Taking charge of a right to manage company is not an easy task and does carry some responsibility. Therefore you should not consider doing this without first having sought proper advice from a specialist right to manage solicitor. This article looks at the main responsibilities this role will bring, including what obligations you will have to the company.
In lots of ways, running a right to manage company is just like running any other company. You are required by law to have a board of directors who will be responsible for running the company on a day to day basis. In the case of a right to manage company, these directors should be drawn from the qualifying leaseholders in your building. You also have a responsibility to keep the company solvent, just as you would with any other business. This means you will need to collect money from your fellow leaseholders in order to undertake the responsibilities of the company, which are to maintain and make any necessary repairs to the premises you are managing.
As a business, the right to manage company is required to submit an annual return, detailing accounts and other actions. You don't need to present a business plan to your landlord prior to forming the company, but it definitely helps to have one so you know what your aims are for the company and what you hope to achieve through it. For instance, are there any big repair jobs you need to undertake? Would you like to refurbish the common areas of your building? These are things you could build into your long term plan for the company.
You might also want to hire someone to take care of the management of the building for you. The ultimate responsibility for it will rest with the directors of the company, but even though they are responsible, it doesn't mean that they have to carry out all the work themselves. As long as they oversee everything that goes on and are committed to their roles, it is fine to hire a management specialist for maintenance and repair purposes.
You will also be required to have regular board meetings and other meetings where all members of your company can have their say and input into the running of the premises. This will help to keep the company accountable and ensure that everyone is happy with how it is being run, as well as offering a chance to air any issues or resolve and disputes that may have arisen. If you are unsure about your responsibilities in relation to the company, you should ask your right to manage solicitors for more details and guidance.
In lots of ways, running a right to manage company is just like running any other company. You are required by law to have a board of directors who will be responsible for running the company on a day to day basis. In the case of a right to manage company, these directors should be drawn from the qualifying leaseholders in your building. You also have a responsibility to keep the company solvent, just as you would with any other business. This means you will need to collect money from your fellow leaseholders in order to undertake the responsibilities of the company, which are to maintain and make any necessary repairs to the premises you are managing.
As a business, the right to manage company is required to submit an annual return, detailing accounts and other actions. You don't need to present a business plan to your landlord prior to forming the company, but it definitely helps to have one so you know what your aims are for the company and what you hope to achieve through it. For instance, are there any big repair jobs you need to undertake? Would you like to refurbish the common areas of your building? These are things you could build into your long term plan for the company.
You might also want to hire someone to take care of the management of the building for you. The ultimate responsibility for it will rest with the directors of the company, but even though they are responsible, it doesn't mean that they have to carry out all the work themselves. As long as they oversee everything that goes on and are committed to their roles, it is fine to hire a management specialist for maintenance and repair purposes.
You will also be required to have regular board meetings and other meetings where all members of your company can have their say and input into the running of the premises. This will help to keep the company accountable and ensure that everyone is happy with how it is being run, as well as offering a chance to air any issues or resolve and disputes that may have arisen. If you are unsure about your responsibilities in relation to the company, you should ask your right to manage solicitors for more details and guidance.
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