Company Secretary

[Binky]

A new business is being started up and I have been asked whether my name can be used as Company Secretary. Does anyone know exactly what this entails and what the financial/legal responsibilities are, particularly if the company hits trouble?

[Ethel]

Useful information here:

http://www.companieshouse.gov.uk/about/gbhtml/ gba1.shtml

[Miss-taken]

Company secretaries in reality (unless its a massive company with squillions of shareholders) do absolutely nothing - its just an honourary title. Usually this 'position' is filled by a directors wife - a couple of signatures a year maybe?
Likely to be the easiest job you will ever have!

[Ethel]

As a Company Secretary can be found criminally liable for any defaults of the Company, the role is far from honorary and has very specific duties.

[Finance Guy]

Ignore Miss-Taken, she is, well, mistaken! There is many legal ramifications to this role and the link provided by the 1st respondant will guide you accordingly.

[jennyp]

Be very careful about this one. My DDIL was Company Secretary for her fathers firm a few years ago, and when eventually he went bust it caused her a whole lot of problems.

[Miss Zippy]

Unless it's a company you are going to have some direct involvement with and you are clued up on corporate legislation then you shouldn't take the risk. A co sec is accountable (along with the directors) if the proverbial hits the fan and there are around 200 offences under which a co sec could be fined or even imprisoned. If you do decide to act as co sec, make sure the company takes out a 'directors and officers' insurance policy to insure you against any financial risks you face (though of course you can't insure yourself against the risks of imprisonment!).