Private companies with only one director are very common; frequently the sole director is also the sole shareholder (known as an ‘owner managed business’). The huge advantage of being a sole director lies in the flexibility with which business matters can be handled. There are a few things to look out for, however, and our Factsheet covers the following areas:
• First meeting of the sole director
• Conflicts of interest
• Executing documents
• Employers’ liability insurance
• Appointing an additional director
• Salary and dividends
To accompany the Factsheet, we have two new resolutions for use by sole directors; ‘Sole Director Appointing an Additional Director’ and ‘First Resolutions of a Sole Director (Minutes)’.
Company Secretary Factsheets are easy to use, step-by-step guides to the tasks commonly performed by the company secretary, or the individual acting in that role.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.