Directors’ Duties for Small Company Owners in Australia

Plenty of small business owners run their business through a company. Setting one up can feel like paperwork and little else. Once you are a director, though, the law expects certain things of you. Those duties apply whether the company has one employee or fifty.

The duties sit mainly in the Corporations Act, and the Australian Securities and Investments Commission (ASIC) enforces them. Some are general duties that apply every day. Others become pressing when money gets tight. This article covers both in plain terms.