{"id":20952,"date":"2024-02-01T21:17:28","date_gmt":"2024-02-01T21:17:28","guid":{"rendered":"https:\/\/www.asesoriaorihuelacosta.com\/?p=20952"},"modified":"2024-02-04T20:22:44","modified_gmt":"2024-02-04T20:22:44","slug":"liability-of-a-director-of-a-limited-company-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.asesoriaorihuelacosta.com\/en\/liability-of-a-director-of-a-limited-company-everything-you-need-to-know\/","title":{"rendered":"Liability of a Director of a Limited Company: Everything You Need to Know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20952\" class=\"elementor elementor-20952\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-5e9cc70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5e9cc70\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-87842a9\" data-id=\"87842a9\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-df38802 elementor-widget elementor-widget-text-editor\" data-id=\"df38802\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The liability of the director of a <a href=\"https:\/\/www.asesoriaorihuelacosta.com\/en\/consultancy-for-smes\/\" target=\"_blank\" rel=\"noopener\">limited company in Spain<\/a> is an issue of great importance for those who occupy this position in a company.<\/p><p>It is essential to know the obligations and duties one has as a director, as well as the consequences of not fulfilling these responsibilities. In addition, it is necessary to know how to protect oneself legally in case of any situation that may arise.<\/p><p>This article will address the different aspects related to the liability of the administrator of an SL in Spain, with the aim of providing valuable information for those who perform this role and for those interested in learning more about the subject. It will also discuss the importance of transparency and good management in this role.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-4955492 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4955492\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6982d96\" data-id=\"6982d96\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-14278bd elementor-widget elementor-widget-heading\" data-id=\"14278bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the liability of the director of an SL?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-1dfed89 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1dfed89\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1e264bb\" data-id=\"1e264bb\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f6b8dce elementor-widget elementor-widget-text-editor\" data-id=\"f6b8dce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The liability of the director of a limited liability company (SL) is a fundamental aspect in the management of this legal form of company.<\/p><p>It is often said that the company director can do whatever he or she wants, but there is a limit to everything.<\/p><p>The director of an SL has the obligation to take decisions and carry out actions that benefit the company and its shareholders.<\/p><p>This implies the fulfilment of a series of legal duties and obligations, such as the presentation of annual accounts, the convening of meetings, the adoption of resolutions and the protection of the interests of the shareholders.<\/p><p>In addition, the director must act diligently and transparently in his or her management, avoiding any conflict of interest. In case of non-compliance with these responsibilities, the director may face legal consequences, such as financial penalties or even the loss of limited liability.<\/p><p>It is therefore essential that directors inform themselves about their obligations and seek legal protection to ensure proper and responsible management.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-f7511ad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f7511ad\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5faaf0\" data-id=\"c5faaf0\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0b2e356 elementor-widget elementor-widget-heading\" data-id=\"0b2e356\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The obligations and duties of a director in a limited company\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-0b3f362 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0b3f362\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d6897db\" data-id=\"d6897db\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a973da8 elementor-widget elementor-widget-text-editor\" data-id=\"a973da8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The director of a limited liability company has a series of obligations and duties that must be fulfilled to ensure the proper functioning of the company:<\/p><ul><li>Firstly, he must act with loyalty and diligence in the performance of his duties, making decisions that benefit the company and not personal interests.<\/li><li>He must also keep an up-to-date record of the company&#8217;s accounts and file annual financial statements with the Commercial Registry.<\/li><li>In addition, he is responsible for convening and chairing shareholders&#8217; meetings and adopting resolutions at them, as well as registering company resolutions with the Commercial Register.<\/li><li>Finally, he or she must ensure that all tax, labour and legal obligations of the company are met.<\/li><\/ul><p>It is important to note that failure to comply with these obligations can have serious consequences both for the company and for the director himself.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-43c9658 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"43c9658\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0db1fb9\" data-id=\"0db1fb9\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a03d8a7 elementor-widget elementor-widget-text-editor\" data-id=\"a03d8a7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you are a director, you must act diligently in complying with your company&#8217;s tax obligations; if you fail to do so and your company commits an infringement, you may incur joint and several or subsidiary liability!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-25b0193 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25b0193\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-938ac5d\" data-id=\"938ac5d\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b509ab6 elementor-widget elementor-widget-heading\" data-id=\"b509ab6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Tax liability of the director <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-0f34ffb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0f34ffb\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-16f66bb\" data-id=\"16f66bb\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-359e5aa elementor-widget elementor-widget-text-editor\" data-id=\"359e5aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Joint and several or subsidiary liability<\/p><p>If you are a director, in certain cases you may be liable to the tax authorities for the tax debts of your company that have arisen as a result of infringements committed by your company.<\/p><p>This liability may be joint and several or subsidiary:<\/p><ul><li>In the case of <strong>joint and several liability<\/strong>, the tax authorities can take action against you at any time, without the need to first exhaust all avenues of collection against the company or to have declared the company&#8217;s prior insolvency.<\/li><li>In the case of <strong>subsidiary liability<\/strong>, on the other hand, the tax authorities can only make a claim against you after having established the insolvency of the company and any other persons jointly and severally liable.<br \/>Infringements<\/li><\/ul><p>In order for the tax authorities to hold you jointly and severally liable, it is sufficient for you to have acted negligently.<\/p><p>In the case of joint and several liability, on the other hand, the element of culpability required is higher, and the tax authorities must prove that you acted with intent comparable to that required in criminal law.<\/p><p>See in more detail&#8230;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-115629c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"115629c\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ae58c87\" data-id=\"ae58c87\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5fd36d elementor-widget elementor-widget-heading\" data-id=\"c5fd36d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Joint and several liability<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-ff9e5e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ff9e5e2\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7841ddb\" data-id=\"7841ddb\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d6ac30 elementor-widget elementor-widget-text-editor\" data-id=\"4d6ac30\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>Causers<\/h3><p>You can be held jointly and severally liable if you have actively and directly participated in the commission of a tax offence attributable to your company, i.e. if you have collaborated in or caused the offence. It is not sufficient that he has been negligent or careless (as in the case of subsidiary liability).<\/p><h3>Examples of joint and several liability<\/h3><p>You may be considered to have been actively involved (and therefore jointly and severally liable) if your company participates in a scheme to avoid declaring VAT; or if, after having committed a tax offence, you carry out operations to empty your company of its assets; or if your company sells a property and you decide not to account for or declare the profit made.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-5bd4c9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bd4c9a\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8c20c31\" data-id=\"8c20c31\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7fe3fe elementor-widget elementor-widget-heading\" data-id=\"e7fe3fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Subsidiary liable persons<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-e4eb3bc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e4eb3bc\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a688aa\" data-id=\"0a688aa\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ee01951 elementor-widget elementor-widget-text-editor\" data-id=\"ee01951\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>No direct liability<\/h3><p>If your company commits a tax offence but you are not the direct perpetrator, your liability is only subsidiary liability.<\/p><p>Specifically, this can occur in the following cases:<\/p><ul><li>When you have not carried out the necessary acts within your responsibility to comply with the tax obligations.<\/li><li>When you have consented to non-compliance on the part of your dependants.<\/li><li>Or when you have adopted agreements that make the infringements possible.<br \/>Considerations.<\/li><\/ul><p>In the event of subsidiary liability, please note that:<\/p><ul><li>The director who was the director at the time of the infringement will be held liable (it makes no difference who the director is when the liability proceedings are initiated).<\/li><li>Proceedings against the administrator can only be initiated once all avenues of collection against the company have been exhausted and, therefore, once the Tax Authorities have declared the company and any joint and several liable parties have been declared bankrupt.<br \/>Bankruptcy<\/li><\/ul><p>This declaration of insolvency is not conditional on the company being insolvent in the sense of going into insolvency proceedings.<\/p><p>It is sufficient that the tax authorities have taken reasonable and sufficient action to prove the absence of realisable assets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-2bc8bb4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2bc8bb4\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f203c7\" data-id=\"1f203c7\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a33c91 elementor-widget elementor-widget-text-editor\" data-id=\"8a33c91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\">The <a href=\"https:\/\/sede.agenciatributaria.gob.es\/\" target=\"_blank\" rel=\"noopener\">spanish tax authorities<\/a> can declare the director jointly and severally liable if he has directly participated in a tax offence. If the director has not been directly involved, his liability can only be subsidiary.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-39a8e87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39a8e87\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-242d781\" data-id=\"242d781\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e56dd8 elementor-widget elementor-widget-heading\" data-id=\"2e56dd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Consequences of breaching the director's responsibilities\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-626492b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"626492b\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4d2acf6\" data-id=\"4d2acf6\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d95903 elementor-widget elementor-widget-text-editor\" data-id=\"1d95903\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The consequences of breaching the director&#8217;s responsibilities in a limited company can be serious and have various legal repercussions.<\/p><p>Firstly, the director may face claims from the affected partners or shareholders, who may seek compensation for the damages caused.<\/p><p>In addition, if it is proven that the breach was intentional or negligent, the director could be held personally liable and have to assume the company&#8217;s debts out of his or her personal assets.<\/p><p>The tax authorities could impose financial penalties and even disqualify the director from holding similar positions in the future.<\/p><p>It is therefore essential that directors of a limited company are aware of their responsibilities and act diligently to avoid any type of non-compliance that could jeopardise their reputation and financial stability.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-f00d706 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f00d706\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ee13ff6\" data-id=\"ee13ff6\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af7b7a8 elementor-widget elementor-widget-heading\" data-id=\"af7b7a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to protect yourself legally as a director of a limited company<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-a6ea53c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a6ea53c\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b8b20b8\" data-id=\"b8b20b8\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2696fa5 elementor-widget elementor-widget-text-editor\" data-id=\"2696fa5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Being a director of a limited company carries certain legal risks. However, there are steps that can be taken to protect oneself legally.<\/p><p>Firstly, it is important that the director complies with all the obligations and duties established by law and the company&#8217;s articles of association.<\/p><p>In addition, it is recommended to take out liability insurance to cover possible claims.<\/p><h3>Directors&#8217; liability policy<\/h3><p>For this reason, for some years now, insurance companies have been marketing policies that cover the civil liability that may be incurred by directors in the performance of their duties.<\/p><p>You should know that this type of policy covers the payment of possible compensation for damages caused involuntarily to third parties and which may be demanded from the administrator for having acted negligently.<\/p><p>In addition, they usually cover the lawyer&#8217;s and solicitor&#8217;s fees for legal proceedings in which the administrator is held liable, as well as other expenses related to the lawsuit (expert opinions, for example).<\/p><h3>Insurance policy exclusions<\/h3><p>On the other hand, what these policies will never cover, for example, are liabilities arising from fraudulent or fraudulent (i.e. intentional) actions of the administrator.<\/p><p>Therefore, taking out such a policy will not give you total &#8220;immunity&#8221;. Thus, if when placing an order the director already knows for sure that the company will not be able to pay for it, he will be committing a fraud that the insurance will not cover.<\/p><h4>In any case, insurance is still advisable.<\/h4><p>Another important measure is to be transparent and to document all decisions and actions taken as a director.<\/p><p>It is also advisable to take legal advice to ensure that you comply with all current regulations and avoid mistakes that could result in legal liabilities.<\/p><p>In short, protecting yourself legally as a director of a limited company means being diligent in fulfilling your obligations, having adequate safeguards in place and seeking legal advice when necessary.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-28c9757 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"28c9757\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60ae91b\" data-id=\"60ae91b\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c40196c elementor-widget elementor-widget-heading\" data-id=\"c40196c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The importance of transparency and good governance in the role of the trustee\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-6a053c9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a053c9\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9e37752\" data-id=\"9e37752\" data-element_type=\"column\" data-e-type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6d8b091 elementor-widget elementor-widget-text-editor\" data-id=\"6d8b091\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Transparency and good governance are two fundamental aspects that must be considered by the directors of a limited company.<\/p><p>Transparency implies the obligation to inform shareholders and other stakeholders about the financial situation of the company, as well as any other relevant information that may affect its performance.<\/p><p>Good management refers to the director&#8217;s ability to make sound decisions that allow the company to grow and develop in a sustainable manner.<\/p><p>A transparent and well-managed manager is able to generate confidence in shareholders and the market in general, which can translate into greater business opportunities and a better competitive position.<\/p><p>It is therefore essential that directors of a limited company are committed to high standards of transparency and good governance, as this not only enables them to fulfil their legal responsibilities, but also to contribute to the success and growth of the company.<\/p><p>In summary, the responsibility of the director of a limited company is a fundamental aspect that should not be taken lightly.<\/p><p>Directors have a duty to fulfil their obligations and act in a transparent and accountable manner for the benefit of the company and its shareholders.<\/p><p>Failure to fulfil these responsibilities can have serious legal and financial consequences for both the director and the limited company.<\/p><p>It is therefore crucial that directors protect themselves legally and adopt good governance practices to avoid future problems.<\/p><p>However, it is important to reflect on how greater awareness and training on directors&#8217; responsibilities can be promoted, both at company and educational levels.<\/p><p>Only through a deeper understanding of these responsibilities can we promote more ethical and responsible management in our companies and societies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The liability of the director of a limited company in Spain is an issue of great importance for those who occupy this position in a company. It is essential to know the obligations and duties one has as a director, as well as the consequences of not fulfilling these responsibilities. In addition, it is necessary [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":20748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","inline_featured_image":false,"footnotes":""},"categories":[46,1],"tags":[],"class_list":["post-20952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"featured_image_src":{"landsacpe":["https:\/\/www.asesoriaorihuelacosta.com\/wp-content\/uploads\/2024\/02\/responsabilidad-del-administrador.png",384,216,false],"list":["https:\/\/www.asesoriaorihuelacosta.com\/wp-content\/uploads\/2024\/02\/responsabilidad-del-administrador.png",384,216,false],"medium":["https:\/\/www.asesoriaorihuelacosta.com\/wp-content\/uploads\/2024\/02\/responsabilidad-del-administrador-300x169.png",300,169,true],"full":["https:\/\/www.asesoriaorihuelacosta.com\/wp-content\/uploads\/2024\/02\/responsabilidad-del-administrador.png",384,216,false]},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - 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