Partnership and Criminal Law

Question 1

What is definition of partnership

Answer 1

relation which subsists between persons carrying on a business in common with a view to profit

Question 2

T.F
In England and Wales, an unlimited partnership has no existence distinct from the partners

Answer 2

True

Question 3

T/F
Partners share equally in ventures profits

Answer 3

true unless agree otherwise

Question 4

Will partnership be dissolved on
death or bankruptcy of parnter

Answer 4

Yes

Question 5

Will partnership be dissolved on
expiry of fixed term partnership

Answer 5

Yes

Question 6

Will partnership be dissolved on
completion / termination of JV if appplicable

Answer 6

Yes

Question 7

Will partnership be dissolved on
subsequent illegality

Answer 7

Yes

Question 8

Will partnership be dissolved on
notice given by a partner if it is a partnership of indefinite duration

Answer 8

Yes

Question 9

Will partnership be dissolved on
order of the court, e.g. where deemed just and equitable

Answer 9

Yes

Question 10

What is a separate legal entity distinct from members

Answer 10

Company

Question 11

How does a company own assets

Answer 11

the company itself own them

Question 12

how are assets owned in an ordinary partnership

Answer 12

jointly by partners

Question 13

Can an ordinary partnership offer fixed and floating charges as security

Answer 13

No

Question 14

do we need to notify registrar when member leaves as LLP

Answer 14

Yes

Question 15

Maximum penalty for fraud

Answer 15

10 years in prison
unlimited fee

Question 16

How can whistleblower get protection if they are

Answer 16

To receive protection, worker must make qualifying disclosure in public interest to appropriate person
no requirement to age or length of service

Question 17

max sentence for insider trading

Answer 17

7 years in prison + unlimited fine

Question 18

for insider dealing, how do shares need to be traded

Answer 18

dealt on recognised regulated market - not private sale

Question 19

Maximum penalty for bribery

Answer 19

10 years in prison and or unlimited fine

Question 20

who can bring bribery action

Answer 20

DPP
serious fraud office
revenue and customs

Question 21

Three phases of ML

Answer 21

1. placemnet
2. Layering
3. Integration

Question 22

Three categories of ML offence under POCA 2002

Answer 22

laundering
failure to report
tipping office

Question 23

Penalty for laundering money

Answer 23

14 year prison sentence and or unlimited fine, illegitimate assets may be seized

Question 24

Penalty for failure to report

Answer 24

max 5 years sentence in prison and or unlimited fine

Question 25

Penalty for tipping of

Answer 25

punishable by maximum 2 year sentence and unlimited fine

Question 26

ML Defences

Answer 26

Report made to NCA (SOCA) or MLRO or there was an intention to do so and reasonable excuse not to (harm) Person does not know / suspect ML and employer has not provided them with appropriate training or had reasonable excuse not to report (harm) Person did not know the disclosure would prejudice the investigation or had reasonable excuse to make disclosure

Question 27

what are high values dealers

Answer 27

those who sell goods in cash for over 10k euros

Question 28

What principal being straightforward and honest in business and professional relationships

Answer 28

integrity

Question 29

what principal not allowing bias, conflict o interest or influence of others to override professional or business judgement

Answer 29

objectivity

Question 30

what principal being aware of all prevailing knowledge necessary to give professional service and apply the same diligently to the affairs of clients in accordance with technical and professional standards

Answer 30

professional competence and due care

Question 31

what principal respect confidentiality of information acquired as a consequence of professional or business engagements and not use the same for personal advantage or that of third parteis

Answer 31

confidentiality

Question 32

What principal comply with laws and regs so as not to discredit the profession

Answer 32

professional behaviour

Question 33

What threrat acting in an unethical manner for personal gain

Answer 33

self interes

Question 34

what threat failing to. find fair fault in work the accountant has had a hand in producgin

Answer 34

self review

Question 35

what threat continuing to hold an opinion past the point of logic

Answer 35

advocacy

Question 36

what threat failing to hold friends to account for unethical actions

Answer 36

familiarity

Question 37

what threat accountant comes under physical or other pressure to act unethically

Answer 37

intimidation