Are you a Director of a Small Business in Perth? Do you know the risks?

Company Directors have many obligations to fulfil in their roles as Directors.

When you make a business decision as a company director, you must, amongst other things, ensure that you:

• Make the decision in good faith and for a proper purpose;
• Do not have a material personal interest in the decision and make it in the best interests of the company;
• Find out and assess how any decision will affect your company’s business performance, especially if it involves a lot of the company’s money or could have a material impact on the company's reputation;
• Keep informed about your company’s financial position and performance, ensuring your company can pay its debts on time;
• Get trusted professional advice when you need assistance to make an informed decision;
• Make full and frank disclosure about any material personal interests you do have.

As detailed above Company directors have an obligation to ensure that the company is not trading insolvent. If they fail in this duty, the consequences are dire, putting personal assets (including potentially the family home) at risk. Furthermore, all directors of a company are equally liable. This duty cannot be delegated.

The best and proper way to protect both yourself and your company is for all directors to regularly request and review management accounts monthly.

As directors, you need to be constantly aware of your company’s financial position.

By Attending The Seminar You Will:

-          Better understand your obligations:

-          Develop an agenda for management meetings to optimise financial aspects of your business;

-          Understand the implications of receiving a Director’s Penalty Notice from the ATO.

Who Should Attend

• Anyone currently acting as a Director;

• Anyone considering acting as a Director;

• Anyone who has previously acted as a Director.