Directors' Responsibilities
When companies are formed, certain positions must be made evident
from the outset. In the case of private limited companies, a company
secretary and at least one director must be appointed; in the case
of public limited companies, a company secretary and at least two
directors must be appointed. Company directors are those held responsible
for ensuring that all company affairs are done in line with its
articles of association, not to mention the law.
Directors fall into two categories - executive and non-executive
- but have certain roles to fulfill regardless of this. The other
key role, the company secretary, is the chief administrator of their
company.
To be a company director, certain guidelines must be followed:
- They must not have been disqualified by a court from
acting as a company director (unless given special permission
by a court);
- They must not have been bankrupt (unless given special
permission by a court);
- They must not be over 70 years old, in the case of PLCs
or their subsidiaries (unless given approval during a company
meeting); and
- They must not be under 16 (in Scottish companies only).
Company directors are held personally responsible
for the delivery of specific documents to Companies House. The most
important are:
- Accounts (in the case of limited companies only);
- Annual Returns (Form 363);
- Notice of changes of directors/secretaries (Forms 228a/b/c);
and
- Notice of change of registered office (Form 287).
Should the delivery/filing of such documents not
be done on time, all directors could be prosecuted, as it is
a criminal offence. On average, over 1,000 directors are prosecuted
every year for such a failing, with criminal records being created
and fines of up to £5,000 implemented. Academy Accounting
Ltd has a weath of experience in setting up/organising companies,
so that such problems are not encountered. With our help, all of
a company's forms would be complete and accurate long before their
due dates, accounts would have been done professionally, and would
approved by that company before submission.
To find out more, call us today on 0141 891 5999 or e-mail us at
enquiry@academyaccounting.co.uk.
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