QLTS Study Guide – Day One Outcome A11: Understanding of the laws applicable to business structures and the concept of legal personality

  • Advantages and disadvantages of sole traders, partnerships, limited liability partnerships (LLPs), private limited companies:
  • Sole traders: Liability for debts.
  • Partnerships: formation; default provisions under Partnership Act 1890 (powers of partners to bind the firm, liability for debts and wrong doing, holding out, liabilities of incoming and outgoing partners, partnership property, financial entitlements, management, matters requiring unanimity, duties, termination); taxation implications.
  • LLPs: formation under Limited Liability Partnerships Act 2000; legal personality; rights and duties of members and designated members; liability for debts; taxation implications; termination; obligation to make certain documents publically available

Companies

Formation; constitution; legal personality; liability for debts; role and duties of directors; role of shareholders; taxation implications; obligation to make certain documents publically available

About Alegher 54 Articles
Hi! My name is Marco and I’m the guy behind PasstheQlts. As you would imagine, I graduated in Law in Italy and qualified as a solicitor in Italy and Spain. I was working in house for a retail company for the last few years in Italy, but then decided I needed a change of perspective, culture, opportunities and so on. And London was the answer to my internal struggle! I moved to London and now it’s time to set the next steps in my career. To be totally honest I knew that the only logical step, unless you are looking for a career change (yes, but what?), if you want to practice Law in the UK, is what this blog is about: to pass the QLTS Exam, the Qualified Transfer Scheme! Really, I am just a guy who has the goal to pass the QLTS Exam to build a professional career in Law in London. I will share my study plan with you, read all the possible guides, interview successful candidates and try to post everything online. Of course any help, question, comment or suggestion from you will be greatly appreciated! Best of luck! Cheers! M

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