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SQE 1 (Areas to Improve) > Business Law > Flashcards

Business Law Flashcards

1
Q

General Partnership (3)

A
  1. Governed by Partnership Act 1890
  2. Each partner has unlimited liability
  3. Cannot vary partnership or relationship between partnerships and third parties
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2
Q

Limited Partnerships (3)

A
  1. General partners manage business and unlimited liability
  2. Limited partner invests capital and limited liability
  3. Governed by Limited Partnerships Act 1907
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3
Q

General Partnerships Presumption

A

Agreeing to share profits is prima facie a partnership

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4
Q

Objective Test for Apparent Authority

A
  1. Partner’s Acts related to the Firm
  2. Is Transaction one a partner in this type of firm would have authority
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5
Q

Liability when partner lacked actual or apparent authority

A

Partner who contracted is liable

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6
Q

Liability when partner had apparent authority

A
  1. Partnership is bound
  2. Pursue partner for contractual remedies
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7
Q

Tort Liability in General Partnerships

A

Firm liable

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8
Q

Designated Members

A

More than 25% assets or voting rights, or other right to control

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9
Q

Rights of Members in LLP

A
  1. Share of Profits
  2. Indemnification
  3. Inspect Books and Records
  4. Right to Manage LLP
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10
Q

Liability of Members in LLP

A

Only liable for amount of capital contribution

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11
Q

Death of Member in LLP

A

LLP Continues

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12
Q

Death of Member in General Partnership

A

Dissolved

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13
Q

Number of Directors in First Registration

A
  1. Atleast two directors for public company
  2. Only one for private company
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14
Q

Remedies for Breach of Director’s Duties

A
  1. Account for Profits
  2. Return of Company Property
  3. Payment of Equitable Compensation
  4. Recission of a Contract
  5. Injunctions
  6. Common Law Damages
  7. Removal of Director Through Majority Vote
  8. Disqualification of Director
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15
Q

Person with significant control

A

Holds more than 25%

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16
Q

Notice to Sack Director

A

28 clear days

17
Q

Hand-Delivered Notice

A

14 Clear Days

18
Q

Filing Special Resolution at Companies House

A

Within 15 days

19
Q

Effect of Incorporation after 1st October 2009

A

Can allot additional shares without resolution

20
Q

Transaction Clawback Timelimits

A
  1. Voidable if taken place in the last 6 months
  2. Period extends to 2 years if connected to the person
21
Q

Transaction Under Value

A
  1. Voidable in the 2 years prior
  2. Time period is 5 years if become insolvent because of transaction
22
Q

Floating Charge Void if

A

Created within 12 months for no fresh consideration
Time period extends to 2 years if to connected person

23
Q

Company deemed unable to pay debts (4)

A
  1. Owed 750 quid and not paid within 21 days
  2. Obtained judgement and not fully satisfied
  3. Unable to pay debts as they fall due
  4. Value of assets are less than liabilities
24
Q

Installments for Tax Returns (3)

A
  1. First: 31st January following end of tax year
  2. Second: 31st July
  3. Balancing: The following 31st January
25
Q

Trading Profit

A

Gross Revenue - (Revenue Expense + Annual Investment Allowance + Writing Down Allowance)

26
Q

Capital Assets

A

100% Deductible from AIA

27
Q

Pools for Writing Down Allowance (3)

A
  1. Main Pool - 18% per annum (carry over for year 2)
  2. Special Pool - 6% per annum
  3. Single Item Pool
28
Q

Personal Savings Allowance (3)

A
  1. Basic Rate: 1000
  2. HR: 500
  3. Additional: No PSA
29
Q

Dividend Allowance and Tax Rates (4)

A
  1. 2000
  2. Basic Rate: 7.5%
  3. Higher Rate: 32.5%
  4. Additional Rate: 38.1%
30
Q

CGT Exempted Assets (3)

A
  1. Cash, ISA, Guilts
  2. Wasting Chattels
  3. Non-wasting Chattels less than 6K
31
Q

Periods of absence deemed as occupation (4)

A
  1. Last 9 months of ownership
  2. Absence for any reason (up to 3 years)
  3. Any amount of time working overseas
  4. Time to work elsewhere in the UK (4 years)
32
Q

CGT Annual Exempt Amount

A

12,300

33
Q

CGT Individual Tax Rates

A
  1. BR: 10% (18% for property)
  2. Otherwise - 20% (28% for property)
34
Q
A

SQE 1 (Areas to Improve) (4 decks)

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