Partnership and Criminal Law Flashcards
What is definition of partnership
relation which subsists between persons carrying on a business in common with a view to profit
T.F
In England and Wales, an unlimited partnership has no existence distinct from the partners
True
T/F
Partners share equally in ventures profits
true unless agree otherwise
Will partnership be dissolved on
death or bankruptcy of parnter
Yes
Will partnership be dissolved on
expiry of fixed term partnership
Yes
Will partnership be dissolved on
completion / termination of JV if appplicable
Yes
Will partnership be dissolved on
subsequent illegality
Yes
Will partnership be dissolved on
notice given by a partner if it is a partnership of indefinite duration
Yes
Will partnership be dissolved on
order of the court, e.g. where deemed just and equitable
Yes
What is a separate legal entity distinct from members
Company
How does a company own assets
the company itself own them
how are assets owned in an ordinary partnership
jointly by partners
Can an ordinary partnership offer fixed and floating charges as security
No
do we need to notify registrar when member leaves as LLP
Yes
Maximum penalty for fraud
10 years in prison
unlimited fee
How can whistleblower get protection if they are
To receive protection, worker must make qualifying disclosure in public interest to appropriate person
no requirement to age or length of service
max sentence for insider trading
7 years in prison + unlimited fine
for insider dealing, how do shares need to be traded
dealt on recognised regulated market - not private sale
Maximum penalty for bribery
10 years in prison and or unlimited fine
who can bring bribery action
DPP
serious fraud office
revenue and customs
Three phases of ML
- placemnet
- Layering
- Integration
Three categories of ML offence under POCA 2002
laundering
failure to report
tipping office
Penalty for laundering money
14 year prison sentence and or unlimited fine, illegitimate assets may be seized
Penalty for failure to report
max 5 years sentence in prison and or unlimited fine
Penalty for tipping of
punishable by maximum 2 year sentence and unlimited fine
ML Defences
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
what are high values dealers
those who sell goods in cash for over 10k euros
What principal
being straightforward and honest in business and professional relationships
integrity
what principal
not allowing bias, conflict o interest or influence of others to override professional or business judgement
objectivity
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
professional competence and due care
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
confidentiality
What principal
comply with laws and regs so as not to discredit the profession
professional behaviour
What threrat
acting in an unethical manner for personal gain
self interes
what threat
failing to. find fair fault in work the accountant has had a hand in producgin
self review
what threat
continuing to hold an opinion past the point of logic
advocacy
what threat
failing to hold friends to account for unethical actions
familiarity
what threat
accountant comes under physical or other pressure to act unethically
intimidation
