You have legal obligations as an officer of your company

Company officers are the directors and secretaries of the company. As an officer of the company, you have a number of obligations imposed under the Corporations Act. We have listed a few below.

1. You Must Maintain Company Records and Registers

 These include keeping and maintaining:

• the financial records that record the company’s transactions up to date,
• the records of the company’s financial position and performance,
• records of people who have agreed to be directors, secretaries or members of the company, and
• minutes of meetings of directors.

 You Must Keep the Company Details up to date

You must ensure that your company name is registered with ASIC and that your registered address is recorded with ASIC.

3. You Must Pay ASIC fees

ASIC charges a range of fees. These include lodgment fees and annual review fees. Failing to pay these on time incurs additional late fees, and ultimately can lead to the de-registration of the company.

If you fail to maintain these responsibilities, you may be personally liable if you are a director. This will be covered in a later blog post.

If you have further questions, please contact us at frank@franklaw.com.au

This is not legal advice. 

Written by Tim Cargill & Zdenka Marinov and edited by Andrew Graham.