Online guide for small business

The Australian Securities and Investments Commission (ASIC) has released a new online resource to help small business owners understand their role and responsibilities as company directors. 

ASIC's guide for small business directors provides an overview of directors' duties under the Corporations Act with a focus on small business directors. It also provides useful information for small businesses looking to change from a sole trader to a company business structure.

The guide covers the following topics:

  • What it means to be a company director.
  • How to become a company director.
  • Directors' key responsibilities.
  • Directors' liabilities when things go wrong.
  • How to resign as a director.

“Small businesses need clear and accessible information so they can make informed decisions about their business structure and meet their responsibilities” said ASIC commissioner, Greg Tanzer.

The guide is part of a suite of resources produced by the Australian Taxation Office, the Department of Industry and Science, and ASIC to help small business owners.

The guide can be accessed here.