A new business is being started up and I have been asked whether my name can be used as Company Secretary. Does anyone know exactly what this entails and what the financial/legal responsibilities are, particularly if the company hits trouble?
Company secretaries in reality (unless its a massive company with squillions of shareholders) do absolutely nothing - its just an honourary title. Usually this 'position' is filled by a directors wife - a couple of signatures a year maybe?
Likely to be the easiest job you will ever have!
Ignore Miss-Taken, she is, well, mistaken! There is many legal ramifications to this role and the link provided by the 1st respondant will guide you accordingly.
Be very careful about this one. My DDIL was Company Secretary for her fathers firm a few years ago, and when eventually he went bust it caused her a whole lot of problems.
Unless it's a company you are going to have some direct involvement with and you are clued up on corporate legislation then you shouldn't take the risk. A co sec is accountable (along with the directors) if the proverbial hits the fan and there are around 200 offences under which a co sec could be fined or even imprisoned. If you do decide to act as co sec, make sure the company takes out a 'directors and officers' insurance policy to insure you against any financial risks you face (though of course you can't insure yourself against the risks of imprisonment!).