The form CR14 is a document that gives details of the directors and secretaries of the company.
When do I need to change it?
It should be updated within 30 days of any changes to the particulars of the directors such as the removal of a partner from the company or the addition of a new director in the company.
Why is the CR14 important?
The CR14 document is important because:
it serves the main purpose of confirming to the company, as well as to members of the public who have dealings with the company, who the owners of the company are.
It is a mandatory requirement for almost every administrative or contractual agreement the business enters into such as government tenders, opening a bank account, applying for a loan and payment of taxes.
In the event of disagreements amongst partners or the death of another partner, it provides protection to those that have contributed to the business and their surviving families in the case of death as it is admissible in the court of law as proof of ownership.