7. Partnerships and Criminal Law Flashcards
Ordinary partnerships are those governed by which act?
Define this act
Partnership Act 1890
The relation which subsists between persons carrying on a business in common with a view of profit
State a main provision of the Partnership Act 1890 (ten total)
- Profits and losses to be shared equally
- Partners are indemnified by the firm for any liabilities
- All partners are entitled to take part in the management of the business
- Records and accounts must be kept at the main place of business, and must be open to inspection by all partners
- No interest is to be paid on capital except by agreement
- Any change in business is to be decided unanimously
- No partner is entitled to remuneration for acting in the partnership business
- The partnership agreement may be varied with the consent of all the partners
- Appointment of new partners must be by unanimous vote
- Exclusion of a partner must be by unanimous vote
Where a partner acts outside of the scope of his authority, the partnership is only bound under the circumstances of ______ authority
Apparent
Per the PA 1890, where a partner pledges credit of the firm for a purpose with no apparent connection with the firm’s ordinary business, the firm will not be bound unless he has actual ______ authority to do so
Express
In a partnership, who has the right of access to the partnership accounts?
Only partners
Is there a formality of forming a partnership?
No
A plc must file accounts and documents with the Registrar of Companies. Does a partnership?
No
A sole tradership is essentially a ______, and in law these two are viewed as the same entity
Partnership
Under the Limited Liability Partnership Act 200 (LLPA 200), what five documents must LLPs send to the Registrar?
- Name of LLP
- Location of its registered office
- Address of its registered office
- Name and addresses of all the members of the LLP
- Names of the two designated members who are responsible for signing notices and accounts and delivering them to the Registrar
Do LLPs have to retain accounting records and prepare annual accounts?
Yes
For LLPs, the LLP is primarily liable for debts and obligations of the firm’s business, except in what circumstance?
In cases of negligence, where a member may become personally liable
The Enterprise and Regulatory Reform Act 2023 applies and requires that an employee whistleblows why?
Because it is legitimately in the public interest for them to do so
For a whistleblower to receive protection under the Public Interest Disclosure Act 1998, it must be disclosed to an ______ person
Appropriate
A qualifying whistleblower must show reasonable belief that one of what six is occurring?
- A criminal offence has been committed
- A person has failed, is failing or is likely to fail with any legal obligation to which they are subject
- That a miscarriage of justice has occurred
- That the health and safety of an individual has been endangered
- That the environment has, is being or is likely to be damaged
- That information tending to show any matter falling within these categories has been, is being or is likely to be deliberately concealed
If a disclosure for whistleblowing is made in bad faith, what is the penalty?
Award of damages may be reduced by up to 25%
