Directorship offer. what does it entail?

I have just been offered a directorship of the company I work in. What does this mean? What responsibilities etc. would this mean for me? Has anyone experience of this and can you shed any light on this?.
Its a small privately owned company with less that 25 employees.
thanks

Check out this old Key Post

As the future for many companies is unsound, you should not take up a directorship unless you are absolutely happy with the finances and the financial management of the company.