Summary
Summary BUSINESS MEDIUMS - SQE 1
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BUSINESS MEDIUMS notes - SQE 1
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TYPES OF BUSINESS MEDIUMSole traders General Limited Liability Private Limited Public Limited
Partnerships Partnerships Companies Companies
Restrictions on names? No requirement to No requirement to Must be registered Must be registered Must be registered
register name. register name. at Companies at Companies at Companies
House. House. House.
As a sole trader you As a partnership
may trade under you may trade Name cannot be the Name cannot be the Name cannot be the
your own name or under your own ‘same as’ or ‘too ‘same as’ or ‘too ‘same as’ or ‘too
under a business names or under a like’ the name of an like’ the name of an like’ the name of an
name. A business business name. A existing company. existing company. existing company.
name it must business name it Must end with Must end with Must add ‘PLC’ or
conform to Part 41, must conform to 'limited liability “limited” or “Ltd” (or ‘Public Limited
sections 1200-1208 Part 41, sections partnership', 'llp' or Welsh equivalents). Company’ at the
of the Companies 1200-1208 of the 'LLP' (or Welsh It cannot suggest a end.
Act 2006 Companies Act equivalents). connection with HM It cannot suggest a
2006 It cannot suggest a Government. connection with HM
Not infringe connection with HM Permission is Government.
trademarks. Not infringe Government. required if it Permission is
trademarks. Permission is includes ‘sensitive’ required if it
required if it words or includes ‘sensitive’
includes ‘sensitive’ expressions. words or
words or It should not be expressions.
expressions. offensive or include It should not be
It should not be offensive words. offensive or include
offensive or include offensive words.
offensive words.
Not infringe
Not infringe
trademarks.
Not infringe trademarks.
trademarks.
, Sole traders General Limited Liability Private Limited Public Limited
Partnerships Partnerships Companies Companies
In very broad terms, Usually suit lower Generally attractive Attractive Attractive to a broad Very large, often
what types of clients are net worth to smaller groups of particularly to range of clients that international
usually suited to this businesses, with friends, family or professional firms value limited liability businesses who will
business medium? few employees if business associates (e.g. accountants and the split benefit from the
any. The simplicity, who trust each and lawyers) who between ownership reputational impact
lack of costs and other. They often wish to benefit from and management. that the badge
ease of use are very view each other as limited liability but public limited
desirable to these equals in the do not have company will bring.
clients. business and have separation between They are
less need of owners and sophisticated
structure and managers. enough to comply
regulation. with the extra
regulations.
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