SQE 1 FLK 1 - Business law and Practice UPDATED Exam Questions and CORRECT Answers
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SQE 1 FLK 1 - Business law
Institution
SQE 1 FLK 1 - Business Law
SQE 1 FLK 1 - Business law and Practice
UPDATED Exam Questions and
CORRECT Answers
incorporated business - CORRECT ANSWER- separate legal entity from owners and
managers
unincorporated business - CORRECT ANSWER- A business that does not have legal identity
separate from its owners. The own...
SQE 1 FLK 1 - Business law and Practice
UPDATED Exam Questions and
CORRECT Answers
incorporated business - CORRECT ANSWER- separate legal entity from owners and
managers
unincorporated business - CORRECT ANSWER- A business that does not have legal identity
separate from its owners. The owners have unlimited liability for business debts.
sole trader - CORRECT ANSWER- unincorporated business ran by an individual who
benefits from the profits but bears any losses
partnership - CORRECT ANSWER- two or more people are carrying out a business in
common with a view to profit
limited partnerships - CORRECT ANSWER- limited partner whose liability is limited to the
amount they initially invest in the business
private company limited by shares - CORRECT ANSWER- register documents with registrar
of companies, has a separate legal personality
public company limited by shares - CORRECT ANSWER- constitution must state that it is a
public company, PLC and owners must invest a specified minimum amount of money for use
by the company
Limited liability partnerships - CORRECT ANSWER- separate legal personality, formed by
two or more members carrying on a lawful business with a view to profit, file documents
with Registrar of Companies
Companies limited by guarantee - CORRECT ANSWER- used by organisations that are not
seeking to make a profit
, community interest companies - CORRECT ANSWER- limited liability company intended
for businesses that wish to use their profits and assets for public good and not private profit
charitable incorporated organisation - CORRECT ANSWER- corporate structure with
reduced risk of personal liability without burden of dual recognition
Companies established by an act of parliament or royal charter - CORRECT ANSWER- royal
bank of scotland
sole trader and partnerships formalities - CORRECT ANSWER- no formalities
unincorporated businesses formalities - CORRECT ANSWER- no formalities once
established and no legal documents
company formalities - CORRECT ANSWER- complete minutes, maintain statutory registers
and file certain documents to companies house, subject to Companies Act 2006
sole traders and partnerships - publicity of information - CORRECT ANSWER- must
disclose the identity of the sole traders or partners and an address for service of documents
Companies and LLPs - publicity of information - CORRECT ANSWER- must disclose
financial information, make public information on directors, shareholders
sole traders and partnerships - costs - CORRECT ANSWER- no legal and admin costs
companies and LLPs - finance - CORRECT ANSWER- can offer additional security for loans
Model Articles of Association - CORRECT ANSWER- came into force with companies act
2006, 1st october 2009
Table A - CORRECT ANSWER- standard set of articles drafted for those incorporating a
company
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