2. Complete the following sentences with a modal form from the box below.

have to

must

are to

must

must not

should

is to

1. The meeting ________start at 9 o’clock sharp.

2. I_________check the mail in the morning and welcome visitors to the office.

3. The alarm system_________be on at night, it needn’t be on during the day.

4. You________have your hair cut before the interview.

5. We________pay these bills straight away.

6. The statements__________be made tomorrow about the company’s trading position.

7. Unauthorised personnel__________pass this point.

Final discussion

1. Work in pairs. Discuss the following questions. Use the information from the unit as well as your professional background knowledge.

1. Why do people incorporate?

2. What is the role of shareholders in the hierarchy of corporation?

3. What does unlimited liability mean?

4. What does limited liability mean?

5. What world-known corporations do you know?

6. What types of business usually take the corporate form of ownership?

7. What would the United States be like without major corporations? What products would be hard to get? What would be the benefits?

8. What are most people’s main personal assets?

9. How can a sole proprietor get the capital to set up a business? Think of 5 methods.

10. In what professional fields do you think are the partnerships found?

11. Now that you have read about sole proprietorships, partnerships and corporations, which sounds like the best place for you to work? Why?

12. Which calls for taking the most risks?

13. Which would be the most profitable?

14. What part of your personality determines where you fit in best of all?

2. In groups decide which of the statements (a,b,c) given below best describes your collective viewpoint. After you reach a consensus, develop arguments in support of your group’s position. Be prepared to defend your opinions to the entire class.

a) It is better to be busy only in sole proprietorship business.

b) It is better to be busy in 2 kinds of business: sole proprietorships and corporations.

c) It is necessary to develop three kinds of business: sole proprietorships, partnerships and corporations.

UNIT 2

BOARD OF DIRECTORS - FUNCTIONS AND RESPONSIBILITIES

Starting up

1. Study the chart describing typical organizational structure for US corporations. Pay attention to the functions of different levels of management.

Chief Executive Officer (CEO),President

2. Discuss the chart in pairs.

1. What is the governing body of a company?

2. Who is a Board of Directors elected by?

3. Do shareholders elect CEO?

4. Who appoints CEO?

5. What is the difference between ‘elect’ and ‘select’?

Reading

1. A) What does the word “responsibility” mean?

• an option to complete a given task

• the obligation of person to complete a given task

• Permission to complete a given task

b) In pairs think of the major responsibilities a Board of Directors bears.

Read Part 1 and check your answers.