Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Law Certificate > Partnership and Criminal Law > Flashcards

Partnership and Criminal Law Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards MPRE flashcards Civil Procedure 1L flashcards
1
Q

What is definition of partnership

A

relation which subsists between persons carrying on a business in common with a view to profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

T.F
In England and Wales, an unlimited partnership has no existence distinct from the partners

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

T/F
Partners share equally in ventures profits

A

true unless agree otherwise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Will partnership be dissolved on
death or bankruptcy of parnter

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Will partnership be dissolved on
expiry of fixed term partnership

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Will partnership be dissolved on
completion / termination of JV if appplicable

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Will partnership be dissolved on
subsequent illegality

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Will partnership be dissolved on
notice given by a partner if it is a partnership of indefinite duration

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Will partnership be dissolved on
order of the court, e.g. where deemed just and equitable

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a separate legal entity distinct from members

A

Company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How does a company own assets

A

the company itself own them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

how are assets owned in an ordinary partnership

A

jointly by partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Can an ordinary partnership offer fixed and floating charges as security

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

do we need to notify registrar when member leaves as LLP

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Maximum penalty for fraud

A

10 years in prison
unlimited fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How can whistleblower get protection if they are

A

To receive protection, worker must make qualifying disclosure in public interest to appropriate person
no requirement to age or length of service

17
Q

max sentence for insider trading

A

7 years in prison + unlimited fine

18
Q

for insider dealing, how do shares need to be traded

A

dealt on recognised regulated market - not private sale

19
Q

Maximum penalty for bribery

A

10 years in prison and or unlimited fine

20
Q

who can bring bribery action

A

DPP
serious fraud office
revenue and customs

21
Q

Three phases of ML

A
  1. placemnet
  2. Layering
  3. Integration
22
Q

Three categories of ML offence under POCA 2002

A

laundering
failure to report
tipping office

23
Q

Penalty for laundering money

A

14 year prison sentence and or unlimited fine, illegitimate assets may be seized

24
Q

Penalty for failure to report

A

max 5 years sentence in prison and or unlimited fine

25
Q

Penalty for tipping of

A

punishable by maximum 2 year sentence and unlimited fine

26
Q

ML Defences

A

Report made to NCA (SOCA) or MLRO or there was an intention to do so and reasonable excuse not to (harm)
Person does not know / suspect ML and employer has not provided them with appropriate training or had reasonable excuse not to report (harm)
Person did not know the disclosure would prejudice the investigation or had reasonable excuse to make disclosure

27
Q

what are high values dealers

A

those who sell goods in cash for over 10k euros

28
Q

What principal
being straightforward and honest in business and professional relationships

A

integrity

29
Q

what principal
not allowing bias, conflict o interest or influence of others to override professional or business judgement

A

objectivity

30
Q

what principal
being aware of all prevailing knowledge necessary to give professional service and apply the same diligently to the affairs of clients in accordance with technical and professional standards

A

professional competence and due care

31
Q

what principal
respect confidentiality of information acquired as a consequence of professional or business engagements and not use the same for personal advantage or that of third parteis

A

confidentiality

32
Q

What principal
comply with laws and regs so as not to discredit the profession

A

professional behaviour

33
Q

What threrat
acting in an unethical manner for personal gain

A

self interes

34
Q

what threat
failing to. find fair fault in work the accountant has had a hand in producgin

A

self review

35
Q

what threat
continuing to hold an opinion past the point of logic

A

advocacy

36
Q

what threat
failing to hold friends to account for unethical actions

A

familiarity

37
Q

what threat
accountant comes under physical or other pressure to act unethically

A

intimidation

Law Certificate (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions