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directors liability Tagged Articles



Director’s Liability Notices from the Australian Taxation Office
The Australian Taxation Office (ATO) is now taking an aggressive position in relation to unpaid company taxes.

Other directors liability Related Articles

The Accidental Franchise
Ontario introduced franchise legislation in 2000. PEI introduced a similar law in 2006. However, many business continue to operate without regard to whether they are a franchise or not. This article considers the factors that businesses need to analyse in order to determine if they are a franchise. Hiding your head in the sand is not an option. Failure to comply with franchise legislation can lead to unbelievably severe consequences, including liability in a class action proceeding, personal liability of officers and directors, and a requirement to pay back every penny invested by franchisees in acquiring and operating their franchise. Many systems who consider themselves to be distributorships ARE FRANCHISES. What you call yourself is not important--it is the substance of the relationship that will determine your fate.
Directors’ responsibilities
Company directors are responsible for the management of their companies. But they act on behalf of the owners, and must consider their interests in everything they do. They also have responsibilities to the company's employees, its trading partners, and the state. As a director, you need wide powers to help the company become a strong and profitable business. You face serious penalties if you abuse those powers, or if you use them irresponsibly. This briefing covers: • Appointing company directors. • Directors' powers. • Directors' responsibilities. • Penalties for misuse of position. • How to protect yourself.

How to Deal with Difficult Business Partners
All successful companies have one thing in common. On average, they carry more assets than they do liabilities. These companies are also quick to take note when something that was once an asset now has become a liability. They either try to make this new liability an asset again or they swiftly remove it from the company. This process may sound easy enough unless the liability you are thinking of is your relationship with your business partner.
Beware Time Liabilities
Are you surrounded by Time Liabilities? I define a Time Liability as: a) anything that consumes time unnecessarily or b) anything that causes you to spend time in activities that are less profitable than your most profitable activity. If your filing system causes you to spend extra time doing $9 per hour clerical work, trying to find that important document you misplaced, then you have a Time Liability. If your workspace is so uncomfortable that you have to spend time at a chiropractor every month to correct your spine alignment problems, you definitely have a Time Liability!
Reserves and Provisions
Every prudently and systematically managed business concern makes some provision out of current profits for meeting an anticipated liability, redeeming a liability, replacing an asset or for some other important business purpose.
6 Largest Products Liability Insurance Suits
Products Liability Claims Manufacturing, distributing, marketing and reselling products can often seem like a harmless venture until there is a Product Liability Suit.

The Importance of Directors
This article focuses on the importance of directors in closely-held companies. It discusses the factors that should be considered in selecting a director. The article explains how effective directors can help the management team.
Top Five Responsibilities of Nonprofit Board Members
I have seen effective and ineffective boards of directors. Good boards of directors are clear about their roles and responsibilities versus those of the Executive Director, and they don't overstep their boundaries. This article highlights what I consider are the five most important responsibilities of board members.
Why You Need a Board of Advisors/Mastermind Group
This week I’ve had a lot of discussions with people about Mastermind Groups. All large corporations have a Board of Directors to be sure the company stays true to their mission, hit their numbers and fulfill their responsibility to stockholders. Small businesses (even sole-proprietorships) need them too. But usually, only those small businesses who accept private funding (from banks, angel investors, venture capitalists) have outsiders on their Board of Directors. A professional Board of Directors may not always create a happy, supportive, safe environment for business owners to turn to for problem solving, brainstorming, or even feedback.

Insurance Defense Costs
Does Your Business Insurance Policy Cover Defense Costs Within the Insurance Limit or Defense Costs Outside of the Insurance Limit? Did you know that a liability policy, which is part of any typical business insurance policy or commercial insurance policy coverage, has two distinct obligations? A liability insurance policy, if it is a general liability, product liability or professional liability insurance policy is designed to protect you against your legal obligation to pay others because you have hurt them and/or have damaged their property. A policy also defends you against claims or lawsuits. In other words, besides paying for claims or suits, a liability policy also pays for their related legal costs and court fees.
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