don't have any liability insurance but, you know, with the right approach they will change, especially if someone writes an Uber type app for the Minibus Taxis.
I have worked out a new business model to grow the minibus taxi industry, and I've already activated two of my mentees to work on this project.
Yes, my commute will take 1.5 hours instead of 45 minutes, and three minibus taxis instead of one car, but I don't need to drive and I've always wanted "a driver." If we can get the suburban people into the minibus taxis, imagine what a revolution this would be. Routes would multiply, and soon my commute would be 45 minutes again.
I survived eight years of commuting in England and Australia.
I'm sure I can survive many more years here.
Looking forward to my new life, where I will have more time to spend on the environmental and human causes I care so passionately about.