Chapter 1
Choosing and Forming the Business Vehicle
Page 1
Free SQE1 FLK1 revision notes
Free SQE1 Business Law and Practice Study Guide
This free SQE1 Business Law and Practice study guide is available online with a free ActusPrep account. It is designed for SQE1 students revising FLK1, including students fitting study around work.
Inside, you will find chapter-based SQE1 revision notes that break the topic into manageable sections. Create a free account to read the full guide online in the ActusPrep study guide viewer.
Topic overview
SQE1 Business Law and Practice revision for FLK1
This Business Law and Practice guide helps students revise the life cycle of a business from formation through funding, trading, tax and insolvency. The chapters move from choosing a business vehicle to company constitution, directors, shareholders, debt finance, partnerships and LLPs. Later sections cover business records, VAT, stakeholder taxes, corporation tax, distributions and financial statements. Use it when you need a structured route through the corporate and commercial rules that often interact in SQE1 questions.
For broader context, read the SQE1 Business Law and Practice: Complete Guide, try the free SQE1 diagnostic, or explore the ActusPrep demo.
Key areas covered
- Choosing between companies, partnerships and LLPs
- Company decision-making, directors’ duties and shareholder rights
- Equity finance, debt finance, security and priority
- Business tax, VAT, corporation tax and accounts
- Insolvency, rescue options and regulatory filing
Guide contents
What this guide covers
138 pages
Chapter 2
Company Constitution, Officers, Shareholders and Decision-Making
Page 14
Chapter 3
Directors: Appointment, Authority, Duties and Liability
Page 25
Chapter 4
Share Capital, Equity Finance, Transfers, Buybacks and Dividends
Page 38
Chapter 5
Debt Finance, Security and Priority
Page 49
Chapter 6
Partnerships and LLPs in Practice
Page 60
Chapter 7
Trading Profits, Business Records and VAT
Page 71
Chapter 8
Insolvency, Rescue and Priority
Page 82
Chapter 9
Income Tax for Business Stakeholders
Page 95
Chapter 10
Capital Gains Tax and Business Relief
Page 106
Chapter 11
Corporation Tax and Company Distributions
Page 117
Chapter 12
Business Accounts, Financial Statements and Regulatory Filing
Page 128
Study with context
SQE1 Business Law and Practice revision notes for FLK1
This free SQE1 Business Law and Practice study guide is designed to support structured revision across the Business Law and Practice topics tested in FLK1. The chapter list gives you a clear route through the subject before you move into practice questions or timed exam work.
Use the guide to refresh the legal framework, identify common traps and organise your revision into focused sessions. The full online guide remains inside ActusPrep so your study guides, practice and exam preparation can sit in one workspace.
Study workflow
How to use this guide
Review the chapter
Start with the relevant Business Law and Practice chapter so the rule, procedure or framework is fresh before you practise.
Test the topic
Use ActusPrep questions to check whether you can apply the FLK1 material to a single-best-answer scenario.
Return to weak areas
After reviewing explanations, use Study Tools to organise the weak area, then come back to the chapter list and reread the sections that exposed a gap.
Continue your revision
Turn this guide into active SQE1 practice
Use the same topic pathway to move from revision notes into practice questions, Study Tools and supporting article context.
Further reading
Related SQE1 revision articles
Complete guide
SQE1 Business Law and Practice: Complete Guide
A comprehensive guide to Business Law and Practice for SQE1, covering all key subtopics from business structures and company formation to directors' duties, insolvency, and tax obligations.
Revision article
Agency in Business Transactions
Understand agency law, authority principles, and agent liability tested in SQE1 exams.
Revision article
Company Finance and Financial Reporting
Learn the essential principles of company finance, charge registration, accounting obligations, and audit exemptions tested in SQE1 exams.
Revision article
Business Taxation and Financial Obligations
Understand tax treatment by business structure, double taxation, and financial obligations tested in SQE1.
FAQ
SQE1 Business Law and Practice study guide FAQ
Is the Business Law and Practice study guide free?
Yes. The SQE1 Business Law and Practice study guide is free to read online with a free ActusPrep account.
Is Business Law and Practice part of FLK1?
Yes. This public preview and the full online guide are organised for SQE1 FLK1 revision.
What topics does the Business Law and Practice guide cover?
The guide covers choosing between companies, partnerships and llps, company decision-making, directors’ duties and shareholder rights, equity finance, debt finance, security and priority, business tax, vat, corporation tax and accounts, insolvency, rescue options and regulatory filing. The chapter list above shows the full structure and page references.
How should I use the guide with practice questions?
Read the relevant Business Law and Practice chapter first, answer ActusPrep practice questions on that area, then return to the guide after reviewing explanations for any weak points.