Summary

Summary SQE 1 Business Law and Practice

2 purchases

Module
SQE1

Institution
SQE1

Introducing Business Law and Practice notes from The SQE Hub specifically tailored by addressing each of the assessment specifications listed on the SRA website. These high yield notes are an amazing revision aid and address the following: - Business organisations, rules and procedures; - Financ...

[Show more]

Preview 2 out of 39 pages

View example

Uploaded on June 17, 2023
Number of pages 39
Written in 2022/2023
Type Summary

business law and practice
sqe
sqe 1
high yield notes
the sqe hub
law
llb
sra assessment specifications
university of law
the college of legal practice

Institution SQE1
Education SQE1
Module SQE1

£8.97

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Created by The SQE Hub 2023

BUSINESS PRACTICE

SQE 1 Assessment specification: Business organisations, rules and procedures

Business and Organisational characteristics (sole trader/partnership/LLP/Private and
unlisted public companies:

- Incorporated business = separate legal entities i.e. private limited company, public
limited company and limited liability partnership
- Unincorporated business = treated as being the same as the owner i.e. sole trader
or partnership

Sole Trader Partnership LLP (LLPA Company (CA
(Partnership 2000, LLPR 2006)
Act 1890) 2001, CA
2006)
Liability Unlimited Partners have Partners Limited
(personal unlimited liability limited to amount
liability of personal and not unpaid on their
individual) liability, joint personally liable shares (may
or joint and over and above require personal
several their capital guarantee)
share

Legal status of Individual No separate Separate legal Separate legal
business legal person personality
personality

Minimum 1 2 2 1
number of
persons
needed

Expenses Nil Partnership i. Admin costs in i. Admin/legal
before/duringN agreement is submitting costs in
il set-up advisable but LLIN01 submitting to
not necessary ii. Registration CH
fee ii. Creation/
iii. Creation of amendment of
members AOA and MOA
agreement iii. Registration
iv. Pricing LLP fee
stationery - iv. submitting
name must confir
appear on all statem/accounts
documents like
company

Publicity/discl Register with None - register Companies Companies
osure HMRC for self- for self- house: House:
assessment assessment registered registered

, Created by The SQE Hub 2023

(+VAT if individually office, office,
earning over (+VAT if members accounts,
85k) earning over details, members res,
85k) accounts etc cap statements
(+VAT if etc
earning over (+VAT if
85k) earning over
85k)

Ongoing Minimal Minimal Minimal accounts,
expenses auditing of
accounts, conf
state

Management NA No fixed No fixed Directors take
Structure structure but structure but day to day
should be set should be set decisions as
out in out in agents of
Agreement; in Membership company via
its absence Agreement. If board meetings
though ordinary not, LLPR shareholders =
matters decided provisions ultimate control
by majority; apply. as owners -
changes to consent
nature of required for
business fundamental
requires changes
unanimity

Financing Personal loans Limited to Broader range: variety of loans;
methods personal loans incl loans and floating
charges over charges, share
assets; no issuance
share issuance

Regulation Regulated by Partnership Act Limited Liability CA 2006.
contract law 1890 and the Partnership Act
legislation: partnership 2000 and the
Sales of Goods agreement. If no partnership
Act etc PA, then PA agreement. If no
1890 + contract PA, LLPA 2000
law legislation applies.

Tax Income tax + each Partner Individual Corporation tax
CGT (as a self- pays income tax partners are and VAT (if
employed on profits made. taxed on profits applicable) (plus
person) + VAT Must register at as income other industry
HMRC as self- tax/CGT (~LLP taxes)
employed. itself is not
Partnership firm taxed except
will pay VAT if VAT). Register
85k+ at HMRC as
self-employed.

Advantages very easy to very easy to Tax benefits Limited liability

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sqehub. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £8.97. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling