19-12-2007
Companies Act welcomed by FSB
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Federation of Small Businesses (FSB) has labelled the Companies Act 2006 as "good news", following an announcement last week that it is due to be implemented over the next two years.
Under the terms of the act, a comprehensive code of accounting and reporting requirements for small companies will be established, adding clarity to firms' business finance regulations.
Belinda Webb, a spokesperson for the FSB, said the organisation welcomed the new legislation for two reasons.
She remarked: "It enables small companies to do away with a physical AGM, as small businesses can now hold a virtual AGM on the internet, which saves costs.
"It also does away with the need for a company secretary position. Now in the UK we have genuine one-person companies."
Stephen Timms, minister of state for competitiveness, provided final confirmation of the implementation timetable for the Companies Act 2006 in a written statement to parliament on December 13th 2007.