Chapter 3 & 4

Question 1

What should a member have in relation to their business?

Answer 1

Memorandum or governing document

Question 2

What should a practice name not be?

Answer 2

unprofessional or misleading

Question 3

What should a sole practitioner do?

Answer 3

Have a contingency plan in place in case of their illness-i.e will their clients need to be discharged to a different firm etc-recommended to use a lawyer for such an agreement/arrangements should be set out in writing/should consider granting a power of attornet

Question 4

What should members have?

Answer 4

A business continuity plan in case of a disaster

Question 5

What should be notified to a client?

Answer 5

A dissolution or merger of practice

Question 6

What must be arranged when ceasing to practice?

Answer 6

Continuing professional indemnity cover (also retiring partner should obtain from continuing partners)

Question 7

What are regulated activities?

Answer 7

investment and pension advice, advice on insurance contracts etc