If you are planning to sell your business, one option might be a management buyout (MBO) if you think the current management team could be interested in buying you out. Planning well ahead will help to ensure that the MBO team is right for the deal, that your business is presented in the best possible shape so that the buyers and their funders can see value and future potential in the proposed acquisition – and that you will receive your just rewards. By getting your business MBO-ready as early as possible, it is more likely that any deal will succeed,…

As your business grows and evolves, you may wish to bring new directors onto the board to reward and secure key members of staff or to bring in new skills and contacts from outside your business. In either case, the appointment of a new director to the board of your company is not as straightforward as it may seem.

Aside from the obvious duties such as filing reports at Companies House, there are numerous other obligations placed upon company directors. If you fail to comply with your duties your position on the board may be under threat, as you can be held liable by the company and in some circumstances by minority shareholders. In the most serious of cases directors may be disqualified or face criminal sanctions.

If you are the director of a private limited company in England or Wales you can take comfort from the fact that you will not generally be personally liable for any debts the company incurs while you are in post. However, there are exceptions and when they arise you need to seek prompt legal advice to contain the damage.

So, you've got your limited company set up. How many different hats do you need to wear to cover all your responsibilities?