Limited Company Director – what are the advantages?
Many people are nervous about becoming a director because of the legalities involved but they also keep you safe!
I want to set up a Limited Company but I’m nervous about being a Director.
Becoming a Directordoes include legal responsibilities. For example, Directors must act in the best interests of their Company, and not allow it to trade if they believe it will be unable to pay its debts. They must also ensure that it complies with employment laws, health and safety regulations and keep proper accounting records.
All Limited Companies must appoint at least one Director. No Director should be ‘barred’, bankrupt, or under 16. See Gov.UK Running a Limited Company for the rules. Also see our video on the Tax Advantages of a Limited Company
So long as you are sensible, the advantages of a Limited Company – such as tax savings and limited liability - are very often worth the extra legal responsibility. I suggest you speak to an accountant for further advice