The role of the secretary is to ensure that the directors follow proper procedures and fulfill their legal and statutory obligations. The secretary also assists in coordinating the activities of the directors, such as arranging and documenting meetings. Additionally, the secretary is responsible for maintaining the records of the company, including legal and statutory documents, board meeting minutes, and the company's seal for security purposes
It is recommended that every business should maintain a separate bank account. This practice is not only legally required to keep your personal and business funds separate but also has tax benefits.
Having a separate business bank account allows for better organization of your financial transactions, making it easy to track income and expenses. This also simplifies the process of compiling financial information during tax season.
Furthermore, maintaining a clear distinction between your personal and business finances enables you to evaluate the profitability of your business more accurately.
As a director of a limited company, you can withdraw money from the company in three ways:
According to legal requirements, your company must report the following changes:
Changes in directors: Any changes in directors' appointments, names, or addresses must be reported within thirty (30) days of the change by completing and filing the Notice of Directors/Notice of Change of Directors.
Changes in address: If your company's address changes, you must report it within thirty (30) days of the change by completing and filing the Notice of Address/Notice of Change of Address.
Changes in secretary: Any changes in the appointment, name, or address of the secretary must be reported within thirty (30) days of the change by completing and filing the Notice of Secretary/Notice of Change of Secretary
The type of business you choose will depend on your goals, resources, and risk tolerance. It's important to consult a business advisor or attorney to determine which type of business is best for you.
Records about the company such as:
Financial and accounting records: