LPC Law Notes Business Law and Practice Notes
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
The following is a more accessible plain text extract of the PDF sample above, taken from our Business Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
There are two main forms of businesses in the UK: page 4 | |
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Unincorporated | Incorporated |
No formal registration | Formal registration |
Treated as being the same as its owners | Legal entity with separate existence from its owners |
e.g. Sole trader and Partnership | e.g. Limited Liability P’ship, Public LC (PLC), Private LC (Ltd) page 10 |
Business | Advantages | Disadvantages |
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Sole Trader | Very easy to form. Freedom to run as you like. All profits are the owner’s. | Unlimited liability for debts. Lacks ‘incorporated’ status. No day-to-day support |
Partnership Chap 1, 13, 14, 15, 16, 17 | No formalities: very easy to form. Freedom to run as they like. Allows commercial secrecy. Tax-relief for start-up losses. All profits are the Partners’. | Unlimited liability for debts. Cumbersome decision making. Uncertainty w/out agreement. Cannot create a floating charge. Apparent authority will bind the firm. |
Limited Company | Limited liability for debts. Greater status. Potentially many investors. | Must register, formality, costs. More legal duties & liabilities. Information is public. Profits are company’s. |
Limited Liability Partnership (LLP) page 15 | Limited liability for debts. Freedom to run. Support of joint-decisions. | Must register. Information is public. Extra formality and costs. |
Decision-making |
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Apparent Authority |
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Rights & Duties |
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Partnership at Will |
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Post-Dissolution |
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Partnership Agreement
This essentially forms a binding contract between the Partners, the breach of which will permit a breach of contract claim. Under s.19, Partners may be able to alter an existing Agreement to facilitate a buy-out.
Issue | Position in PA 1890 | Include in the Agreement |
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Finance | All partners share equally in the capital profits and losses of the business (s.24(1)) |
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Employment | All partners may partake in the management of the partnership, but there is no positive duty to do so (s.24(5)) |
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Buy the full version of these notes or essay plans and more in our Business Law and Practice Notes.
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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