I have been looking to find some information with regard to responsibilities of Shareholders of a private Limited Company but all I could find was just about Directors responsibilities. There are cases when owners of a small private Limited company composed of one director and few shareholders ask about who will be held responsible if company is found not to be satisfying tax office requirements. As far as I have been researching I could find out that it is Directors responsibility to lead the company according to rules and regulation. However, shareholders will be asking if they can be held responsible for any mistake that Director could be making. Could anyone explain more what the regulations are regarding this matter.