Company officeholder duties
All company officeholders need to understand their legal obligations under the Corporations Act 2001. This includes keeping accurate financial records, passing solvency resolutions, and keeping company details up to date.
- Your company and the law
- What books and records should my company keep?
- Do you need to lodge financial reports with ASIC?
- Is your company in financial difficulty?
Being a company officeholder is different to being the holder of a business name. Company officeholders (directors and secretaries) have a number of responsibilities, including those set out in the Corporations Act 2001.
Company officeholders need to make sure they keep proper company records. This can include financial records, deeds, the members register, and minutes of meetings.
Public companies, registered schemes, large proprietary companies and some companies limited by guarantee all need to lodge financial reports.
Some signs that your company might be in financial difficulty include:
- poor cashflow
- ongoing losses
- issues obtaining finance
If you think your company is in financial difficulty, it's important to get professional accounting and legal advice as soon as possible.
- Importance of sole company directors having a will
- Corporate compliance
- Charities registered with the ACNC