Hi all, back from my day of doing similar work as GR(except in a much smaller scale). I have recently been appointed to manage and assess the viability of a retail business with a high end product. Hmm in this market boys toy do get harder to sell. Any way just arrived home and read all the posts. Have a look below should put to rest any fears of sinister motives of the Directorship appointment.
The company director's survival kit As a company director you have serious responsibilities
Your responsibilities as a company director are set out in the Corporations Law (the Law). When we refer to the Law we will show the relevant sections in square brackets [ ]. The Law is complex and we cannot explain it all here. You may sometimes need professional legal advice.
You can be sued or prosecuted for not doing your duty. If you are not willing to face the hard work and high standards of honesty you will need, you should not become or remain a director. Ignorant, careless and dishonest company directors have lost their savings, their reputations and gone to prison because they did not meet the standards the law imposes.
You need to understand what you are letting yourself in for. Don't let someone make you a director of a company on the promise that you won't have to do anything and "just sign here". You could end up in a lot of trouble.
We will explain some of your important legal responsibilities, especially those which present you with the greatest risk. We will deal mainly with issues facing small private companies, which are usually "proprietary" companies and registered with "Proprietary Limited" or "Pty. Ltd." as part of their name.
ASIC is more than a company watchdog. Our job is to protect the interests of companies, creditors and investors by providing information about them on our public database, by helping companies obey the law and by taking action against offenders.
CNP Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held
