When you turn 16, you can become a director of a company.
A company must have at least one director who is 16 or over and not disqualified from being a director.
Directors are legally responsible for running the company and making sure company accounts and reports are properly prepared and filed on time. They must exercise reasonable skill, care and diligence in their role.
Although setting up a company is pretty straight forward, do not overlook the responsibilities of being a company director.
It would be foolish to assume that these responsibilities are just a formality. Failure to comply could result in personal fines, personal liability for the company’s debts, disqualification from acting as a director and even imprisonment.
Even if you do not intend to carry on any kind of business activity or receive any form of income, like a dormant company, you must still file dormant accounts and send us confirmation statements every year.
A director can hire other people to manage some of the day-to-day tasks of running a company, for example, an accountant. But they’re still legally responsible for their company’s records, accounts and performance.
If you’re thinking of starting and running a company, getting legal advice should be high on your list. A specialised business solicitor can help you identify any legal problems and advise you on what steps to take to prevent problems before they happen.
Sixteen year old me
Can you remember being 16? I can, just.
Actually, although it was a long time ago, I have vivid recollections of finishing exams, awaiting the results and wishing for the end of term. Or in my case, the end of school.
Having already booked a holiday with 3 of my friends to Magaluf, the task was then to find a job to pay for it. In my day the careers advice went something like this:
Adviser: “What do you want to do?”
Me: “Play football.”
Adviser: “Have you thought of the Civil Service?”
Me: “What’s the Civil Service?”
I had visions of pinstripe suits and bowler hats. But after sitting a couple of aptitude tests and an interview, I was informed by a very official looking letter that I was to report to 1 Victoria Street at 9.30 to start my career.
So, after leaving school on the Friday, I started work on the Monday at the Department of Trade and Industry.
Although things have changed a lot since then there are still some great opportunities to join a diverse and inclusive organisation.
At 16, I started work, applied for my provisional driving license, booked a holiday and opened a bank account. This got me thinking, what else can you do at 16?
Let’s start with the important things.
You can drink beer or cider in a pub or restaurant, if you’re having a meal and you’re accompanied by an adult. But, you cannot be the person buying it.
You can serve alcohol in a restaurant, if the licence holder or bar manager has approved the sale.
In England, Wales and Northern Ireland you can get married - but if you’re under 18, you’ll need permission from your parents or guardians. In Scotland, you do not need permission. Do couples still elope to Gretna Green?
You can buy premium bonds, do the football pools and win the lottery. However, your odds of winning are 26,000 to 1 for each premium bond, 6 million to 1 for the football pools and 14 million to 1 for the lottery. If you don’t enter, you won’t have any chance of winning. But remember, when the fun stops, stop.
You can buy aerosol paint, change your name by deed poll, hold a license to drive a moped, buy a pet and apply for your own passport.
To be 16 again...
Would I like to be 16 again? Acne, trying to be fashionable, trendy haircuts. Maybe not. Then again, mum’s cooking, no mortgage, no stress, a Yamaha FS1E.
To quote some lyrics from the Faces song, Ooh la la:
“I wish that I knew what I know now, when I was younger.”
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