Law > Class Notes > Business law and practice - SQE Notes-2022 (All)
Business law and practice - SQE Notes-2022
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SOLE PROPRIETOR COMPANY (Companies Act 2006) PARTNERSHIP (Partnership Act 1890) LLP (LLPA2000,LLPR2001, CA 2006) Liability Unlimited personal liability of individual Limited to amount unpaid on the ... ir shares (may require personal guarantee) Partners have unlimited personal liability; joint or joint and several Partners liability limited and not personally liable over and above their capital share Legal status of business Individual Separate legal personality No separate legal personality Separate legal person Number of persons needed (min) 1 1 2 2 if a business is carried on for over 6 months after the LLP is down to one member, that member becomes jointly and severally liable, with the LLP, for debts incurred after the 6-month grace period – i.e. the benefit of limited liability is lost. CONTINUED......... [Show More]
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