Business law

This class was created by Brainscape user SMH Legal.

By:
SMH Legal
Start Studying

Decks in this class (138)

Types of business structures and Sole trader (Business and organisational characteristics)-FS
What are the two main classes of ...,
What type of business structure i...,
What are the financial implicatio...
8  cards
Partnerships (Business and organisational characteristics)
What is the essential feature of ...,
How are profits and taxation deal...,
Can a non human legal entity be a...
25  cards
Limited Partnerships (Business and organisational characteristics)-FS
What type of liability do partner...,
What does joint and several liabi...,
How does liability differ between...
14  cards
Limited companies (Business and organisational characteristics)
What legal principle establishes ...,
What did the house of lords hold ...,
How does a company s liability di...
29  cards
Limited Liability Partnerships (LLPs) (Business and organisational characteristics)
What does the abbreviation llp st...,
What statute governs the formatio...,
How many members are required to ...
25  cards
Public limited companies (Plc) (Business and organisational characteristics)-FS
Under which statute is the legal ...,
What is the naming requirement fo...,
What is the minimum allotted shar...
9  cards
Legal personality and limited liability (Business organisations, rules and procedures)-FS
What is meant by the principle of...,
Which case established the princi...,
What legal protection does separa...
10  cards
Incorporation checklist (Procedure to incorporate)-FS
What must a business do before it...,
What is meant by the term incorpo...,
Under which statute must a busine...
32  cards
Trading name (Procedure to incorporate)-FS
What is a trading name in the con...,
Is a company required to inform c...,
Does a trading name need to be st...
17  cards
Registered office (Procedure to incorporate)-fs
What is required by section 86 of...,
What is the primary purpose of a ...,
What additional function does the...
15  cards
Directors (Procedure to incorporate)- FS
What is the minimum number of dir...,
What is meant by a natural person...,
At what minimum age can an indivi...
8  cards
Service address (Procedure to incorporate)- FS
What must be provided for each di...,
What is a director s service addr...,
Can a director s service address ...
8  cards
Company Secretary (Procedure to incorporate)- FS
Is it mandatory for a private lim...,
Can a private limited company cho...,
Who is responsible for the compan...
8  cards
Shareholders (Procedure to incorporate)- FS
What is meant by a company s capi...,
What is a share and what does it ...,
Who are subscribing shareholders ...
16  cards
People with significant control (Procedure to incorporate)- FS
What is the purpose of identifyin...,
What is the threshold shareholdin...,
Can a company be considered a per...
8  cards
Memo Assoc/Constitution/Statement of capital (Documentation)- FS
What are the three key documents ...,
What is the purpose of form in01 ...,
What is the function of the memor...
8  cards
Articles of Association (Documentation)- FS
What are the articles of associat...,
Are members of a company required...,
What happens if a company does no...
8  cards
Amending Articles of Association (Documentation)-FS
What are the model articles of as...,
Can companies amend the model art...,
What does model article 14 concer...
18  cards
Certificate of Incorporation- FS
What role does companies house pl...,
What document is issued by compan...,
What does section 15 of the compa...
10  cards
Directors decisions (Operating Decisions)- FS
What is the primary purpose of th...,
What government body must a newly...,
What kind of resolution is typica...
16  cards
Changing from a private company to a public company (Operating Decisions)-fs
Under what statutory provision ca...,
What are the two ways a company c...,
What initial step must be taken t...
20  cards
Shelf companies (Operating Decisions)- FS
What is a shelf company in the co...,
Why might a solicitor s firm use ...,
What are the minimum officer requ...
9  cards
Conclusion other steps required under companies and partnerships legislation to enable the entity to commence operating)- FS
What documents must be submitted ...,
What key elements make up a compa...,
What is the function of the artic...
10  cards
Legal requirements (LLP)-FS
What is a limited liability partn...,
Who can be members of an llp 2,
What is the minimum membership re...
18  cards
Members (LLP)-FS
What are the partners in a limite...,
How are the rights and duties of ...,
What is the minimum number of des...
15  cards
LLP Agreement (LLP)-fs
What is an llp agreement and why ...,
What happens if members do not ha...,
What is the nature of the default...
17  cards
Conclusion (LLP)- FS
What form must be completed to in...,
What document is issued by compan...,
What term is used to refer to the...
10  cards
Partnerships- FS
How is a partnership legally defi...,
What is one key feature that dist...,
Can a partnership be formed unint...
21  cards
What is equity (Funding options- debt and equity - Finance)
What are the two main methods by ...,
Why do companies need to raise fi...,
What does the term capital refer ...
9  cards
Dilution (Allotment of shares - Funding options- debt and equity - Finance))
What types of transactions involv...,
What does the allotment of shares...,
What is the effect of allotting n...
6  cards
Authority to allot (Allotment of shares - Funding options- debt and equity - Finance)-FS
What must a company do before all...,
What are pre emption rights 2,
What is the purpose of pre emptio...
14  cards
Allotment procedure (Allotment of shares - Funding options- debt and equity - Finance)
What is usually required before a...,
How many main procedural steps ar...,
What happens at the first board m...
15  cards
Legal v Beneficial owner (Transfer - Funding options- debt and equity - Finance)-fs
What happens when existing shares...,
When does the transferee become t...,
What statutory provision governs ...
8  cards
Transfer procedure (Transfer - Funding options- debt and equity - Finance-FS
What document must a selling shar...,
Who must receive the completed st...,
When is stamp duty payable on a s...
10  cards
Transmission (Transmission - Funding options- debt and equity - Finance)-FS
What is the transmission of shares 1,
In what two circumstances does th...,
When a shareholder dies to whom d...
6  cards
Impact on number of shares (Buyback - Funding options- debt and equity - Finance)-FS
What is a share buyback 1,
What happens to shares after a co...,
What is the effect of a share buy...
3  cards
Impact on shareholders (Buyback - Funding options- debt and equity - Finance)-FS
What financial resource does a co...,
What is the financial effect of a...,
How does a share buyback affect t...
9  cards
Fully paid up shares (Buyback - Funding options- debt and equity - Finance)-FS
What must directors check in the ...,
What does section 690 of the comp...,
Can a private limited company wit...
10  cards
Buyback out of Profits procedure (Buyback - Funding options- debt and equity - Finance)-FS
What must directors check before ...,
What financial documentation must...,
What resolutions are passed at th...
12  cards
Buyback out of Capital (Buyback - Funding options- debt and equity - Finance)-FS
When can a company fund a share b...,
What is the order of funding when...,
What must directors first check b...
9  cards
Buyback out of capital procedure (Buyback - Funding options: debt and equity - Finance)-FS
When must company accounts be pre...,
What must directors do at the fir...,
How long must the purchase contra...
22  cards
Percentage of Shares and Dilution (Funding options: debt and equity - Finance)-FS
What happens to existing sharehol...,
What does dilution mean in the co...,
Example if josie owns 25 out of 1...
8  cards
What is Debt (Debt - Funding options: debt and equity - Finance)-FS
What is debt finance in the conte...,
What must directors check before ...,
Do the model articles of associat...
8  cards
Overdrafts (Debt - Funding options- debt and equity - Finance)-DS
What is a loan facility agreement 1,
What are the three most common fo...,
What does an overdraft allow a co...
13  cards
Term loans (Debt - Funding options- debt and equity - Finance)-FS
What is a term loan 1,
What is the date on which the bor...,
How long can the term of a loan be 3
23  cards
Revolving Credit Facility (Debt - Funding options- debt and equity - Finance)-FS
What is a revolving credit facili...,
What is unique about a revolving ...,
What is the availability period o...
15  cards
Contractual terms (Debt - Funding options- debt and equity - Finance)-FS
What governs the relationship bet...,
What information will the loan ag...,
What are repayment and prepayment...
21  cards
Equity v Debt Comparison (Debt - Funding options- debt and equity - Finance)-FS
What are the two main methods by ...,
What is equity finance 2,
What is debt finance 3
18  cards
Mechanics of Security (Types of security - Finance)-FS
What does security mean in the co...,
Why do lenders take security over...,
What types of assets can be subje...
17  cards
Pledge:lien:mortgage (Types of security - Finance)-FS
What are the four main forms of s...,
What is a pledge 2,
What does the creditor receive un...
15  cards
Fixed Charges (Types of security - Finance)-FS
What is a charge in company law 1,
Who are the parties to a charging...,
What rights does the chargeholder...
13  cards
Floating Charges (Types of security - Finance)-FS
What is a floating charge 1,
Why might a company grant a float...,
What is the main difference betwe...
11  cards
Registration of security (Types of security - Finance)-fs
What does the companies act 2006 ...,
Which form must be delivered to c...,
What must accompany the mr01 when...
20  cards
Charging Document (Types of security - Finance)-fs
What is a charging document 1,
Who are the parties to a charging...,
What does the security clause spe...
18  cards
Priority (Types of security - Finance)-FS
What does the concept of priority...,
Who is responsible for selling a ...,
What is the role of the liquidator 3
20  cards
Negative Pledges (Types of security - Finance)-FS
What is a negative pledge 1,
What is the purpose of a negative...,
How does a negative pledge affect...
10  cards
Distribution of profits and gains (Finance)-FS
What does section 829 1 of the co...,
What is a dividend 2,
From where can dividends be paid 3
20  cards
Financial records, information and accounting requirements (Finance)-FS
Who is responsible for preparing ...,
What do business accounts summari...,
Why are business accounts importa...
20  cards
Non Executive directors vs Executive directors, and a director's 'guaranteed term' (Corporate governance and compliance - Business organisations, rules and procedures)-FS
What is the primary role of non e...,
Do non executive directors have s...,
How are non executive directors t...
20  cards
Shareholder vs Director decisions (Corporate governance and compliance - Business organisations, rules and procedures)-FS
Which model article gives directo...,
What decision making mechanism do...,
When can directors of a company a...
17  cards
Chairman (Rights, duties and powers of directors and shareholders of companies - Corporate governance and compliance - Business organisations, rules and procedures)-FS
What is the collective name for t...,
How may a company s board of dire...,
What is the role of the chairman ...
15  cards
Directors duties (Rights, duties and powers of directors and shareholders of companies - Corporate governance and compliance - Business organisations, rules and procedures)-FS
Where are the general statutory d...,
What does the duty under section ...,
What is the duty imposed on direc...
19  cards
Breach of directors duties (Rights, duties and powers of directors and shareholders of companies - Corporate governance and compliance - Business organisations, rules and procedures)-FS
What type of consequences may ari...,
What is a a serious breach of dut...,
What is a technical breach of dut...
12  cards
Becoming a shareholder (Rights, duties and powers of directors and shareholders of companies - Corporate governance and compliance - Business organisations, rules and procedures)-FS
What is a shareholder 1,
What do shares represent in a com...,
What are the three ways an indivi...
15  cards
Shareholders' Agreements (Rights, duties and powers of directors and shareholders of companies - Corporate governance and compliance - Business organisations, rules and procedures)-FS
Who is bound by a shareholders ag...,
Are directors or creditors bound ...,
How do shareholders agreements di...
13  cards
Share rights (Rights, duties and powers of directors and shareholders of companies - Corporate governance and compliance - Business organisations, rules and procedures)-FS
What does a person receive from a...,
What do shares represent for the ...,
Where are shareholders rights set...
19  cards
Board Meeting Procedure (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
How are company decisions taken b...,
What two ways can board resolutio...,
Where are provisions on board mee...
32  cards
General Meeting Procedure - Notice (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
How are shareholder decisions tak...,
Where can ordinary and special re...,
How do ordinary and special resol...
21  cards
General Meeting Voting (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
On what two types of resolution d...,
What is the main difference betwe...,
What voting threshold is required...
20  cards
Written Resolution Procedure (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
What is the only kind of decision...,
What are the two kinds of decisio...,
What are the two procedures by wh...
19  cards
Shareholders proposing a Written Resolution (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
What safeguard does the companies...,
What percentage of the total voti...,
How can the minimum percentage of...
13  cards
Shareholders calling a General Meeting (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
Under what condition are director...,
What must a section 303 notice in...,
What is the time limit for direct...
9  cards
Substantial property transactions (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
In what types of scenarios is sha...,
What two types of transactions re...,
What does section 190 of the comp...
16  cards
Loans to directors (Company decision-making and meetings- procedural, disclosure and approval requirements - Corporate governance and compliance)-FS
When must shareholder approval be...,
What must directors provide when ...,
Where must the memorandum be avai...
15  cards
Documentary, record-keeping, statutory filing and disclosure requirements (Corporate governance and compliance)-FS
What types of records must a comp...,
For how long must minutes of boar...,
Where must abc limited store meet...
25  cards
Director appointments (Appointment and removal of directors - Corporate governance and compliance)-FS
What is the minimum number and ty...,
What governs the procedures for a...,
Under the model articles of assoc...
17  cards
Director removals (Appointment and removal of directors - Corporate governance and compliance)-FS
What are some events that can res...,
How can a director resign from th...,
What is the statutory procedure f...
11  cards
Unfair prejudice claims (Minority shareholder protection - Corporate governance and compliance)-FS
Why do shareholders with larger s...,
What is the position of a minorit...,
What two statutory mechanisms are...
12  cards
Derivative claims (Minority shareholder protection - Corporate governance and compliance)-FS
What is a derivative claim under ...,
Under which section of the compan...,
What types of wrongdoing does sec...
13  cards
Procedures and authority under the Partnership Act 1890 (Partnership decision-making and authority of partners)-FS
What statute governs general part...,
What is the statutory definition ...,
What is the advantage of partners...
12  cards
Common provisions in partnership agreements (Partnership decision-making and authority of partners)-FS
What governs a partnership if the...,
What type of restrictions apply w...,
What must be clearly stated in a ...
8  cards
Dissolution (Partnership decision-making and authority of partners)-FS
What does the term dissolution me...,
Why is it important for a partner...,
What happens if a partnership agr...
8  cards
`Sale as a Going Concern (Partnership decision-making and authority of partners)-FS
What does sale as a going concern...,
What does the purchase price of a...,
Why is selling a partnership as a...
9  cards
Capital profits v Income profits (Partnership decision-making and authority of partners)-FS
What are the two types of profits...,
What are income profits in a part...,
What are capital profits in a par...
10  cards
Decision Making (Partnership decision-making and authority of partners)-FS
What should a partnership agreeme...,
What is the default rule in the p...,
What happens if a partnership agr...
10  cards
Removal (Partnership decision-making and authority of partner-FS
What is the default rule under se...,
Under the default rules of the pa...,
Why is relying on the default rul...
5  cards
Restraint of Trade (Partnership decision-making and authority of partners)-FS
What is the purpose of a restrain...,
Is a restraint of trade clause im...,
Under what conditions will a rest...
8  cards
Test for insolvency (Options and procedures - Insolvency [corporate and personal])-FS
What is meant by corporate insolv...,
What is the distinction between c...,
Does insolvency mean that a compa...
10  cards
Administration - start (Options and procedures - Insolvency [corporate and personal])-FS
What are the three main procedure...,
What legislation governs the admi...,
Who manages a company during admi...
14  cards
Administration - in process (Options and procedures - Insolvency [corporate and personal])-FS
Under which statutory provision m...,
Within how many days must the reg...,
When must the company and its cre...
24  cards
Administration - end (Options and procedures - Insolvency [corporate and personal])-FS
What is the standard duration aft...,
Which statutory provision provide...,
Under paragraph 76 of schedule b1...
12  cards
Pre-pack administration (Options and procedures - Insolvency [corporate and personal])-FS
When does the process of a pre pa...,
What is the purpose of a pre pack...,
Is an administrator appointed in ...
10  cards
Fixed asset receivership (Options and procedures - Insolvency [corporate and personal])-FS
Who initiates a fixed asset recei...,
What right does a fixed charge ho...,
What must happen before a fixed c...
18  cards
Company voluntary arrangement (Options and procedures - Insolvency [corporate and personal])-fs
What is a company voluntary arran...,
What does a cva represent for a c...,
Who manages the cva process and w...
20  cards
Compulsory Liquidation (Options and procedures - Insolvency [corporate and personal])-FS
What is the primary result of a c...,
What are the two types of liquida...,
How can a company enter liquidati...
24  cards
Voluntary Liquidation (Options and procedures - Insolvency [corporate and personal])-FS
What are the two categories of vo...,
What resolution must be passed to...,
What additional requirement appli...
15  cards
IVA - an alternative to bankruptcy for individuals (Options and procedures - Insolvency [corporate and personal])-FS
What is an individual voluntary a...,
What does it mean for an individu...,
What two main procedures are avai...
24  cards
Bankruptcy - start (Options and procedures - Insolvency [corporate and personal])-FS
What is bankruptcy in the context...,
What are the two basic purposes o...,
What is the effect of bankruptcy ...
16  cards
Bankruptcy - process and ending (Options and procedures - Insolvency [corporate and personal])-FS
Who is initially appointed as the...,
When might an insolvency practiti...,
What condition must be met for cr...
29  cards
Avoidance of floating charges (Claw-back of assets for creditors - Insolvency [corporate and personal])-FS
What is the primary role of a liq...,
What does the liquidator investig...,
What are the four categories of c...
21  cards
Preferences (Claw-back of assets for creditors - Insolvency [corporate and personal])-FS
What is a preference transaction ...,
What is the underlying principle ...,
With whom must the company have t...
21  cards
Transactions at undervalue (Claw-back of assets for creditors - Insolvency [corporate and personal])-FS
What is the rationale behind prov...,
Under which statutory provision c...,
What approval must a liquidator o...
23  cards
Defrauding creditors (Claw-back of assets for creditors - Insolvency [corporate and personal])-fs
Under section 423 of the insolven...,
What test does the court apply wh...,
What two objectives must the cour...
8  cards
Order of Priority (Order of priority for distribution to creditors - Insolvency [corporate and personal])-FS
What is the order of priority in ...,
What is a class in the order of p...,
What principle governs payment wi...
15  cards
Preferential creditors (Order of priority for distribution to creditors - Insolvency [corporate and personal])-FS
What is the complete statutory or...,
What distinguishes preferential c...,
What are the two categories of pr...
18  cards
Prescribed part and floating charge holders (Order of priority for distribution to creditors - Insolvency [corporate and personal])-FS
What is the complete statutory or...,
What is the liquidator s duty reg...,
From which creditors funds is the...
15  cards
Unsecured creditors and shareholders (Order of priority for distribution to creditors - Insolvency [corporate and personal])-FS
What is the complete statutory or...,
What is the defining characterist...,
From what funds are unsecured cre...
16  cards
Who is chargeable - Income Tax-FS
What is the tax year period for i...,
What type of income is subject to...,
Who is liable to pay income tax 3
14  cards
Types of income - Income Tax-FS
What is the tax year period cover...,
What are the three separate types...,
What is the personal allowance an...
21  cards
Tax reliefs - Income Tax-FS
What is the effect of a tax relie...,
What is the purpose of a tax reli...,
What is the main form of relief t...
15  cards
Exemptions - Income tax-FS
What does it mean when income is ...,
How should exempt income be treat...,
What are the five types of exempt...
12  cards
How is the charge calculated and collected - Income tax
To whom is income tax payable 1,
What are the two methods by which...,
What is paye and who typically us...
21  cards
Tax Bands - Income Tax-fs
What determines the percentage of...,
How many income tax rate bands ar...,
What are the basic rate tax perce...
22  cards
Tax Calculation - Income tax-FS
What is the first step in the sqe...,
What must be excluded when calcul...,
How is net income defined 3
48  cards
Anti-avoidance provision - Income tax-FS
What is the purpose of anti avoid...,
In the context of income tax what...,
How does the law treat income suc...
26  cards
Calculation of gains - Capital Gains tax-FS
What does capital gains tax cgt a...,
How is a gain calculated for cgt ...,
What are chargeable assets 3
8  cards
Who is chargeable (sole traders, partners, and shareholders) - Capital Gains tax-FS
When does a duty to pay capital g...,
What is a chargeable gain in the ...,
What is it that capital gains tax...
22  cards
Calculation of gains - Capital Gains tax-FS
What is capital gains tax charged...,
How is a capital gain conceptuall...,
When does capital gains tax apply...
15  cards
Allowable deductions - Capital Gains tax-FS
What does capital gains tax apply...,
How is the gain for capital gains...,
What are the three types of allow...
9  cards
(Buisness asset disposal relief)Main reliefs - Capital Gains tax-FS
What is the basic effect of busin...,
What type of disposals can qualif...,
What two core conditions must be ...
17  cards
(Investors Relief) Main reliefs - Capital Gains tax-FS
What is the basic effect of inves...,
What are qualifying shares for in...,
What type of company must qualify...
12  cards
(Rollover relief) Main reliefs - Capital Gains tax
What is the core effect of rollov...,
In what scenario can rollover rel...,
How does rollover relief technica...
11  cards
Exemptions - Capital Gains tax-FS
What is the annual exemption for ...,
When do you pay capital gains tax 2,
How is taxable gain calculated fo...
8  cards
Calculation - Capital Gains tax-FS
What is the basic two line struct...,
In a capital gains tax calculatio...,
In the cgt formula what does allo...
16  cards
Collection - Capital Gains tax-fs
Who collects capital gains tax 1,
How do individuals pay their capi...,
For what type of asset must indiv...
6  cards
Income tax in Wales (April 2023 update)-FS
What is writ and when was it intr...,
What power does the writ system g...,
Does writ affect all taxes paid b...
10  cards
Basis of charge - Corporation tax-FS
Who is liable to pay corporation ...,
On what is corporation tax charged 2,
How are a company s taxable profi...
17  cards
Calculation - Corporation tax-FS
What is corporation tax charged i...,
How are a company s taxable profi...,
What is the next step after calcu...
22  cards
Payment - Corporation tax-FS
Who is liable to pay corporation ...,
How is corporation tax assessed i...,
What must a company do to calcula...
20  cards
Collection - Corporation tax-FS
What must a company do when it is...,
What is a company liable to do in...,
How frequently must a company fil...
6  cards
Tax treatment of company distributions or deemed distributions to shareholders - Corporation tax-FS
How is a distribution defined und...,
How is the receipt of dividends t...,
Why would a dividend received by ...
9  cards
Anti-avoidance legislation - Corporation tax-FS
What is the purpose of anti avoid...,
What is the effect of a substanti...,
Under what conditions is a compan...
6  cards
Scope and Supply - Value added tax-FS
What statute governs the payment ...,
According to section 1 of the vat...,
What are the four conditions unde...
16  cards
Input and Output Tax - Value added tax-FS
What are the two forms of vat to ...,
What is output tax in the context...,
What is input tax in the context ...
10  cards
Registration - Value added tax-FS
When is vat registration compulso...,
Can a person who makes taxable su...,
How can a person register for vat 3
10  cards
Invoices - Value added tax-FS
Who can issue vat invoices 1,
What are vat registered businesse...,
What must vat registered business...
16  cards
Returns-payment - Value added tax
How often does a vat registered b...,
What information must be included...,
Must a vat registered business su...
8  cards
Record keeping - Value added tax-FS
What types of records must vat re...,
Besides vat specific records what...,
For how long must vat records be ...
8  cards

More about
Business law

  • School Unspecified
  • Program type Unspecified
  • Course Unspecified
  • Instructor Unspecified
  • Standards Unspecified

The creator of this class did not yet add a description for what is included in this class.

How studying works.

Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.

Learn more about spaced repetition

Add your own flashcards.

Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!

What's Brainscape anyway?

Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.

We use an adaptive study algorithm that is proven to help you learn faster and remember longer....

Looking for something else?

Business Law
  • 35 decks
  • 811 flashcards
  • 353 learners
Decks: Litigation, Constitution Law, Torts, And more!
Canon Law
  • 34 decks
  • 1558 flashcards
  • 152 learners
Decks: Latin Words And Phrases In Canon Law, Big Canons Of Book 2 Part 1, Offices, And more!
Find flashcards
Make Flashcards
Brainscape helps you reach your goals faster, through stronger study habits.
© 2026 Bold Learning Solutions. Terms and Conditions