New trading disclosure regulations came into force on 1 October 2008 replacing existing requirements and introducing some important new duties and some changes to the existing law.
A company must display its registered name at its registered office, and any inspection place, as well as any location where it conducts business (unless that location is primarily used for living accommodation). The registered name must be visibly obvious to any visitor to the premises.
In addition, the company’s registered name must appear on most of its business communications, including business letters, cheques, websites, orders for goods or services, bills, invoices and other demands for payment; and the following particulars must be disclosed on business letters, order forms and websites:
the part of the where the company is registered;
the company’s registered number; and
the address of the company’s registered office.
Furthermore, if a written request for information is made to a company, it must disclose details of its registered office, any inspection place and details of the company records kept at that office or place. This information must be provided within 5 days of receiving such a request.
Failure to comply with the regulations can lead to a maximum fine of £1000 (plus £100 a day for continued contravention) for both the company and each officer (including shadow directors) of the company that is in default.
Therefore, company directors are encouraged to familiarise themselves with the new requirements to avoid falling foul of the regulations.
For more information on the new trading disclosure regulations and displaying your company name, please contact
Robert Lee.
