The Responsibilities of A Company Director

/, Company Formation, Document Filing/The Responsibilities of A Company Director

The Responsibilities of A Company Director

If you are planning to become a director it is important you are aware of the responsibilities of a director for UK comapnies. Company directors are responsible for the day to day running of the business. Directors will also need to consider Several legal responsibilities as well as the implications of breaching these duties. This guide is a general overview of your duties as a director.

Meet your filing dates

Company directors are responsible for ensuring statutory filing is submitted to Companies House in the allotted time frames. Directors are legally accountable when requirements are not satisfied. Failure to do so may lead to Companies House imposing late filing penalties and striking the company off the register.

Directors’ powers

The Articles of Association of a company will define the powers of a director. Consulting your articles of association will allow you to check any constraints on your authority and ensure you do not act outside of your predefined powers.

Fiduciary responsibilities

A company director should make decisions based on the best interests of the company and for the benefit of the members over any personal interests. You should aim to make the company successful and sustainable avoiding any conflicts of interest.

Maintain accurate records

As a company director, you should maintain accurate records. The accounts should provide ‘a true and fair’ view of the finances of the company. The director is responsible to update Companies House or any other relevant authority regarding any changes to the appointments or structure of the company.

There are several responsibilities to consider as a company director and this list is not exhaustive. You should also have an understanding of employment law and the health and safety act. SFS has provided this guide as a general overview only. If you require further guidance contact Companies House on 0303 1234 500.

By |2018-02-22T10:29:36+01:00July 30th, 2011|Categories: Companies House, Company Formation, Document Filing|0 Comments

About the Author:

Leave A Comment