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Company Director Rules Change On 1 October |
| Written by Dr Bob | |
| Sunday, 23 September 2007 | |
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A series of changes will come into force for company directors on 1 October. This set of changes has been initiated by the Companies Act 2006. The Act introduces three groups of measures which will come into force over the months up to October 2008. On 1 October this year – a week away – the measures which must be adopted include: · The Act sets out for the first time the general duties expected of company directors · Annual general meetings will be optional · Private companies will be able to handle most business without holding a general meeting, should they wish to.
Spofforths, one of the largest firms of chartered accountants in Sussex , has been advising clients on the scope and nature of these changes.
‘In addition, to the new measures on 1 October, there will be more changes in April and October next year, ‘ says Spofforths partner Richard Spofforth . ‘In April, the period for filing accounts will be shortened from ten months to nine months. The appointment of a company secretary will become optional and shareholders may agree a limitation of liability for the company’s auditors.’
Next October, a new method of forming and administering limited companies will be introduced. The concept of authorised share capital is to be abolished and a company to be allowed to give financial assistance for purchase of its shares.
In addition, directors may file a service address rather than a home address, and companies must have at least one person – as opposed to another company – as a director
For more information, please contact:
Bob Reynolds Phase8Media 020 8778 8357
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