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Read the text again and choose the best endings to the following statements.12 1) A sole proprietorship is a business owned and usually operated by... a) two of more individuals b) a single individual c) shareholders 2) A sole proprietorship is… a) the oldest form of ownership b) the youngest form of ownership c) the least risky form of ownership 3) Only a municipal and registration licences are necessary for starting… a) a sole proprietorship b) a partnership c) a limited company 4) A sole proprietorship can be dissolved… a) with great difficulties b) not easily c) easily 5) A proprietorship has… a) a limited life b) an unlimited life c) a long life 6) A partnership agreement, oral or written, expresses the rights and obligations of… a) the owner b) each partner c) shareholders 7) General partnerships, limited partnerships, and joint ventures are three types of… a) limited companies b) sole proprietorships c) partnerships 8) The most common form ofpa11nerships is… a) the general partnership b) the limited partnership c) the joint venture 9) Partnerships can attract new employees more easily than… a) limited companies b) proprietorships c) corporations 10) In partnerships, the unlimited liability is… a) joint b) personal c) joint and personal 11) From an owner's point of view limited companies are… a) the most risky b) the least risky c) risky 12) Dividends to shareholders are taxed on… a) an individual basis b) a common basis c) both individual and common basis Complete the unfinished questions in column A that are answered in column B.
Find key words, phrases and the topic sentences which best express the general meaning of each paragraph. Using the information obtained from the paragraphs make an outline of the text. Speak about forms of ownership using key words, phrases, the topic sentences and the outline. Why are Companies Referred to as Check the transcription in a dictionary, read and translate the words listed below. Nouns:liability, skyscraper, assets, bankrupt, enterprise, key, guarantee, equity, fund, firm, identity. Adjectives:initial, anonymous, public, private. Verbs:own, require, pursue. Adverbs:enough, though, almost.
2. Read and translate the following pairs of words. Note how the meaning of the words changes: Model: due to the suffix -ship: relation – relationship – взаимоотношения (между) friend-friendship, member-membership, partner-partnership, comrade-comradeship, owner-ownership Model:due to the suffix -hood: man – manhood – мужественность child-childhood, brother-brotherhood .mother-motherhood
Read and translate the text.
The heart of capitalism is private ownership, and a limited liability company allows people to own almost anything – from skyscrapers to television stations – without risking their professional assets should the company go bankrupt. An individual, like Henry Ford, might want to begin a small enterprise and personally retain total responsibility and liability, but once it starts to grow, a partnership or a “company” – such as Ford Motor Company – would need to be formed. The key factor in owning any company is the guarantee called limited liability: the owners of a company never have to pay more than they have invested in the company. Their liabilities are limited. When a company goes bankrupt, the owners can never be required to pay its unpaid bills. The worst that can happen to investors in a limited liability company is losing their initial investment if the company rails. By limiting the downside risk for shareholders, companies are able to attract equity investors and raise large amounts of funds called equity capital through sales of shares rather than by borrowing money at potentially high interest rates. The names of companies around the world reflect this guarantee or limited liability. The abbreviations “GmbH” in Germany, “Inc“ in the United States, or “Ltd.” in most other English-speaking countries indicate that the firm is a limited liability company and investors have nothing more to lose than the money invested in their shares. The “S.A.” in French- and Spanish-speaking countries also refers to limited liability by defining shareholders as “anonymous”. Since the identity of shareholders can be kept secret, the creditors or a bankrupt company have no right to pursue them for the company's unpaid debts. Many countries make a clear distinction between public and private companies, with separate designations, such as AC and GmbH in Germany, or Plc and Ltd. in Britain. Generally, “public” companies are those large enough to have their shares traded on stock exchange, while smaller unquoted companies are said to be “private,” even though their shares can be held by the public at large. In some countries, a large company is said to be privately owned if its shares are not available to the general public. In the United States, where little distinction is made between public and private companies, most companies simply bear the title “Incorporated”.
Which of two parallel sentences are true?
Complete each sentence according to the information in the text. 1) If a company fails, its investors… a) lose all their property b) lose their initial investments c) are arrested 2) The names of companies around the world reflect… a) the guarantee of limited liability b) amounts of funds of the company c) the authority of the company on the international market 3) In the United States most companies bear the name… a) Public Limited Company b) Limited c) Incorporated What attributes are not suitable to the given terms? 1) investment – high-risk, initial, responsible, foreign, heavy, unpaid, small, profitable. 2) deficit – trade, political, financial, profitable, food, budget. 3) security – guaranteed, economic, independent, public, high, financial, available, national. Insert prepositions (to, between, of, on, in) where necessary. 1) Public companies allow people to have shares traded … stock exchanges. 2) Today we have a meeting of the owners … our company. 3) I lost all money that I had invested … these shares. 4) Is there any distinction … public and private companies? 5) In some private companies the shares are not available … the general public. 6) A budget deficit affects … trade deficit.
Translate from English into Russian paying attention to the equivalents of modal verbs. 1) After graduating from our faculty he was able to work as economist. 2) The doctor said that now I was allowed to work. 3) Because of a high budget deficit the company has to reduce its expenditures. 4) Our manager is to call me at 9. 5) Some large companies are not permitted to trade their shares to general public. 6) The firm was not able to pay back the money owed to its creditors. 7) The terms of delivery goods didn’t have to be infringed.
Answer the questions using modal verbs or their equivalents. 1) What can people own in capitalist countries? 2) Are you able to continue your business? 3) When are you to pay your debts? 4) What can happen to investors, if the company fails? 5) Do the owner of a company have to pay more than they had invested in it? 6) Privately owned large companies mustn’t have their shares traded on stock exchange?
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