Types of business

1. The simplest form of business is the individual proprietorship or sole trader: for example, a shop (US = store) or a taxi owned by a single person. If several individuals wish to go into business together they can form a partnership; partners generally contribute equal capital, have equal authority in management, and share profits or losses. In many countries, lawyers, doctors and accountants are not allowed to form companies, but only partnerships with unlimited liability for debts — which should make them act responsibly.

2. But a partnership is not a legal entity separate from its owners; like sole traders, partners have unlimited liability: in the case of bankruptcy, a partner with a personal fortune can lose it all. Consequently, the majority of businesses are limited companies (US = corporations), in which investors are only liable for the amount of capital they have invested. If a limited company goes bankrupt, its assets are sold (liquidated) to pay the debts; if the assets do not cover the debts, they remain unpaid (i.e. creditors do not get their money back.)

3. In Britain, most smaller enterprises are private limited companies which cannot offer shares to the public; their owners can only raise capital from friends or from banks and other venture capital institutions. A successful, growing British business can apply to the Stock Exchange to become a public limited company; if accepted, it can publish a prospectus and offer its shares for sale on the open stock market. In America, there is no legal distinction between private and public limited corporations, but the equivalent of a public limited company is one registered by the Securities and Exchange Commission.

Founding a company

4. Founders of companies have to write a Memorandum of Association (in the US, a Certificate of Incorporation), which states the company's name, purpose, registered office or premises and authorized share capital.

5. Premises (always with an s at the end) - is the technical term for the place in which a company does its business: an office, a shop, a workshop, a factory, a warehouse, etc. Authorized share capital means the maximum amount of a particular type of share the company can issue.

6. Founders also write Articles of Association (US = Bylaws), which set out the rights and duties of directors and different classes of shareholders. Companies' memoranda and articles of association, and annual financial statements are sent to the registrar of companies, where they may be inspected by the public.

Exercise 3. Give English equivalents to the following words.

приватний підприємець	частный предприниматель
партнерство	партнерство
компанія з необмеженою відповідальністю	компания с неограниченной ответственностью
юридична особа	юридическое лицо
збанкрутувати	обанкротиться
цінні папери	ценные бумаги
фондова біржа	фондовая биржа
відкрите акціонерне товариство	открытое акционерное общество
свідоцтво про реєстрацію компанії	свидетельство о регистрации компании
статут	устав

Exercise 4. Complete these with there or it and part of the verb (be).

1. …………… too late; ……………… nothing we can do about it now.

2 …………….. not my fault. ………………… proper ways to do things and you didn't follow the procedure.

3 ……………… problems when the news gets out. …………….. not the right way to introduce an important change in the way we work.

4 ………………. time to go. If we leave now, …………..time to call in at Head Office on the way to the airport.

5 ……………… a vacancy in the Accounts Department. ……………… for someone to control the accounts of the dozen or so major clients.

6 ………………a nuisance but ………………… nothing we can do from our end. We'll just have to wait.

7. ……………… gate 57, but ………………. still time for the duty free shop!

8 …………… problems with the fax machine which we need to get fixed and …..…….urgent.

> Right, I'll ring straightaway. ……………….. no time like the present.

9. We've run out of headed paper. - I think ……………. a couple of boxes in the stationery cupboard.

10 ……………… been a big change in the exchange rate. …………….. now nearly 3DM to the pound.

11 ………………only a couple of days before the deadline, so ………… a top priority'.

12. …………….. no point in worrying about it. ………….. too late.

Exercise 5. Read the sentences below. Decide which of the following uses of will / 'll best fits each sentence.

a. an opinion about the future

b. a promise or undertaking

c. a request

1. Do you think sales will improve next month?

2. I'll phone you again tomorrow.

3. Will you ring me again and give me the details?

4. It looks as if the shipment will be late again this month.

5. It's OK. I'll do it later.

6. I don't think this plan will work.

7. Just sign these letters for me, will yon?

8. What do vim think will happen next month?

9. I'll finish it by tomorrow morning.

10. I'll try and bring the documentation tomorrow.

Exercise 6. Rewrite these sentences containing will in the correct order. If the sentence is a promise or undertaking, you need to use ‘ll, rather than will.

1. you will cost know how do much it? ……………………………………………………………

2. think contract they when do will sign you the? …………………………………………………

3. details you fax soon back the with we as possible as will ………………………………………

4. phone I and tomorrow again try will ……………………………………………………………

5. you plan do be think the when will ready draft? ………………………………………………

6. take the long it finish to project will how? ……………………………………………………..

7. further send later you I details will …………………………………………………………….

8. confirm possible please soon you will this as as? ………………………………………………

Exercise 7. Answer the questions to the text in writing.

1. What forms of business can you name? Describe them.

2. What are the most important documents for founding a company?

3. What information do these documents contain?

Варіант 2

Exercise 1. Read the following words and word combinations. Memorize them.

foreign market	зарубіжний ринок	зарубежный рынок
exporting	експортування	экспорт
manufacturing	виробництво	производство
human resources	людські ресурси	человеческие ресурсы
financial resources	фінансові ресурси	финансовые ресурсы
home-based exporter	національний експортер	национальный экспортер
expertise	досвід	опыт
cash outlays	грошові витрати	денежные расходы
foreign manufacturing	виробництво за кордоном	производство за рубежом
wholly owned subsidiary	дочірнє підприємство	дочернее предприятие
joint venture	спільне підприємство	совместное предприятие
licensing agreement	ліцензійна угода	лицензионное соглашение
franchising	франчайзинг	франчайзинг
contract manufacturing	виробництво за контрактом	производство по контракту
management contract	управлінський контракт	управленческий контракт

Exercise 2. Read and translate the text (paragraphs 2, 3 and 4 translate in writing).