When you take on the role of a company director you take on very clearly-defined responsibilities.
An obvious responsibility is ensuring that certain documents, such as annual returns, are filed with Companies House. This may not sound onerous but, on average, each year more than 1,000 directors are prosecuted for failing to do it. Running a limited company - directors' responsibilities.
The Companies Act 2006 sets out the statutory duties of directors. This formally sets out the obligations of company directors and includes the duty to promote the success of the company and in doing so to consider the wider factors such as the environment and the community.
There are also non-legal obligations for directors, such as the requirements to form strategy and to manage your team well, which are necessary to ensure your business succeeds.
Training can prove very helpful for building both legal and non-legal skills areas. The Institute of Directors (IoD) runs training and development courses produced by directors for directors. IoD training and development courses.