Company Secretary catch ?

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
I'm not sure if this is the right place to ask this, but here goes !<BR><BR>My employer has offered me the possibility of becoming Company Secretary. It's a SME, so doesn't require a chartered accountant for the post. <BR><BR>However, I wonder what the downsides could be ? <BR><BR>I'm not 100% convinced that the company is financially stable, and (as is so often the case !) the directors don't always communicate effectively, so I would have to dig deeply and discreetly to find out what is really going on, and doubt that I'll be included in all their discussions as to the company's strategy and plans.<BR><BR>I've read that Company Secretaries can be held personally financially liable in certain cases; if the company were to go into liquidation, does anyone know what measures I'd have to take to protect myself (and the roof over my head !!).<BR><BR>Thanks ! <img src="i/expressions/face-icon-small-smile.gif" border="0">

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  • System
    System Posts: 100,537 🤖 Admin 🤖
    Company Secretary catch ?

    The company secretary is the compliance officer for the directors and shareholders of the company.<BR>You have to make sure that all returns are filed on time and that all the meetings have been held in the correct manner etc.<BR><BR>I offer company secretarial duties as a service to my clients, and they all put their spouse's down rather then pay that bit extra to me because they assume that it is only a formality and that anyone can do it, then when they get the forms asking about share allocation and types of shares issued, and the annual returns etc they ask me to complete them and assume that this is at no extra charge.<BR><BR>If i was you i would get some ground rules put into place before you accept the responsibility of becoming company secretary.<BR><BR>Terry <img src="i/expressions/face-icon-small-wink.gif" border="0"><BR><BR><BR>

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