Legal responsibilities of Directors and the Company Secretary
We have two new downloads for you this week:
When the Companies Act 2006 came in, the legal requirement to have a Company Secretary was removed, so if you are a director of a limited company and don't have one there is no need to panic ... the responsibilities are all yours instead!
These aren't meant to scare you, but so many start a company and don't actually know what their legal responsibilities are and as such there is a risk that you could be falling foul of the law.
For full details then you can download our guides here, but as a brief overview for those of you who are thinking about setting up a limited company:
Responsibilities of a Company Director
- Proper management of the company, it's funds and it's assets
- Promoting the long term sucess of the company
- Acting within the law
- Complying with HR, Health and Safety and employment law
- Complying with Company Law
- Ensuring Company accounts and tax are delivered on time - you might appoint an accountant to do this for you, but it remains your responsibility
- Completion of Confirmation Statement each year - this can be delegated to the Company Secretary but it remains your responsibility.
Responsibilities of a Company Secretary
- Maintaining the statutory books
- Maintaining the PSC (Persons of Significant Control register)
- Maintaining the registered office address
- Ensuring directors meetings and shareholder meetings are scheduled and minuted.
As noted above, you can download the full guides from the resources section of our website.
As always, any questions then contact us.