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Providing Independent Financial Advice In Lancashire
Company Formation
When you start looking into the company formation process, you’ll encounter a lot of terms for the first time. Some of them are exactly what you’d think; some may make no sense before they’re explained; and some of them, like ‘company secretary’ mean something a little different to what you’d expect.
We often discuss this with clients we’re supporting through company formation, so in this blog we thought we’d give you the explanation along with some insights into the role.
Providing Independent Financial Advice In Lancashire
Why is a Company Secretary Important?
According to the government’s own step-by-step process for setting up a limited company, in step three you choose directors and a company secretary. You’ll see through that link that a company secretary isn’t necessary for a private firm (as of 2006) but is legally required for a public limited company.
A private limited company might be fully owned and directed by one person, in which case a registered company secretary isn’t necessary. For a public limited company, there will always be multiple stakeholders, and it’s at this point that the duties of a company secretary become important. In the UK we ensure this is done by having a dedicated role for it.
A company secretary may also be a director, but unless this is the case they do not have the same legal responsibilities within the company as a director.
Providing Independent Financial Advice In Lancashire
What Does a Company Secretary Do?
The short answer to this question is that a company secretary works to make the role of the directors easier, facilitating their access to information or taking on tasks which would otherwise fall on a director’s desk.
While any given company secretary may have slightly different duties to the next, there are quite a few duties which are commonly expected, including:
- Maintaining all required company records and registers as well as up-to-date accounting records
- Having a familiarity with the company’s financial position, enough to be able to offer insight when directors are considering fiscal decisions
- Preparing and filing annual returns, management accounts, and any other necessary documents
- Understand the company’s tax obligations and opportunities
- Alerting directors and shareholders should there be any financial discrepancy
- Ensuring the company’s registered details are updated at Companies House and with any other relevant body
- Arranging general meetings, board meetings, and some committee meetings
- Issuing share certificates
- Appointing auditors, accountants, and solicitors, when and if required
As you can no doubt tell from this list, the role is for highly responsible, well-organised people, and a degree of financial understanding coupled with the ability to quickly read and understand relevant legislation is essential.
For this reason, many small businesses find it useful to access secretarial services from an accountancy firm.
Providing Independent Financial Advice In Lancashire
Secretarial Services for Morecambe & Lancaster Businesses
You will have noticed that many of the responsibilities of a company secretary are also services offered by accountants. As such, it should come as no surprise that we offer secretarial services covering the financial and reporting responsibilities of a company secretary. We like to work as partners with our clients, and we celebrate your successes just as much as you do – so anything we can do to help you focus on success is a benefit.
If you’re in the Morecambe and Lancaster area and you could benefit from the support of a dedicated accountant, contact us today.
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Contact TRW Accountants
Address:
TRW Accountants
95 King Street
Lancaster, LA1 1RH
Contact Details:
Tel: 01524 64187
Fax: 01524 60029
Email: office@tr-w.co.uk
Registered in England and Wales. Registered office – as above. Company registration 03851905
