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Directors Responsibilities

Directors responsibilities are many and varied but the following list covers the important issues:

Keep proper books and records so that the financial position of the company can be determined quickly

Ensure accounts are prepared each year
File accounts with the Companies Office each year

File Corporation Tax and all other tax returns for the company as relevant

Pay any amount due in shares to the company

Keep basic records of who the directors and shareholders are and record any changes

Use their full skills and abilities to manage the company

Hold General and Annual General Meetings as appropriate

Use company assets separately to their own assets and hold them separately

The directors must have regard to the interests of creditors I.e. suppliers and should not continue to trade if they know the company is insolvent and will be unable to pay its debts.