Friday 26th July 2024
Understanding Your Role
As a director, you’re legally responsible for running the company and making sure information is sent to Companies House on time. This includes:
-The confirmation statement
-The annual accounts - even if the company is dormant
-Any change in your company’s officers or their personal details
-An allotment of shares
-The registration of any charges
-Any change in your company’s people with significant control (PSCs) or their personal details
Hiring Help
You can hire a professional (for example, an accountant) to help manage your company, but you’re still legally responsible for your company’s records, accounts and performance.
In addition to running your company day-to-day, you’ll also need to file annual accounts and a confirmation statement with Companies House every year. You must also report any changes to your company when they happen and keep up to date with any changes to UK company law.
General Duties Of A Company Director
As a director, you must perform a set of 7 duties under the Companies Act 2006. These still apply if:
-You’re not active in your role as director
-Someone else tells you what to do
-You act as a director but have not been formally appointed
-You control a board of directors without being on it
These 7 duties include:
-Company’s constitution
-Promoting the success of the company
-Independent judgement
-Exercise reasonable care, skill and diligence
-Avoid conflicts of interest
-Third-party benefits
-Interests in a transaction
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