Other
SQE1 Cheatsheets Business Law
- Module
- Institution
SQE1 Cheatsheets Business Law
[Show more]
5 reviews
By: kevonwillis180 • 5 months ago
By: tessabergerchristensen • 8 months ago
By: agnes6 • 10 months ago
By: studentrechten1200 • 9 months ago
Stuvia changes the format my cheatsheets are in. This does not the reflect the way I upload them. If you message me with your email, i can forward the cheatsheets to you so you will be able to read all correct.
By: studentrechten1200 • 9 months ago
I have send you a message. Stuvia changes my formatting unfortunately. If you email me, ill mail them over to you (so you will have them in the correct formatting)
By: benveversaberdeen • 11 months ago
By: gclarkielaw • 1 year ago
Seller
Follow
studentrechten1200
Reviews received
Content preview
BUSINESS LAW: Sara AhmedIncorporated business: Unincorporated business:
4. Owners not personally liable for 1. Not a seperate legal entity
debts 2. Full personal liability for debts
5. Separate legal entity 3. Sole traders, (limited)
6. Most common form is limited partnerships
company
Sole Trader Partnership
o Number of persons needed for setup: only 1 person. *(Can have
employees) No separate legal entity: unable to own property or enter into contract. The
o Control and management: Sole trader has complete control = flexible individuals will sue, own property or enter into contract.
+ pressure.
o Liability: unlimited personal liability = personally liable for all debts. o Number of persons needed for setup: min 2 person.
o Expenses when setting up: no formalities/no costs. o Control and management: in accordance with parentship agreement, if
o On-going expenses: none/not really any. none, the PA 1890.
o Methods of financing: can borrow from bank/ but no floating charges o Liability: unlimited personal liability = partners personally liable for all
= no quick options. debts.
o Profits: all profits for the owner. o Expenses when setting up: no formalities/no costs, unless you want a
o Tax: owner pays income tax + capital gains tax legal agreement.
o Regulation: non o On-going expenses: none, only accountant.
o Publicity: easy to maintain privacy – not many requirements. o Methods of financing: can borrow from bank/ but no floating charges or
o May trade immediately? YES issuing shares.
o Tax: the partners are taxed separately as self-employed individuals,
paying income tax on their share of the profits of the partnership
o Regulation: non
o Publicity: easy to maintain privacy – not many requirements.
o May trade immediately? YES
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 studentrechten1200. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.58. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76449 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now