How many directors does a limited company require?
I’m reading through the details of forming a limited company and the suggestion is that it only requires 1 director and 1 company secretary. Is it the case that this is sometimes one and the same person?
Jonny is slightly incorrect, you need two PERSONS in the business, not necessarily two directors.
A sole director can’t also be the company secretary (this would be one person), but you can set up as Jonny has with two people, with one person taking both roles, so long as there is a second directors.
Ie you could have:
Bill as director and Ben as company secretary;
Bill as director and Ben as company secretary AND director,
But you can’t have Bill doing both roles if Ben is neither.
There are advantages and disadvantages of being a company director depending on your personal circumstances. Do seek proper advice before forming a limited company, or you may end up doing it again when you speak to your accountant!
James Smith [i]Chartered Accountant[/i] www.jamesesmith.co.uk --------------------------- Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
As said, the same person can’t be secretary and directory, but for sole directors, if you are using Table A as your articles of association, then you will have to post an amendment. In our amendments, section 3.1 reads:
3.1 The company may have a sole director and there is to be no maximum number of directors. Regulation 64 of Table A does not apply."
Goodness knows what regulation 64 is….
--------------------- Rich Knowles Inception - Software Development Training http://www.inceptiontraining.co.uk