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Файл:Introduction into Business
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limited liability – ограниченная ответственность
unlimited liability – неограниченная ответственность
to depend on – зависеть от
law – юриспруденция
insurance – страхование
stockbrokerage – биржевое маклерство
real estate – недвижимость
retailing – розничная торговля
tax benefits – льготное налогообложение
stockholder (shareholder) – акционер
stock certificate – акция
charitable – благотворительный
to issue stocks – выпускать акции
to share – делить
non-profit – неприбыльный
franchising – франчайзинг
miscellaneous – смешанный
Tasks
1. Translate the following combinations into Russian.
The type of proprietorship
to take all profit
paying income taxes
direct personal interest
the efficiency of the enterprise
strict limitation
to acquire capital
the ability for expansion
carrying on business
to share responsibility
to get tax benefits
to be represented by stock certificates
to attract financial resources
to invest a large amount of capital
to offer high salaries
to issue stock certificates
to share responsibilities for decision making
2. Translate into English using the expressions from the previous task.
Крупный недостаток
личный интерес собственника
привлекать капитал для расширения
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розничная торговля
ремонтные работы
добровольные образования
образованные с целью ведения бизнеса
делить ответственность
получать налоговые льготы от правительства
с ограниченной ответственностью
с неограниченной ответственностью
зависеть от факта
специализироваться в аспектах бизнеса
недостаток партнерства
не соглашаться друг с другом
стабильный тип организации
общая форма бизнеса
доля от прибыли
делить собственность
привлекать талантливых специалистов
3. Study the new words and make your own sentences with them.
4. Fill in each blank with a suitable word.
1. The simplest and the oldest form of business is … .
2. The owner can … … without consulting anyone.
3. Another disadvantage of this form is… of its ability to acquire capital for…
4. … are voluntary combinations of from two to twenty persons.
5. Partners get … … from the government.
6. Partnership is not a very … type of organization.
7. Corporation is formed by two or more … .
8. Educational corporations are … .
Partnerships, the strict limitation, tax benefits, make decisions, stable,
sole proprietorship, non-profit, shareholders, expansion.
5. Translate into English using the expressions from the previous tasks.
1. Я начинаю свое собственное дело и должен выбрать тип собственно-
сти.
2. Этот предприниматель владеет своим бизнесом в форме частной соб-
ственности.
3. Владелец компании платит все налоги с доходов.
4. Он также принимает все деловые решения и отвечает за все долги.
5. Предприниматель имеет прямой личный интерес в эффективности
своего дела.
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6. Владелец имеет неограниченную ответственность и может приобре-
Sole proprie-
torship
General
partnership
Limited
partnership
Corporation
Ease of for-
mation
Easy
Moderate
Moderate
Difficult
Ease of termi-
nation
Easy
Easy
Easy
Difficult
Length of life
Ends with the
death of owner
Ends with the
death or
withdrawal of
owner
Ends with the
death or
withdrawal of
owner
Perpetual life
тать капитал для расширения.
7. Это партнерство образовано с целью ведения бизнеса для получения
прибыли.
8. Партнеры делят ответственность за принятие решений и получают
льготное налогообложение от правительства.
9. Успех в бизнесе зависит от правильного выбора типа собственности.
10. Акционеры корпорации вкладывают деньги в бизнес и получают
свою долю прибыли.
11. Эта корпорация представлена на рынке акциями.
12. Благотворительные корпорации не выпускают акции.
6. Answer the questions.
1. What should you do before starting your own business?
2. What are the three main forms of proprietorship?
3. What is the sole proprietorship?
4. What are the advantages and disadvantages of it?
5. Where is this form of business used?
6. What is partnership?
7. What responsibilities do the partners share?
8. What do they usually get?
9. What does the type of partnership depend on?
10. Speak of the advantages and disadvantages of partnership?
11. In what professions is partnership widely used?
12. What is the corporation?
13. How is the share of profit represented?
14. What are the strong points of corporation?
15. What corporations are non-profit and why?
16. What are the forms of proprietorship?
*7. Study the table and speak on the forms of business in the USA.
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Transfer of
ownership
Owner can sell
it at will
Partners need
agreement of
other partners
to sell
Partners need
agreement of
other partners
to sell
Owner can
sell it at will
Financial re-
sources
Limited to
owner’s capital
and loans
Limited to
owner’s capi-
tal and loans
Limited to
owner’s capi-
tal and loans
Access to
more capital
(can sell
stocks and
bones)
Liability
Unlimited
liability
Unlimited
liability
Unlimited
liability
Limited liability
Managerial
responsibilities
Managed by
one owner
Management
shared by
general partners
Management
shared by
general partners, not by
limited partners
Often separation of management and
ownership
Taxation
Taxed as personal income
Taxed as
personal income
Taxed as
personal
income
Corporate
taxation
and why?
forms and define whether they are Gerund, Participle I or Noun.
*8. What type of proprietorship do you consider to be more preferable
GRAMMAR REVIEW
Gerund, Participle I, Noun
1. Define Gerund, Participle I or Noun.
1. He is free to compete with any existing business.
2. Profit is a driving force in a free enterprise system.
3. Profit is the reward you take in starting an enterprise.
4. The customer can close your business simply by staying away.
5. The building of my company is located in Moscow.
6. He made his business without acquiring additional capital.
7. Retailing and wholesaling are different kinds of trading system.
8. The purpose of carrying on business is to get profit.
9. We started buying equipment last year.
10. Franchising is a widely used form of developing business nowadays.
2. Study the text Types of Business Organizations again, find all the – ing
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SOCIAL AND BUSINESS SKILLS
Arrangements
Look at it this way. You see an extract from a novel by Justin Cartwright
called Look at it this Way – a comedy about business life in London. In the extract
Victoria, a senior manager at an advertising agency phones Timothy Curtiz, who is
a star of a TV commercial for a credit card called American Eagle. They discuss the
arrangements for the filming of the commercial.
1. Read the extract and answer these questions.
1. Why does Timothy Curtiz want to make the arrangements for the filming
as soon as possible?
2. When do they make the arrangements for?
3. Have they met before?
4. Why is it funny when Timothy Curtiz says “Me too”?
5. Who will pay for their lunch?
‘Could you give me the dates as soon as possible, Victoria? My daughter is
coming to visit.’
‘I’m afraid I don’t know yet. We’ll have to get the copy agreed; the director
lined up and so on. Let’s say the month from now at the earliest.’
‘Try and bring the schedule when you come round with the copy.’
‘Right. I’ll get the men in suits working on it. I’m looking forward to meeting
you.’
‘Me too’, I said. ‘I mean. I’m looking forward to meeting you, not me.’
She had a quick nervous laugh …
‘Let’s have a lunch. On American Eagle,’ she added.
GLOSSARY
Copy – the text of an advertisement
The director – the person who has artistic control of the filming process
Lined up – arranged
The men in suits – advertising slang to describe people who work in the noncreative side of the advertising industry
2. Making an arrangement. Here are five pairs of sentences which have
roughly the same meaning. Underline the five phrases in the text which have the
same meaning as each of the pairs. Decide which sentence in each pair is an appropriate replacement and why?
45
1. Invitations
A Would you like to have lunch?
B I would be honored if you would have lunch with me.
2. Arranging a time
A Tell me when it will be.
B Can we fix the time?
3. Suggesting a time
A How about a month from now?
B I will not be available until a month from now.
4. Being polite
A I anticipate our meeting with great pleasure.
B It’ll be great to meet you.
5. Apologies
A I’m sorry. I can’t tell you at the moment.
B I apologize. No one has informed me.
3. You will hear an imaginary alternative version of the conversation in
the book. Listen and compare your choices.
4. Making excuses. If you can’t agree to an arrangement, you normally need
to make an excuse or you may sound impolite. Here are two common excuses.
I’m sorry. I’m away that day. I’m afraid I can’t make Tuesday.
5. Match the sentences with the headings.
Making an excuse Making an invitation
Making an apology Making an offer
Suggesting a date
1. Would you like me to join you for dinner?
2. How about Monday?
3. I suggest we meet in Brussels on 24 February.
4. Would you like me to make the travel arrangements?
5. I’m afraid I’ll be away that week so won’t be able to see you.
6. Drop in for a drink when you have time.
7. Shall I send out the invitations?
8. I do apologize in the delay in replaying?
9. Dr Hunter requests the pleasure of Mr. and Mrs. Williams at a cocktail party on 24 May. RSVP.
46
10. We very much regret any inconvenience caused.
11. I’d really like to help but I’ve no time.
MAKE UP YOUR OWN SITUATION OF MAKING AN ARRANGEMENT
READING
I
Forms of business ownership
Sole proprietorship: business that is owned, and usually managed by one per-
son.
Example: most of the produce sellers at the central market.
Partnership: a business with two or more owners.
Example: some law firms, some accounting firms, etc.
General Partnership: has only General Partners (the General Partners are in-
volved in the management of the firm but they have limited liability).
Limited Partnership: has Limited Partners (the Limited Partners have limited
liability but they are not involved in the management of the firm) and at least one
General Partner (the General Partners are involved in the management of the firm
but they have unlimited liability).
Corporation: a business that is distinct legal entity (that is, that has an existence separate from its owners).
Closed Corporation: the stocks are held by a few people and are not available
to the general public.
Example: M&M Mars Corporation.
Open Corporation: the stocks are sold to the general public.
Example: General Motors, Matsushita, Royal Dutch Shell.
Entrepreneur: one who starts a business, including its organization, management and risk-bearing.
Franchising: an arrangement for distributing goods or services that is agreed
upon franchiser and franchisee.
Franchiser: the business that owns and sells others the right to distribute its
goods and services.
Franchisee: the business that buys the right to distribute franchiser’s goods
and services.
Example: many of Mc Donald’s stores, Hampton Inn (hotels).
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Miscellaneous definitions
Acquisition: obtaining (in business it is when one company buys another).
Merger: combination of to or more firms to form one company.
Example: many banks in the USA are currently merging (such as Chemical
and Chase Manhattan).
Subsidiary: subordinate or secondary (in business it is one company that is
owned and controlled by another).
Example: Pizza Hut and Kentucky Fried Chicken are subsidiaries of PepsiCo.
Association: groups of people that are united for a purpose (in business it may
be a professional association of educators, doctors, lawyers, accountants, etc).
Example: International Association of Translators and Interpreters, Institute
of Managerial Accountants.
Cooperative: groups of people that are united for a principally economic purpose (it is basically a type of Association).
Example: agricultural cooperatives.
Joint Ventures: strategic alliance between two or more businesses.
Example: Fiat and Toillette car plant.
Non-profit Organization: an organization that does not profit for its owners.
Example: International Red Cross.
Miscellaneous abbreviations
Corp. (Corporation): a corporation.
Inc. (Incorporated): a corporation.
Ltd. (Limited): a corporation, it is used mainly in the UK and it gets its name
from the fact that stockholders have only limited liability.
NGO (Non-government organization): usually used to describe Non -profit Organizations.
Make up sentences and define the definition.
1. two, business, more, with, owners, or.
2. entity, distinct, that, a business, is legal.
3. sold, to, the stock, is, public, the general.
4. a business, who, starts, one.
5. alliance, more, two, strategic, businesses, between, or.
6. a purpose, that, groups, united, are, for.
7. to distribute, the business, the franchiser’s, buys, that, the right, goods.
8. more, combination, firms, of, company, to form, two, or, one.
9. its, sells, owns, others, that, the right, the business, services, to distribute.
10. it, when, company, in, one, business, buys, is, another.
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II
Forms of business organization
Steven Jobs and many other entrepreneurs have organized their companies as
corporations. A corporation is one kind of business organization. Other kinds of
business organizations are sole proprietorships and partnerships.
Sole proprietorship. A sole proprietorship is a business owned by one person. Sole proprietorships are the most numerous kind of business organization, but
most are very small. The reason for their popularity is that they are the easiest and
least costly to organize.
There are other advantages. Sole proprietors own all profit of their enterpris-
es, and they are their “own bosses,” free to make whatever changes they please.
They have minimal legal restrictions and do not have to pay the special taxes placed
on corporations. Sole proprietors also have the opportunity to achieve success and
recognition through their individual efforts.
There are also disadvantages. A very serious one is unlimited liability that
each proprietor faces. All debts and all problems associated with the business belong to the owner. If a business fails, the owner must personally assume the debts.
This could mean the loss of personal property such as automobiles, homes and savings. A second disadvantage of the sole proprietorship is that it has limited capital.
The money that a proprietor can raise is limited by the amount of his or her savings
and ability to borrow. Also when the owner dies, the business dies. Other disadvantages may include lack of opportunities for employees, limitations of size and
growth lack of management resources.
Explain in details each of the advantages and disadvantages of sole proprietorship.
III
Partnership. A partnership is a business organization that is owned by two
or more persons. Partnerships offer certain advantages over sole proprietorships:
Partners bring additional funds to proprietorship.
Partners can bring fresh ideas and talents to business organizations.
Like the sole proprietorship, partnerships are relatively easy to form and are
not subject to special taxation.
Partnerships have the following disadvantages:
In many cases, each of the partners is subject to unlimited liability. Partners
are individually responsible for all the debts of the business. In other words, if the
business were to fail, its creditors (those to whom money is owed) would have the
right to recover their money from any, or all, of the partners.
Such was the case with Harold Nodough, Gloria Poor and Jack Rich who
owned the Trio Dress Shoppe as a partnership. Under the terms of their partnership
agreement, Nodough and Poor were each entitled to 40 % of their profits, while the
49
remaining 20% went to Rich. Last month the firm collapsed. After selling off everything is owned, the company still owed its creditors $10000. since Nodough and
Poor had no assets of their own, the creditors recovered the total amount from
Rich’s personal bank account. Partnership agreements, however, can be designed to
limit the liability of each partner so that investors like poor Mr. Rich can be protected.
Any time a partner dies or with draws from the business, the partnership is legally terminated. If the business is to continue, a new partnership agreement must
be drawn up.
The amount of capital that a partnership can raise is limited. Exactly what this
limit is will depend on the earnings of the business, the wealth of the partners, and
their liability to borrow.
Partners may disagree, causing management conflicts that could threaten the
firm’s existence.
Explain in details each of the advantages and disadvantages of partnership.
IV
Corporation. A corporation is a business organization created under a gov-
ernment charter. Ownership of corporation is represented by shares of stock, and for
that reason corporate owners are known as stockholders.
One feature of corporation is that the courts treat it as a legal “person”. It can,
for example, sue and be sued and enter into contracts, and it must pay taxes.
Although corporations are outnumbered by about four to one by sole proprietorships, they dominate American business. Corporations are so important because
of the advantages they offer over sole proprietorships and partnerships:
Limited liability. Unlike the owners of proprietorships and partnerships, who
can be held personally liable for the debts of their firms, the most that corporate
shareholders can loose (i.e., their liability) is limited to whatever they paid for their
shares of stock. Limited liability is thought to be so important that corporations in
most English-speaking countries outside of the United States add the abbreviation
“Ltd” (for Limited) to their company name.
Ease of transfer. Stockholders can enter or leave a corporation at will simply
by buying or selling shares of stock in that corporation.
Unlimited life. When the corporate stockholders die, their shares of stock are
passed on to their heirs. Meanwhile, the corporation is free to conduct business as
usual.
Tax advantages. In certain instances individuals can reduce their tax liability
by incorporating.
With all these advantages you might wonder why there are so many more unincorporated businesses than incorporated ones. The answer has to do with the dis-
advantages of the corporation:
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