- You are not the company but you are responsible for its well being and reporting to Companies House and HMRC.
- CASH is not easy to find! Funders, investors, venture capital companies are not waiting to throw cash at a business idea without structure, compliance and a properly formed company. Even with these, they are still not just waiting for your idea.
- The company needs a business plan.
- Directors must keep track of decisions usually by having board meeting and noting what happened at that meeting.
- You should keep records of the transactions of the company - it is called accounting - even when it hasn’t traded yet. When the company hopefully has trading cashflow and money in the bank -it is not YOURS!
- One sale or order does not mean you have a business.
- No one person can do it all - support is easy to find and relatively inexpensive. Contact the contributors of our worried directors guide or look online for expert consultants.
- 90% of all new start companies fail or close within 3 years. If this company does fail, make sure you are personally not liable for the company’s debts. AND if it does fail - learn from it and start again.
- Initial advice is free from the contributors to this guide. ACT quickly if problems arise.
- You need a business plan.
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Worried about poor cashflow? Covid-19?, How to pay wages on pay day? For expert advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539
Please note that the guide includes updates due to Covid-19 For instance there have been some changes to insolvency legislation that limits creditors actions and relaxes rules regarding wrongful trading. A new 20 day moratorium for distressed businesses has also been introduced.