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Find international words in paragraphs 10 and 11.





Study the words and the word-combinations.

 

Nouns and noun phrases
asset(s) актив(ы)
bankruptcy банкротство
board правление
board of directors правление директоров, дирекция (правление) корпорации
charter устав
company компания
limited company компания с ограниченной ответственностью
debt долг
entity существо, организм, организация
expenses расходы
fee гонорар
flexibility гибкость
imprisonment тюремное заключение
insanity душевная/психическая болезнь, безумие, невменяемость
lender заимодавец
liabilities пассивы
licence лицензия
management управление, руководство
objective цель
operation операция, деятельность, работа, эксплуатация
owner собственник
ownership собственность
partner партнер
partnership товарищество, партнерство
proprietor владелец, хозяин
proprietorship собственность
sole proprietorship единоличное владение
retail розничная продажа
retail store магазин розничной торговли
retirement отставка, выход на пенсию
revenue доход
share акция
shareholder акционер
tax налог
whim прихоть, каприз
complementary дополнительный
leery хитрый, недоверчивый
legal законный, легальный
liable ответственный
borrow одалживать
charge нагружать
be charged he was charged with ему было поручено
dissolve распускать, расторгать, растворять
entail влечь за собой
involve вовлекать, влечь за собой, вытекать
be involved быть вовлеченным
pledge отдавать в долг, закладывать, обязываться, ручаться
consequently следовательно, значит, стало быть

 



Read and translate the following words. Mind the stress: a) on the first syllable; b) on the second syllable; c) on two syllables.

a) asset, company, entity, charter, lender, owner, partner, retail, revenue, legal, leery, liable, management;

b) expenses, imprisonment, insanity, objective, proprietor, retirement. dissolve, entail, involve;

c) flexibility, liability, operation, complementary.

Match the words with the definitions below.

1) stock a) Owner of shares.
2) shareholder b) Money lent to a government in return for interest; shares in the capital of a business company.
3) assets c) Anything owned by a person, company, etc. that has money value and that may be sold to pay debts.
4) ownership d) Right of possessing.
5) charter e) A business owned by two or more people.
6) debt f) An amount of money that you have to pay to the government so that it can pay for public services.
7) liabilities g) The sums of money which a company or organization owes, for example because it has made promises or signed agreement.
8) retail h) Written or printed statement of rights, permission to do something, especially from a ruler or government.
9) partnership i) Payment, which must be, but has not yet been, paid to somebody; obligation.
10) tax j) Sale of goods (usually in small quantities) to the general public, not for resale.

3. Mind that the words stocks and shares have certain similarities in meaning, but are not exactly the same.



Although these words are often used as synonyms there is a difference in meaning.

1. Stocks are similar to loans and pay interest. In the UK, they are known as debentures (if issued by companies) or gilts if issued by the government. The interest is usually at a fixed rate. They are a safe investment as companies are obliged to pay interest and repay the capital whether or not the firm is making a profit. However, the return on the investment is likely to be lower than on shares.

2. Shares pay dividends rather than interest and enable the bearer to own a part of the company. If a company goes bankrupt, the shareholders will only be repaid after all the other creditors. As the term equity can be defined as what remains when all other claims on a company’s assets have been met, stock and equity are interchangeable terms. There are many varieties of shares; these are some of the most important.

2.1. Ordinary shares give the bearer the right to vote, appoint and remove directors and the right to receive a dividend.

2.2. Preference shares give the holder the right to receive dividends before ordinary shareholders and priority if the company is liquidated. However, the dividend is fixed.

2.3. Cumulative preference shares entitle the bearer to be paid in arrears if a dividend is not paid in anyone year.

3. Stocks, shares and bonds are known collectively as securities.

Using a dictionary add as many words as possible into the table. An example has been given to help you.

Verbs Adjectives Nouns
to flex flexible flexibility
    management
    operation
    owner
    retirement
    tax
to charge    
to dissolve    
  complementary  
  legal  

Make adjective from the following nouns.

Leer, liability, complement, legalism.

Make nouns from the following verbs.

To borrow, to entail, to involve, to pledge, to lend.

Make verbs from the following nouns.

Imprisonment, licence, objective, board, expenses.

Choose the words with similar meaning from the two groups and arrange them in pairs.

A. Objective, lender, board, expenses, charter, owner, management, revenue.

B. Creditor, income, governing body, regulations, overheads, aim, administration, proprietor.



What are the opposites?

Legal, leery, complementary, to borrow, expenses, operation.

Form all possible word combinations using the words of both columns and translate them into Russian.

legal proprietorship
limited forms
sole company
involve store
retail license
registration debts
dissolve lenders
be liable for management
leery shareholders
borrow capital
income taxes

Complete the sentences with the words from the box below.

single, ownership, sole proprietorship, flexibility, individuals,
liability, own, to operate, directors, stock

1) There are three major legal forms of ... sole proprietorship, the partnership and the limited company.

2) A sole proprietorship is owned and operated by a … individual.

3) A ... ... can be dissolved as easily as it can be started.

4) A sole proprietorship offers the owner freedom and ... in making decisions.

5) A partnership is an unincorporated enterprise owned by two or more...

6) One partner may possess the management skills ... … the firm.

7) In partnerships, the unlimited ... is both join and personal.

8) Limited companies are separate from the people who … and manage them.

9) The owners of limited companies elect a board of... at an annual meeting.

10) Shareholders of corporations can only lose the amount of money they have invested in company…

Translate into English.

1) Единоличное владение – самая простая форма организации бизнеса.

2) Единоличное владение предоставляет владельцу свободу и гибкость в принятии решений.

3) Владелец ответственен за все долги компании.

4) Время существования компании может быть ограничено банкротством, тюремным заключением, уходом на пенсию, прихотью владельца и т.д.

5) Заимодавцы предпочитают вкладывать деньги в партнерства, чем в единоличные владения, поскольку все партнеры являются финансово ответственными.

6) Партнерства не так легко распускаются, как единоличные владения.

7) В компаниях с ограниченной ответственностью собственность представлена акциями акционерного капитала.

8) Акционеры могут только потерять деньги, инвестированные в корпорации.

9) Дивиденды акционеров корпораций облагаются налогом на основе индивидуального принципа.

10) Компания обязана посылать акционерам ежегодный отчет, отражающий финансовое состояние фирмы.

 

Make up your own sentences using the following words and word combinations.

Forms of ownership, sole proprietorship, a single individual, most common form of ownership, partnerships, easy to start, partners, to be legally liable for all debts, owners, limited companies, board of directors.

 

Read the text to get the gist of it. Answer the following questions.

1) What is the most risky form of ownership?

2) What form of ownership is the least easy to dissolve?

 

Forms of Ownership

There are three major legal forms of ownership: sole proprietorship, the partnership and the limited company. It is important to note which form of ownership is involved because the different characteristics of each will have implications for the operation of the firm. The following section explains the various forms of ownership, their advantages and disadvantages.

Sole Proprietorship

A sole proprietorship is a business owned and usually operated by a single individual. Its major characteristic is that the owner and the business are one and the same. In other words, the revenues, expenses, assets and liabilities of the sole proprietorship are the revenues, expenses, assets, liabilities of the owner. A sole proprietorship is also referred to as the proprietorship, single proprietorship, individual proprietorship, and individual enterprise.

A sole proprietorship is the oldest and most common form of ownership. Some examples include small retail stores, doctors’ and lawyers’ practices and restaurants.

Advantages

A sole proprietorship is the easiest form of business to organize. The only legal requirements for starting such a business are a municipal licence to operate a business and a registration licence to ensure that two firms do not use the same name. The organization costs for these licences are minimal.

A sole proprietorship can be dissolved as easily as it can be started. A sole proprietorship can terminate on the death of the owner, when a creditor files for bankruptcy, or when the owner ceases doing business.

A sole proprietorship offers the owner freedom and flexibility in making decisions. Major policies can be changed according to the owner’s wishes because the firm does not operate under a rigid charter. Because there are no others to consult, the owner has absolute control over the use of the company’s resources.

Disadvantages

As mentioned earlier, the financial condition of the firm is the same as the financial condition of the owner. Because of this situation, the owner is legally liable for all debts of the company. If the assets of the firm cannot cover all the liabilities, the sole proprietor must pay these debts from his or her own pocket. Some proprietors try to protect themselves by selling assets such as their houses and automobiles to their spouses.

A sole proprietorship, dependent on its size and provision for succession, may have difficulty in obtaining capital because lenders are leery of giving money to only one person who is pledged to repay.

A proprietorship has a limited life, being terminated on the death, bankruptcy, insanity, imprisonment, retirement, or whim of the owner.

Partnerships

A partnership is an unincorporated enterprise owned by two or more individuals. A partnership agreement, oral or written, expresses the rights and obligations of each partner. For example, one partner may have the financial resources to start the business while the other partner may possess the management skills to operate the firm. There are three types of partnerships: general partnerships, limited partnerships, and joint ventures. The most common form is the general partnership, often used by lawyers, doctors, dentists, and chartered accountants.

Advantages

Partnerships, like sole proprietorships, are easy to start up. Registration details vary by province, but usually entail obtaining a license and registering the company name. Partners’ interests can be protected by formulation of an “Agreement of Partnership”. This agreement specifies all the details of the partnership.

Complementary management skills are a major advantage of partnerships. Consequently partnerships are stronger entity and can attract new employees more easily than proprietorships.

The stronger entity also makes it easier for partnerships to raise additional capital. Lenders are often more willing to advance money to partnerships because all of the partners are subject to unlimited financial liability.

Disadvantages

The major disadvantage of partnerships is that partners, like sole proprietors, are legally liable for all debts of the firm. In partnerships, the unlimited liability is both joint and personal. Partners are also legally responsible for actions of other partners. Partnerships are not as easy to dissolve as sole proprietorships.

Limited companies

Limited companies, unlike proprietorships or partnerships, are created by law and are separate from the people who own and manage them. Limited companies are also referred to as corporations. In limited companies, ownership is represented by shares of stock. The owners, at an annual meeting, elect a board of directors which has the responsibility of appointing company officers and setting the enterprise’s objectives.

Advantages

Limited companies are the least risky from an owner’s point of view. Shareholders of corporations can only lose the amount of money they have invested in company stock.

Corporations can raise larger amounts of capital than proprietorships or partnerships through the addition of new investors or through better borrowing power.

Limited companies do not end with the death of owners.

Disadvantages

It is more expensive and complicated to establish corporations than proprietorships or partnerships. A charter, which requires the services of a lawyer, must be obtained through provincial governments or the federal government. In addition to legal costs, a firm is charged incorporation fees for its charter by the authorizing government.

Limited companies are subject to federal and provincial income taxes. Dividends to shareholders are also taxed on an individual basis.

With diverse ownerships, corporations do not enjoy the secrecy that proprietorships and partnerships have. A company must send each shareholder an annual report detailing the financial condition of the firm.

 

Find international words in paragraphs 10 and 11.

 








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