 |
LANGUAGE FOCUS. 2. Word formation. Complete this table by filling in the correct forms. 3. Match the columns. 4. Fill in the gaps with prepositions if necessary.
|
|
|
|
LANGUAGE FOCUS
1. Give Russian equivalents for the following English words and phrases:
| to enter into contracts to sue to be sued to pay debts to raise capital to go out of business to run a business to employ people to be responsible for to share profits to share liability to debts to find property at risk | business entity legal person sole trader stock exchange minimum share capital shares listed shares shareholders in strict accordance with the law |
2. Word formation. Complete this table by filling in the correct forms.
| Verb | Noun |
| trade | |
| share | |
| employer | |
| hold | |
| entrance | |
| suit | |
| limit | |
| pay | |
| list | |
| risk |
3. Match the columns.
a.
| 1. to enter into 2. to pay 3. to raise 4. to go out of 5. to run 6. to employ 7. to share 8. to find | a. liability to debts b. property at risk c. debts d. capital e. contracts f. business g. people h. profits |
b.
| 1. business 2. legal 3. sole 4. stock 5. share 6. listed | a. trader b. shares c. exchange d. capital e. entity f. person |
4. Fill in the gaps with prepositions if necessary.
1) The state may exercise control ___ your business.
2) A sole proprietor is subject ___ full personal responsibility ___ all his debts.
3) If you are a sole proprietor you may engage ___ any type of business you choose.
4) You are to comply ___ any laws that are applicable ___ the type of business you operate.
5) You are entitled ___ all the profits the business makes.
6) A sole owner is personally liable ___ all debts the business incurs.
7) Partners may carry ___ almost any kind of business activity they wish.
8) The Partnership Agreement sets ___ the duration of the partnership.
9) If the company goes ___ ___ business, the responsibility of each shareholder is limited ___ the amount that they have contributed.
5. Read the text and decide whether the statements are true (T) or false (F).
1) If you are a sole proprietor, you are free from the government control.
2) To start business a sole proprietor has to meet a lot of formal requirements.
3) A sole proprietor risks his own money.
4) A general partnership may be formed by at least two persons.
5) Partnerships do not pay federal income tax.
6) In a limited partnership the general partners have very limited rights in its management.
7) In a limited liability companyeach member pays taxes individually.
8) If a private limited company goes out of business, the liability of each shareholder does not exceed the amount that they have contributed.
9) A public limited company can sell its shares only to its shareholders.
|
|
|
10) A corporation is established by Acts of Parliament.
11) The owners of a corporation are its investors.
12) The shareholders play an active part in the day-to-day management of a corporation.
6. Chose the phrase which best completes each statement. Sometimes more than one variant is possible.
1) The state has maximum control over …
a. partnerships
b. corporations
c. public limited companies
d. private limited companies.
2) It is enough to pay a license fee and follow the law if you want to start…
a. limited partnership.
b. sole proprietorship
c. corporation
d. public limited company.
3) You have the greatest liability in case of …
a. corporation.
b. private limited company.
c. sole proprietorship
d. partnership.
4) You are entitled to the highest per cent of profit in case of …
a. limited partnership.
b. sole proprietorship
c. corporation
d. public limited company.
5) This type of business organization has to pay taxes twice ….
a. sole proprietor.
b. partnership.
c. public limited company.
d. corporation.
6) The Partnership Agreement sets out …..
a. the duration of the partnership.
b. the way profits, losses and running costs are distributed.
c. the amount of investment of each partner.
d. the way the partnership is taxed.
7) In a limited partnership the main investors are ….
a. the general partners.
b. the limited partners.
c. the sleeping partners.
8) If this type of a company intends to raise capital, it will sell its shares to the general public ….
a. partnership.
b. corporation.
c. public limited company.
d. private limited company.
9) The shareholders in a corporation ….
a. get profit from the business.
b. participate in the management process.
c. have liability for debts.
d. do not pay personal income tax.
SPEAKING
Fill in the table writing out advantages and disadvantages of different types of company organization. Say, in what type of company you would like to work. Give reasoning using the table.
| Advantages | Disadvantages | |
| Corporation | ||
| Public limited company | ||
| Private limited company | ||
| Limited partnership | ||
| General partnership | ||
| Sole proprietor |
Possible advantages:
1. You have total control of your business.
2. This is a good way of sharing responsibilities.
3. The financial risks are restricted.
4. You can increase your capital by selling shares.
Possible disadvantages
1. There is a danger that conflicts of personality could ruin your business.
2. You may not have enough knowledge in economics and law to run your business.
3. It may be difficult to expand.
4. It’s vital to expand your business in order to increase profits and enlarge everybody’s share and you’ll have to work more intensively
5. You may risk your own possessions if the company ruins.
|
|
|
