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The Companies Act 2006 Update
As part of the gradual implementation of the Companies Act 2006, with effect from 1 October 2008 there will be several changes introduced.
- The general duty of directors to avoid conflicts of interest.
- Every UK Company must have at least one Director who is a natural person ie. an individual. This is so that there is always at least one individual who can be held responsible and accountable for the Company’s actions.
- The Act also introduces a minimum age for a Director of sixteen years old.
- The Companies (Trading Disclosures) Regulations 2008 ensure that companies disclose their company’s name at the Registered Office, on any websites, letterheads or other business correspondence
- The period allowed for the filing of accounts for accounting periods beginning on or after 6th April 2008 has already been shortened from ten months to nine months for private companies and from seven months to six months for public companies.
Please contact Roger Stone at Chichester or Sarah Evans at Selsey for more information.