Role of a Company Director - Company Formation - UK Registration Services
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Who can be a director?
The following restrictions may stop an individual from becoming a director: -a court has ruled the person is not allowed to act as a company director -the individual cannot be bankrupt -an individual must be over sixteen years old in Scotland -a director of a public company must be over seventy years old (this can be over-ruled by a general meeting) What responsibilities does a director have towards Companies House? All directors are personally responsible to make sure all information requested by Companies House is received by the Registrar. For example the accounts, annual returns etc. What happens if accounts or annual returns are not filed? If this occurs, the directors can be prosecuted as this is a criminal offence. If it appears that the company is no longer in business the company can be struck-off and dissolved. Are directors really prosecuted? Approximately one thousand company directors are prosecuted annually. What happens if accounts are delivered late? The director of a limited company has ten months to get their accounts in. The director of a PLC has seven months. If the company accounts are received late a fine will be issued (this will vary depending on the length of delay and whether it is a PLC/LTD company). Isn't my accountant supposed to do all this? The responsibility lies with the directors. Your accountant is only responsible for whatever it is you agree with him/her. Further News and Articles 1. Forming A Company Just Became Easier2. Statutory Requirements For New Companies
3. Non Profit Organisations
4. Company Directors and Secretaries
5. Annual Returns6. Accounts and Accounting Reference Dates
7. Company Auditors
8. Share Capital and Prospectuses
9. Late Filing Penalties
10. The Costs and Benefits of Company Registration
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