ASIC guide for small business directors
The aim of this guide is to help small business directors comply with their legal obligations.
This guide sets out:
- what it means to be a director of a company
- directors’ key responsibilities
- directors’ liabilities when things go wrong
- how to become a director of a company
- how to resign as a director.
More about this topic
- Your obligations as a company director: Information for small business directors
- Your company and the law – ASIC Information Sheet 79
- Director penalty regime – guide for directors: ATO obligations for directors
This guide contains information about certain key duties and legal obligations of directors under the Corporations Act 2001 and some other laws, with a particular focus on small business company directors.
It is not a complete guide to all directors’ duties. It does not cover the whole of the relevant law regarding the topics outlined and is not a substitute for professional advice.
You should also note that because this guide avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases, your particular circumstances must be taken into account when determining how the law applies to you.