What are my statutory obligations?

As a limited company, you will enjoy the benefits of limited liability. But with this come certain obligations on the company:

  • Accounts 

    All companies, trading or not must file accounts with Companies House on an annual basis to avoid financial and possible criminal penalties
     
  • Annual returns

    Another annual responsibility for companies to confirm the details held on the public record at Companies House
     
  • Create and maintain statutory registers 

    Failure to correctly maintain for example the register of members may mean that legally shares are not held as required and affect dividend payments
     
  • Hold Annual General Meeting if required by the articles of the company

    For the AGM to be valid attention needs to be paid to appropriate statutory notice periods
     
  • Most of these obligations have to be met within certain timeframes and there are serious penalties for failure to comply.

A limited company is not obliged to appoint a company secretary (unlike PLCs) and it is the responsibility of the directors to ensure that the company's statutory obligations are complied with.

So you would be wise to decide from the outset who will carry out these tasks. Unless there is someone within the business perhaps consider the services of an external provider like Jordans in Scotland who can take care of everything for you.

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"Even when forming a small limited company, keeping company records and adhering to the rules can be daunting. But from the first, Jordans have recommended, or indeed provided the solution"

Small Business Director, associated with Jordans in Scotland since 1989


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