Company Law! When a person form his own business, may be some of the legal issues are sometimes ignored. If you serve as your own registered agent, you may want to save some money, but you are definitely putting your business at risk!
In some cases, for some business entrepreneurs the word 'compliance' causes shivers down their spine and lots of headaches. 'It is really such a time-consuming job and you have to focus on bringing new customers to the business.
The main problem is that each and every company, small or large, public or private, must be comply with the Companies Acts and file relevant documents with Companies House by fixed deadlines. If you failure to do so, you might result in financial penalties and possibly more serious legal consequences for the company.
Now, the main fact is that if you have a law firm serve as your independent, unaffiliated registered agent may be eliminate these risks .With a law firm serving as a RA for the purpose of your business, you will have a peace of mind that any services of any legal proceedings that will be taken against your company can be addressed professionally and promptly. Most of the law firms charge a flat fee to serve as LLC's or corporation's RA, and you may have your law firm which can serve in a dual capacity as your company's RA and your business lawyers. Your company will be benefited from having timely notice of an immediate access to legal counsel about the proceedings which is involving with your company.
Whereas a private company limited by shares owes money, becomes insolvent, the law holds that since its creditors dealt with the Company - not its individual members - the extent of the financial liability of its own members is limited to the amount the members agree to pay for their shares.
For some of business entrepreneurs this word 'compliance' can causes shivers down their spine and lots of headaches. It's really a time-consuming job and we all have to focus on it to bring new customers to the business! No one can spend lots of time for doing such type of paper works; they are also shouted in this way. Directors of large companies have some slightly different problems.
The easiest and most cost-effective way is to ensure that your business complies with the law, and to enable the directors for concentrating on pursuing the company's strategic aims, is definitely to appoint an experienced secretary for the company to manage the compliance matters of your company. You can also outsource these matters to the company’s secretarial specialist to bring benefits for your company, like money and time savings for your company, no more risks or penalties to your company's reputation for late filing and focus on the company’s core activities rather than its legal issues.
A company secretary in a private limited company
· always provides guidance to the board on the requirements of the members and all the obligations contained in company law
· transfers shares, maintains statutory registers, and issues new certificates
· timely updates the company file with the Registrar of Companies.
· ensures compliance with commercial law, company law, health and safety law, employment law, environmental law, etc
· distributes notice of meetings and annual returns to the exact persons.
These all Company’s Rules, Regulations, Laws should be maintained, otherwise a company cannot be a legal registered company.
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