The Roles of the Company Officers of a Private Limited Company
By Angela Sanders Tuesday, September 17, 2013, 07:50 AM EDT
A Scotland private company that is limited by share is a limited liability company. This means that it has a separate entity and the legal persons involve has its own rights distinct from the owner or shareholder. A shareholder can be another company or individual. If you are part of a Limited liability company, your risk exposure to the company’s debts is reduced. Your finances will be clearly separated from the personal assets of the owners. To form a company you need to find a reliable Scottish company formation agent. By law, a company must also appoint officers whose names must be found in the registration documents.
How can a company formation help you?
If you want to register your private limited company, the easiest way to do it is through a company formation agent. They can help you register your company with your choice of officers and office address. They are reliable and experienced in the field of company formation. The registered office they provide allows you to separate all aspects of your personal life from any of your business endeavors. With the help of an agent you can register your company online and start trading after a few hours.
The Company Officers of Your Company
When choosing company officers you need people you can trust. At least one director is responsible for proper management of finances and other important matters about the company and a secretary.
The Director – Anyone can be appointed as a director but there are certain rules that need to be followed when selecting that particular person. You can’t legally act as a director if you are disqualified by the court from taking any directorship role or if you are undercharged bankrupt. There is no age limitation ser for a director but if you want to appoint a young person, you should seek proper legal advice. The Registrar in Scotland will not register any company that appoints a director under 16 years old because he or she has no legal capacity to do the work. Those who are non-British nationals are also restricted to every work that they do while staying in the country. The director of the company holds the major responsibilities involve in the business. He has the personal responsibility to ensure that legal documents like annual returns, company accounts and changes on the office address or officers are delivered as required by the Registrar.
The Company Secretary – A limited company is entitled of at least
one secretary. The duties of a secretary are usually stated under an employment contract. This contract is an agreement between the company and the person hired. They can be criminally liable for any defaults done by the company such as failure to submit or file annual returns and any modifications made on the company files. They should ensure that important documents are submitted promptly. The secretary will also provide members and auditors notice of meetings.
The director and the secretary work together to meet the requirements needed by the register, submit all documents to make the entire business operation legal. The other members also do their own shares for the success of the company.