3 Main Duties of a Director
I'm just going to quickly touch on just 3 very important duties of a director here. Much of this topic is already covered by experts in this field but it's always a good reminder to my clients and potential clients about their duties as a director. All the other checks and balances boils back to these two main duties of a director.
ASIC provides a pretty comprehensive guidance on the director's duty exercise duty of care at all time (act in the interest of others and the company and in good faith at all times), to not trade while insolvent and the duty to keep books and records here. Note it says that a director who fails in its duty to keep books and records has also been trading insolvent during that time.
Are you keeping books and records of your business and doing it in compliance with the Australian Accounting Standards and Australian laws?
Do you need your books internally checked (audited)?