Limit-sketchability

Does anyone know whether every limit closed full subcategory of an equational category is the category of models of a limit sketch? Assuming that is true and the equational category is finitary, if the subcategory is also closed in the equational category under filtered colimits, is also the category of models an FL-sketch? Michael [For admin and other information see: http://www.mta.ca/~cat-dist/ ]