2006-06-25 23:15:28 · 5 answers · asked by Anonymous in Business & Finance ➔ Small Business
Read the guide below very carefully. It is not risk-free and you have many legal obligations and requirements. Be sure that the company of which you become a director is sound and above board otherwise you could end up in serious trouble.
2006-06-25 23:29:29 · answer #1 · answered by martic 2 · 1⤊ 0⤋
You are liable for actions of the company, taken by you as director. You may become liable to shareholders/other stakeholders. Nowadays, a Directors & Officials (D & O) insurance policy is available, which most companies purchase on behalf of directors. IF your company has purchased this insurance, you are safeguarted against any litigation challenging your actions as director of the company.
2006-06-25 23:31:32 · answer #2 · answered by Geepee 5 · 0⤊ 0⤋
None (sort of)..
A Director is simply an employee of a ltd company, with control which varies with the amount of shares he/she has..
But - beware that usually when companies are seeking finance, they will require directors guarantees - and being a director could leave you liable for large debts.... Jointly & severably liable - if one skips town - the others get his debt...
2006-06-29 12:44:17 · answer #3 · answered by want_to_explore_life 3 · 0⤊ 0⤋
Nothing really...Its as if u become an employee of the company...
The only time therell be implications is if the company goes bust and the director(s) are investigated into for sum kind of reason - possibly fraud etc.
Otherwise none wat so ever.
2006-06-25 23:22:59 · answer #4 · answered by Pat 4 · 0⤊ 0⤋
you should be a major citizen.
2006-06-25 23:29:59 · answer #5 · answered by Bhaven T 2 · 0⤊ 0⤋