Accountants, Tax Advisers And Business Consultants
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Accountants, Tax Advisers And Business Consultants |
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DIRECTORS' RESPONSIBILITIES |
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The position of director bestows a certain status upon an individual. Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement. However the office of director should not be accepted lightly. It carries with it a number of duties and responsibilities. These include:-
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Acting in good faith |
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Acting in the best interests of the company |
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Avoiding conflict between personal and company interests |
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Not making any personal gain from opportunities which arise by virtue of your position |
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Skill and care |
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Breach of duty |
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Accounting |
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Administration |
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Fraudulent trading |
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Wrongful trading |
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A company has a 'memorandum', and 'articles' which constitute its rules and will contain specific regulations regarding the duties and responsibilities of the directors.
The Companies Act and other legislation contains a large number of penalties which can be levied against directors if they fail to comply with their statutory duties. These vary from a modest fine to imprisonment. The Companies Act contains a large number of penalties which can be levied against directors if they fail to comply with their statutory duties. These vary from a modest fine to imprisonment.
The above requirements are complex and professional advice will be required to ensure compliance. Please contact us to receive professional advice.
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© 2003
Fenn & Co, Chartered Certified Accountants
Copyright Fenn & Co - Created by Webtints
2003-2009 |
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