Governance

The system of rules, practices and procedures by which a business is directed and controlled.

It essentially involves balancing the interests of a business’s many stakeholders, including shareholders, owners, management, employees, customers, suppliers, financiers, government and the community.

This may include policies on:

  • ethical trading
  • social responsibility and
  • carbon reduction.

Dealing with such things as:

  • regulatory compliance e.g. the Provision of Services Regulations;
  • supplier payments and
  • credit control and debt management including late or non-payment of invoices.

Trading Disclosure and Business Names

Your clients have a legal right to know who they are dealing with (i.e the legal entity that they are trading with).

If you use a name to trade under other than that of the legal entity, then you need to disclose the full details of the legal entity including an address where you will accept service of documents.

For corporate bodies, there are specific disclosure requirements.

All of this needs to go on business documents including letters and emails and websites amongst other things.

Legal Entity

An association, corporation, partnership, proprietorship, trust, or individual that has legal standing in the eyes of law. A legal entity has the legal capacity to enter into agreements or contracts, assume obligations, incur and pay debts, sue and be sued in its own right, and to be held responsible for its actions.

Business Names

There are specific requirements relating to the name a business wishes to trade under and rules to prevent the use of misleading names. Business names must not:

  • be the same as an existing trademark
  • include ‘limited’, ‘Ltd’, ‘limited liability partnership, ‘LLP’, ‘public limited company’ or ‘plc’
  • contain a ‘sensitive’ word or expression unless you get permission

There are requirements about the details business have to disclose to their customers:

  • An individual trading under a name which is not their surname, with or without initials, has to give their name and an address at which the service of documents will be accepted;
  • Partnerships that use a name other than the surnames, with or without initials, of the individual partners, have to give the names of all the partners and an address at which the service of documents will be accepted; and
  • Incorporated bodies such as limited liability companies or partnerships (Ltd and LLP) have to make Trading Disclosures.

What are Trading Disclosures?

This is the term used in the Companies Act 2006 to cover the rules about the information companies must provide.

The Companies (Trading Disclosures) Regulations 2008

These Regulations deal with trading disclosures to be made by companies registered in any part of the United Kingdom.

The disclosures have to be made at certain locations (the registered office and other places of business), in company documentation e.g. letters (including electronic equivalents e.g. emails) and on company websites.

The Regulations also require companies to respond to enquiries about where their company records are kept available for inspection.

What do I need in my business letterheads?

From a compliance perspective your clients are entitled to know the details of the legal entity that they are dealing with, especially if a business or trading name is being used. If the legal trading entity is a registered body there are some very specific disclosure requirements.

The information must appear in business letters and electronic equivalents including emails. To give you peace of mind we can check out your letterheads for compliance read more…

The fit and proper persons test for charity managers

HMRC has updated its model declaration and help sheet on the fit and proper persons test for individuals who manage charities, etc entitled to UK charity tax reliefs. which is concerned with ensuring that charities are not managed or controlled by individuals who present a risk to the charity’s tax position. The guidance now includes a detailed description of the circumstances in which a charity manager who has used or been involved in the design or promotion of tax avoidance schemes may be deemed not to be fit and proper person.

Free Southern Entrepreneurs Event – Regulation for Small Business

06 Dec 2016 10:00 – 13:00

Enterprise Centre – PORTSMOUTH

This workshop will give an awareness of the areas of regulation that may apply to a business and how to go about developing compliance controls as a response to the ever increasing number of regulations and need for operational transparency.

Read more and book your place on the Southern Entrepreneurs website…

Sender Score

This gives an indication of how mailbox providers view your IP address and the trustworthiness of it. The providers use a number of things to determine your sender reputation for example:

  • spam complaints,
  • mailing to unknown users,
  • industry blacklists.

You can look up your sender score on the Sender Score website here. There are also some useful tools to help.

Directors Responsibilities Workshop – 20th October 2016

It has become very obvious of late that there are far too many people opening companies without the knowledge of their roles and responsibilities as a company director.

This event between 6 & 8pm on 20th October 2016 at Solent Business Academy, Southsea Works, Unit 10 Rodney Rd, Portsmouth PO4 8SP is designed to help.

Read more and book your ticket on Eventbrite