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What You Need To Do As A Director Of Your New Company

What You Need To Do As A Director Of Your New Company

Most of these points come from the ASIC website here.  Please refer to the ASIC site for up to date information.

When you decide to register and start a new company and become a Director of that company you have some responsibilities that you should be aware of.

Your duties include:

  • being honest, careful and diligent in any and all of your dealings
  • have an understanding on what your company is doing
  • ensure that your company can pay its debts and on time
  • ensure that the company keep proper and correct financial records
  • always act in the company’s best interests, even if this means it conflicts with your personal interests
  • use any information only for the good of the company.

If you find yourself with a personal conflict that could conflict with your duties as a director, you should disclose these at a directors’ meeting.

Courts can impose heavy fines for breaches of the Corporations Act 2001 and even have the power to possibly send officeholders (Directors) for any potential corporate crimes.

 

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