Brainscape's Knowledge GenomeTM

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


See full index

Business Law And Practice > Partnerships, LP & LLPS > Flashcards

Partnerships, LP & LLPS Flashcards

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

Sole Trader:

How it conducts business?

A

Personally

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

Sole Trader:

Legal Status?

A

No separate legal identity

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

Sole Trader:

Liability of investors?

A

Unlimited

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

Sole Trader:

Governing Statute?

A

None

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

Sole Trader:

3rd parties contract with …

A

Individual

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

Sole Trader:

Owner?

A

Individual

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

Sole Trader:

No. of persons for setting up?

A

1

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

Company:

How it conducts business?

A

via Company

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

Company:

Legal Status?

A

Separate legal identity

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

Company:

Liability of investors?

A

Limited

to amount unpaid on shares - s.3(2) CA 2006

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

Company:

Governing Statute?

A

The Companies Act 2006

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

Company:

3rd parties contract with …

A

Company

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

Company:

Owner?

A

Shareholders

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

Company:

Managed by?

A

Board of Directors

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

Company:

No. of persons for setting up?

A

1 Person (Individual or company)

s.7(1) CA 2006

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

Partnership:

How it conducts business?

A

Personally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Partnership:

Legal Status

A

No separate legal identity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Partnership:

Liability of investors

A 
Unlimited personal 
(Joint = contractual / tortious = Joint and Several)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Partnership:

Governing Statute

A

The Partnership Act 1890

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Partnership:

3rd party contracts made with …

A

Individual partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Partnership:

Owners?

A

Partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Partnership:

Managed by?

A

Management Board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Partnership:

No. of persons for set-up

A

2

24
Q

LP:

How it conducts business?

A

General partners = personally

25
Q

LP:

Legal Status

A

No separate legal identity

26
Q

LP:

3rd party contracts made with …

A

General partner

27
Q

LP:

Owners

A

General partner

28
Q

LP:

Managed by …

A

General partner

29
Q

LP:

No. of persons for set-up

A

1 General partner

1 Limited partner

30
Q

LLP:

How it conducts business?

A

via company

31
Q

LLP:

Legal Status

A

Separate legal identity

32
Q

LLP:

Liability of investors

A

Limited

to amount of their capital share in the LLP

33
Q

LLP:

Governing Statute

A

The Limited Liability Partnership Act 2000

34
Q

LLP:

3rd party contracts made with …

A

Company

35
Q

LLP: Owners

A

Members (persons)

36
Q

LLP: Managed by …

A

Members / Designated Members

37
Q

LLP: No. of persons for set-up

A

2+

38
Q

What kinds of business need a registered office?

A

1) LLP

2) Limited Company

39
Q

Who passes an ordinary resolution?

A

Shareholders

40
Q

How many directors does a private company need?

A

1

41
Q

How many directors does a public company need?

A

2

42
Q

LLP: Expenses before/due to setting up the business

A

1) Incorporation document
2) Registration fee
3) Recommended to have LLP PA drawn up by lawyers
4) Printing on LLP stationary

43
Q

LC: Expenses before/due to setting up the business

A

1) Incorporation document (AoA / MoA)
2) Registration fee
3) Printing on LLP stationary

44
Q

Disclosures aren’t required for which business mediums?

A

1) Sole Trader

2) Partnership

45
Q

What disclosures are required for LLP?

A

1) Registered office - s.2(2)(c) and (d) LLPA and 2009 Regs
2) Details of members - s.2(2)(e) LLPA
3) Details of designated members - s.2(2)(f) LLPA
4) Accounts - 2008 Regs
5) PSCs
6) Payment practices and policies (large LLPs)

46
Q

What disclosures are required for Limited Companies?

A

1) Registered office - s.86 CA 2006
2) Accounts - s.441 CA 2006
3) Information on directors and members
4) Info on share capital of a company
5) Certain resolutions of members
6) A ‘PSC’ Register
7) Payment practices and policies (large companies)

47
Q

What ongoing expenses are there after a Sole Trader / Partnership is set up?

A

None, though Accountants to keep accounts

48
Q

What ongoing expenses are there post-set up for a LLP / Companies?

A

1) Accountants (for annual accounts)
2) Must file audited accounts (bar small LLPs/companies)
3) Must file a Confirmation Statement at least once a year - SBEEA 2015

49
Q

Sole Trader: How is it managed?

A

No legal requirements

50
Q

Partnership: How is it managed?

A

In accordance with PA (default provisions in PA 1890)

51
Q

LLP: : How is it managed?

A

In accordance with PA

52
Q

LC: : How is it managed?

A

Meeting of directors and shareholders (according to CA 2006 and AoA)

53
Q

Sole Trader: Available methods of financing?

A

Can borrow

54
Q

Partnership: Available methods of financing?

A

Can borrow

55
Q

LLP: Available methods of financing?

A

1) Can borrow
2) Can create floating charges

  • If any financing is underwritten by a member’s personal guarantee, limited liability lost
56
Q

LC: Available methods of financing?

A

1) Can borrow
2) Can create floating charges
3) Can raise finance by issuing shares

  • If any financing is underwritten by a member’s personal guarantee, limited liability lost

Business Law And Practice (5 decks)

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