- •Newspaper reading habits questionnaire
- •Unit 1 getting the most from your newspaper
- •5. Editorials
- •6. Advertisements
- •7. Special Sections
- •8. Special Columns
- •Everyday ethical dilemmas facing journalists
- •Unit 2 headlines
- •In simple English:
- •In simple English:
- •In simple English:
- •Unit 3 general business issues Section 1. Types of Business Organisations Target questions:
- •What are english companies like? forms of business in the united kingdom advantages and disadvantages
- •Oscar Wilde
- •Sole Trader (Sole Proprietor)
- •Partnership
- •Limited Company
- •The Unlimited Company
- •Nationalised Company
- •Sole Trader/Partnership
- •Limited Company
- •Section 2. Functional Areas of a Business Organisation Target questions:
- •Сoca-cola more than just a soft drink
- •Afizz with competition
- •Section 3. Company Profile Target questions:
- •Activity 1 The Philips Story
- •The philips story
- •Sharp: from technology to market–first
- •Keen take on keeping an eye on
- •Section 4. Product Development and Planning
- •Read the article Swatch: Ready for Net Time?
- •Swatch: ready for net time? The watchmaker is looking for a high-tech blockbuster By Carol Matlack in Biel
- •The nature of international business
- •Levels of International Business Activity:
- •International business
- •A World Guide to Manners How not to behave badly abroad
- •'When in Rome, do as the Romans do. ' Here are some final tips for travellers.
- •Exercise 2. Answer the following questions.
- •Exercise 3. Read the following story and answer the questions which follow. An Asian-American Encounter
- •Learning to cope with corporate culture clashes
- •Vocabulary
- •Gift giving in the International business context
- •Hello to the good buys
- •Vocabulary
- •Finding the right international mix
- •Product and Corporate Advertising
- •1. Advertisement as a service
- •2. Is advertising necessary?
- •Sacrilege
- •Vocabulary
Limited Company
A limited company is the most common form of business. A limited company is a legal entity that is separate from shareholders and directors. The shareholders are not liable for the company's debts beyond the amount remaining unpaid on the shares they hold or guaranteed to a third party. To register a firm as a limited company (to incorporate a company) certain documents must be submitted to the Registrar of Companies who then issues a Certificate of Incorporation. This certificate permits the company to start its operations. A limited company is managed by the Board of Directors elected at annual shareholders' meetings.
As a rule, the accounts of a limited company have to be audited by registered auditors. A limited company must submit a set of audited accounts to the Registrar of Companies each year. This set should include the directors' report, the auditors' report, profit and loss accounts, the balance sheet, the statement of cash flow and explanatory notes to the figures in the accounts. In addition, it is required to file an annual return giving details on the directors and shareholders as well as some other statutory information. All information on file at the Companies' Registry is open to public inspection.
Limited companies are classified as private limited by shares, private limited by guarantee and public limited. In a private company limited by shares, members' liability is limited to the amount unpaid on shares they hold. If a company is limited by guarantee, its members' liability is limited to the amount they have agreed to contribute to the company's assets in case of its winding up. A public limited company's (PLC) shares may be offered for sale to the general public and members' liability is limited to the amount unpaid on shares held by them. The shares of a PLC can be transferred without the shareholders' permission. A private limited company (Ltd.) is prohibited by the Companies Act (Part III, Ch. 1) from advertising its shares for sale. Its shares may only be transferred with the agreement of all shareholders. A PLC is also required to issue shares in the amount of J50.000 minimum (Section 118 of the Companies Act) and to have at least two people as the company owners (Subsection 1 (1) of the Company Act). A Private company may have even one owner (Subsection 1 (3A) of the Company Act).
Here are some examples of well-known companies that are registered in the UK as Ltd. or PLC.
Private limited companies: Du Pont, Henkel, Rhone Poulenc Chemicals, Shell, Kraft Foods, McDonalds, Nestle, Procter & Gamble.
Public limited companies: British Airways, Marks & Spencer, Smithkline Beecham, Unilever.
There is no apparent preference as to which form (Ltd. or PLC) applies more to this or that sector of the British economy. For instance, of the Big 5 accounting firms, Deloitte & Touche and PriceWaterhouseCoopers are Ltd, KPMG is PLC, Arthur Andersen is a private unlimited company and, finally, Ernst & Young is a partnership. As to the national origin of the companies, large multinationals originating from abroad tend to be registered as private limited in the UK, whereas large British companies are predominantly private limited.