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LPC Business Law and Practice full workshop and exam notes (89% achieved just from these notes) (electronic word-processed copy) CA$14.62   Add to cart
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LPC Business Law and Practice full workshop and exam notes (89% achieved just from these notes) (electronic word-processed copy)

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  • Course
  • Business Law And Practice
  • Institution
  • University Of Law (ULaw)

Business law and Practice: complete up-to-date bundle of workshop and exam notes for the LPC at the University of Law (2022). I obtained 89% using these resources ONLY. Includes textbook notes, workshop tasks, exam notes, past papers, exam procedure plans, exemplars and more. When purchasing please...

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  • October 17, 2022
  • October 17, 2022
  • 15
  • 2021/2022
  • Other
  • Unknown

Subjects

  • lpc
  • business law
  • business law and practice
  • workshop notes
  • exam notes
  • textbook notes
  • lpc business law and practice full workshop and exam notes electronic word processed copy
  • university of law
  • ulaw
  • c

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  • University of Law (ULaw)
  • Unknown
  • Business Law And Practice
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BLP WS1 Alice Hick
Types of business entity
Brief overview of different structures

Type What is it? Advantages Disadvantages
Sole trader Someone who runs a business on his own as an  Easy to form  Unlimited liability for
employed person. They are:  Freedom to run as business debts: personal ones
 Right to make all the decisions affecting the owner sees fit may be used to repay debts
business;  Sole decision-maker  Lacks status of incorporated
 Owns all the assets of the business;  All profits belong to forms
 Is responsible for paying income tax on all the owner  No day-to-day support
profits of the business; and
 Has unlimited liability for the debts of the
business.
Partnership Governed principally by the Partnership Act 1890:  Very easy to form  Unlimited liability for firm’s
see below for more detail. (only require two debts
 Occurs where two or more persons run and own people)  Decision making can be
a business together with a view to make a  Freedom to run as cumbersome
profit=business relationship. owners see fit  Lack of written agreement
 Is unincorporated – NOT a body corporate  Support of joint lead to uncertainty
decision making  Lack status of incorporated
 All profits belong to forms
owners – the partners  Leaving partner must be
brought out by remaining
partners (may not be
favourable)
Limited  A company in the UK is formed by registering  Limited liability for  Must register to set up
company certain documents with a public official, in business debts  Extra formality and costs to
accordance with the Companies Act 2006.  Greater status than run
 Has separate legal personality other forms  Extra legal duties and
 Decisions are made either by the company’s  Potentially larger pool potential liability for directors
directors or shareholders. of investors  Information (inc finances)
o Directors run the company. made public
o Shareholders are the owners.  Profits earned by company,
 Not subject to income tax, but corporation tax not owners directly
 Liability is limited to its constitution – CA 2006,
s3(1). Can be: Limited by shares (more usual) or
guarantee
LLP A form of unincorporated business is established  Limited liability for  Must register to set up
under the Limited Partnerships Act 1907. business debts  Information (inc finances)
 Similar to partnership in that there must be at  Freedom to run as made public
least one general partner who has unlimited business owners see fit  Some extra formalities and
liability.  Support of joint costs to run
 However, an LP is permitted to have a limited decision-making
partner whose liability is limited to the amount
he initially invested, providing:
 Not controlling or managing the LP
 Not having the power to take binding
decisions; and
 Not removing his contribution to the LP
for as long as he is in business.
 Unlike ordinary partnerships, LPs must be
registered with the Registrar of Companies.




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