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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