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Major changes in company law reform

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Summary

The Companies Act 2006 makes it easier to set up and run a company. Small businesses will benefit and, for the first time, a statutory statement of directors' duties has been created.


Find out what it means for your company.

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Law-Making Explained

This is an Act of Parliament: it is due to gain Royal Assent in November 2006.
Find out more about Royal Assent.

How does it affect me?

If you run a small company, the following changes will apply to you:

  • The creation of a separate default constitution for private companies
  • Need for private companies to have private secretaries to be abolished
  • Simplification of private companies decision-making procedures

If you are a company director, your duties as a director will be defined by a statutory statement, making you personally liable.

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