A company director is required to operate honestly and lawfully, and make verdicts for the good of the company as well its members (shareholders). With the use of skill, judgement and experience, a company director should thrive to make a company successful by promoting and achieving its business goals. The duties of a company director are listed in the articles of association, the Companies Act 2006 and any service contract put in place between a company and a director.
At least one director is required to register a Limited company. There is no restriction to the number of directors a company can appoint during or after being incorporated. A single person can be the shareholder and sole director of a company. Alternatively, a company can have multiple shareholders and directors when setting up the company and any time afterwards.
To be appointed as a director of a company, the individual has to be at least 16 years and above. This age requirement was introduced in October 2008 under the Companies Act 2006.
Yes. UK company law allows private limited companies to be listed with just a director, who may at the same time be a shareholder. Therefore, it is possible to establish and operate a company on your own by taking up both positions.
A shareholder owns part or all of a company, while directors are chosen by shareholders to supervise every operational and financial aspect related with the smooth running of a company.
Of course, a company director can likewise be the company’s secretary.
The burden of duty placed upon limited company’s directors is quite considerable. Consequently, several directors appoint a company’s secretary to help them with their duties by reducing their work-load to a more manageable level. Almost all the directors’ duties can be assigned to a company’s secretary. However, legal liability for these duties eventually falls upon the directors.
A corporate director is the term generally used to depict a company or any other form of corporate bodies appointed as the director of another company. A private company can employ as many corporate directors as it desires during or after the company has been established, provided there is a minimum of one appointed human director.
Appointing corporate directors has several advantages, particularly when a company is established. The expertise, guidance and support of a popular company can be very advantageous to a business just starting out, and it can as well make a comparatively unknown business more attractive and reliable to lenders, consumers, investors and suppliers.
The duties of a corporate director are similar to that of a natural company director; however an authorised person has to be nominated to take action on behalf of the corporate director. This responsibility will more often than not be assumed by the secretary of the corporate body or a director.
Yes, the following details of directors are put on the public record by Companies House: