Assessment Objectives

Candidates are required to apply relevant core legal principles and rules appropriatelt and effectively, at the level of a competent newly qualified solicitor in practice, to realistic client-based and ethical problems and situations in the following areas:-

• Starting a new business through the vehicle of a company, partnership, LLP or sole trader.
• The management of a business and company decision making to ensure compliance with statutory and other legal requirements.
• The interests, rights obligations and powers of stakeholders in a business.
• Financing a business
• Taxation of a business and its stakeholders
• The termination of a solvent business, corporate insolvency and personal bankruptcy.

Candidates must demonstrate their ability to act honestly and with integrity and in accordance with the SOSC, the SRA Principles, and the Code of Conduct.

Questions may draw on any combination of the subject areas within this FLK assessment 1 which might be encountered in practice.

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