Final part of Companies Act now in force
The implementation of the Companies Act 2006 was completed in full last month - October 2009 – when the last remaining regulations set out in the Act come into force.
Legislation surrounding businesses and how they operate is not new but this Act was designed to update the law in line with current working practices, to introduce more flexibility and to make it easier to set up and manage small businesses. In so doing the Act has introduced some significant changes of which Directors and company managers need to be aware. Many of these have received publicity at length over the course of the Act’s implementation, but some more recent changes are lesser known.
- Informal correction means that the Registrar will be able to complete missing information or to amend information which he believes to be inconsistent on filed documents. This only applies to certain documents and the business has to ‘sign up’ to the procedure before it can be used.
- Fees for registering limited partnerships have changed as they are brought into line with those for limited companies.
- Deadlines for filing accounts have been brought forward by one month. It is also worth noting that accounts must be signed in black ink as failure to do so could result in the accounts being returned, a delay incurred, and a penalty becoming due. Previously, incorrect accounts or those with omissions were allowed a two week period of grace in which to make amendments, this no longer applies.
At Baker Chapman & Bussey we are familiar with all aspects of how the new provision of the Companies Act 2006 affect clients as they manage their businesses. Do come to us for advice and guidance.
