Whatever the size of your business, be it a large national company, independent business, partnership or sole trader, it is important to make sure that you are running your business correctly and have the right legal documents in place to deal with compliance and governance.
Whilst most business owners are alert to the need to file their annual return and annual accounts, many are not clear about other legal documents they may need to run their business. No matter what your company does or what legal structure it has, there will always be some form of documentation required whenever it takes any action.
This could be a simple board minute or a specific form to be filed, or a combination of other documents, but are you clear on what you need and when? When you start a business, just as in any established business, it is important to have the correct legal documents in place. Start as you mean to go on – ensure that your business is run properly and efficiently. If your business is well established, it is well known that the law changes and therefore, so must you. If you are a director of a company, are you clear on what you are legally responsible for?
Maintaining your statutory records and meeting your legal obligations to Companies House such as filing your annual return and accounts on time are part of the continued success of your business. Failure to comply can have serious consequences including having your company struck off and for directors, it can mean being disqualified from acting in that capacity for up to 15 years. In addition, you need to be certain that the correct information is being provided to both the directors and the company’s shareholders (where applicable) at the appropriate times. In particular when arranging board meetings or annual general meetings with shareholders, it is more than simply arranging a time and date.
Whether your business is large or small, you need to ensure that you are complying with any regulatory requirements surrounding the conduct of such meetings, including giving the appropriate amount of notice to those entitled to attend, drafting an appropriate agenda, circulating supporting papers and notices in advance of the meeting, and preparing minutes of the meeting to record decisions made and action to be taken.
At QualitySolicitors our aim is to make sure that you know what the law expects of you. We want you to be confident that you have the right legal documents in place for whatever you choose to do with your business. We want you to be confident that you are meeting your legal obligations. We can help you take the stress out of this important part of running your business. Working with our specialist team of solicitors, we will take care of the legal matters to leave you to focus on the running and developing your business.