Topic 7 - Partnerships and Criminal Law Flashcards
(9 cards)
1
Q
Partnership agreement
A
Page 154- 155
2
Q
Dissolution reasons for ordinary partnership
A
- death or bankruptcy
- expiry of a fixed-term partneship
- completion or termination of single joint venture
- Subsequent illegality
- Notice
- Order of the court
3
Q
Company vs Ordinary partnership
A
Page 157-158
4
Q
Limited liability partnerships
A
- need to send a confirmation statement to Registrar
- not required to have a formal partnership agreement
- LLPs have a requirement to have acounts audited
- each member is an agent of LLP only
5
Q
Whistleblowing
A
- a person does not always need to have some documentary evidence of the matter complained of
5
Q
Fradulent trading punishment
A
- intent to defraud creditors of the company or creditors or any fradulent purpose
- unlimited fine/ imprisonment for up to 10 years
- directors may be disqualified for up to 15 years
6
Q
Insider dealing
A
- seven years in prison/ unlimited fine
Defences
* not expect the dealing to result in profit
* reasonably believed that the info was publicly available
* would’ve dealt anyway
7
Q
Bribery
A
- ten years imprisonment/ unlimited fine
- a specific defence available for corporate failure offences where the organisation can prove it had ‘adequate procedures’
8
Q
Money laundering
A
- laundering - 14 years/ unlimited fine
- failure to report - 5 years/ unlimited fine
- tipping off - 2 years/ unlimited fine
