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As a director you are legally responsible for the running of your company and making sure information is sent to Companies House and HMRC correctly and on time.
Companies House requires the following to be reported to them:
Changes to company officers or personal details
Changes to the registered office
Allotment of shares and changes to share holders
Registration of charges
Changes to the people with significant control
Your accountant can manage the filing of the things above however you are still the one who is legally responsible for the company’s records, accounts and performance.
The general duties of a director under the Companies House Act 2006 still apply even if you are:
Not active in your role as director
Someone else tells you what to do
Acting as a director but have not been formally appointed
Controlling a board of directors without being on it
You also must follow the company’s constitution and its articles of association. These are written rules about running the company, agreed by the members, directors and the company secretary.
With regards to promoting the success of the business, you must act in the company’s best interests and promote its success. You must consider the:
Consequences of decisions, including the long term
Interests of its employees
Need to support business relationships with suppliers, customers and others
Impact of its operations on the community and environment
Company’s reputation for high standards of business conduct
Need to act fairly to all members of the company
If the company becomes insolvent, your responsibilities as director will apply towards the creditors, instead of the company. A creditor is anyone owed money by the company.
Other duties include to:
Not misuse the company’s property
Apply confidentiality about the company’s affairs
If you have just became a director and would like to talk to someone about your duties and how to be the right director from the very start call us on 01530 267320 to see how we can help you in the running of your business.
Finally an accountancy team that are thinking about our pennies as much as we are!
Colab Enterprise Ltd