Company officeholder duties
New ID requirement for directors
Company directors are now required by law to apply for a director identification number. Find out more about director identification number.
All company officeholders need to understand their legal obligations under the Corporations Act 2001. This includes keeping accurate financial records, passing solvency resolutions, and keeping company details up to date.
- Your company and the law
- Director identification number
- What books and records should my company keep?
- Do you need to lodge financial reports with ASIC?
- Is your company in financial difficulty?
Being a company officeholder is different to being the holder of a business name. Company officeholders (directors and secretaries) have a number of responsibilities, including those set out in the Corporations Act 2001.
All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation are required by law to apply for a director ID.
Company officeholders need to make sure they keep proper company records. This can include financial records, deeds, the members register, and minutes of meetings.
Public companies, registered schemes, large proprietary companies and some companies limited by guarantee all need to lodge financial reports.
Some signs that your company might be in financial difficulty include:
- poor cashflow
- ongoing losses
- issues obtaining finance
If you think your company is in financial difficulty, it's important to get professional accounting and legal advice as soon as possible.