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UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
2. _____ limit the personal liability
of individual partners for the debts of the
business according to the amount they
have invested.
3. _____ is a legal entity, operating under
state law, whose scope of activity and
name are restricted by its charter.
4. _____ is an agreement, expressed
or implied, between two or more persons
who join together to carry on a business
venture for profit.
5. _____ undertakes the risks of the
business to the extent of his/her assets,
whether used in the business or personally
owned.
6. Today most major corporations promote
their commitment to non-economic values
under headings such as _____.
7. Academics attempting to understand
business behavior employ _____.
8. _____ is a form of applied ethics
or professional ethics that examines
ethical principles and moral or ethical
problems that arise in a business
environment.
b. proprietor
c. limited
partnership
d. sole
proprietorship
e. general
partnership
f. ethics
implicitly
g. ethics codes
h. descriptive
methods
9. The range and quantity of business
ethical issues reflects the interaction
of _____ with non-economic concerns.
10. _____ regulates areas and details
of behavior that lie beyond governmental
control.
— 181 —
i. business
ethics
j. profit-
maximizing
behavior
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
Exercise 6. Match the nouns to the sentences below:
propri-
etor-
ships
retail-
ers
liabili-
ties
venture
propri-
etor
liabil-
ity
1. _____ have no existence apart from the owners.
2. _____ associated with the business are the personal
liabilities of the owner.
3. Single proprietors include professional people, service
providers, and _____who are “in business for themselves.”
4. A general partnership is an agreement, expressed
or implied, between two or more persons who join together
to carry on a business _____ for profit.
5. Each partner contributes money, property, labor, or skill;
each shares in the profits and losses of the business; and each has
unlimited personal _____ for the debts of the business.
6. _____ undertakes the risks of the business to the extent
of his/her assets, whether used in the business or personally
owned.
Exerci se 7. Complete the following sentences.
1. Each partner contributes…
2. Stockholders are protected from…
3. The proprietor undertakes…
4. Single proprietors include…
5. Financial activities of the business are…
6. Proprietorships have no…
7. Sole Proprietorship is a business…
8. A general partnership is…
9. Partners must file…
10. A corporation is…
11. Limited partnerships limit…
12. Business ethics is…
13. Business ethics has both…
14. The range and quantity of business ethical issues
reflects…
— 182 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
15. Governments use laws and regulations to…
16. Ethics implicitly regulates…
17. Business ethics reflects…
18. The ‘corporate persons’ are legally entitled to…
19. Ethical issues include…
20. Issues concerning relations between different compa-
nies include…
21. Related issues include…
Exercise 8. Translate the following sentences from English
into Russian.
1. Limited partnerships limit the personal liability of individual partners for the debts of the business according to the
amount they have invested.
2. Partners must file a certificate of limited partnership
with state authorities.
3. A corporation is a legal entity, operating under state
law, whose scope of activity and name are restricted by its
cha rt er.
4. Stockholders are protected from liability and those
stockholders who are also employees may be able to take advantage of some tax-free benefits, such as health insurance.
5. Although a sole proprietorship is not a separate legal
entity from its owner, it is a separate entity for accounting
purposes.
6. Financial activities of the business are maintained separately from the person’s personal financial activities.
7. Each partner contributes money, property, labor,
or skill; each shares in the profits and losses of the business;
and each has unlimited personal liability for the debts of the
business.
8. Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical
problems that arise in a business environment.
9. The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with
non-economic concerns.
— 183 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
10. The emergence of large corporations with limited
relationships and sensitivity to the communities in which
they operate accelerated the development of formal ethics
regimes.
11. Corporate entities are legally considered as persons
in most nations. The ‘corporate persons’ are legally entitled
to the rights and liabilities due to citizens as persons.
12. Ethical issues include the rights and duties between
a company and its employees, suppliers, customers and neighbors, its fiduciary responsibility to its shareholders.
13. Related issues include corporate governance; corporate social entrepreneurship; political contributions and legal
issues.
Exercise 9. Explain in English the meaning of the following words and word combinations:
1. Corporation
2. Liability
3. Financial activity
4. Shares
5. General Partnership
6. Business ethics
7. Applied ethics
8. The philosophy of business
9. Normative dimension
10. Descriptive dimension
11. Proprietorship
12. Tax-free benefit
13. Limited Partnership
14. Unlimited personal liability
15.Debts
16. Business environment
17. Hostile take-over
18. Corporate entities
19. Profit-maximizing behavior
20.Espionage
— 184 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
Exercise 10. Read and translate the text B into Russian
ora lly.
TEXT B
BRAND
Brand is the “name, term, design, symbol, or any other
feature that identifies one seller’s product distinct from those
of other sellers.” Initially, branding was adopted to differentiate one person’s cattle from another’s by means of a distinctive
symbol burned into the animal’s skin with a hot iron stamp
and was subsequently used in business, marketing, and advertising. A modern example of a brand is Coca Cola which belongs to the Coca-Cola Company.
In accounting, a brand defined as an intangible asset
is often the most valuable asset on a corporation’s balance
sheet. Brand owners manage their brands carefully to create
shareholder value, and brand valuation is an important management technique that ascribes a money value to a brand, and
allows marketing investment to be managed (e.g.: prioritized
across a portfolio of brands) to maximize shareholder value.
Although only acquired brands appear on a company’s balance
sheet, the notion of putting a value on a brand forces marketing leaders to be focused on long term stewardship of the
brand and managing for value.
The word “brand” is often used as a metonym referring
to the company that is strongly identified with a brand.
Marque or make are often used to denote a brand of motor
vehicle, which may be distinguished from a car model. A concept brand is a brand that is associated with an abstract concept, like breast cancer awareness or environmentalism, rather than a specific product, service, or business. A commodity
brand is a brand associated with a commodity. Got milk is an
example of a commodity brand.
— 185 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
BUSINESS ENGLISH
TELEPHONING
Telephoning: We’re ready to order now
Telephone vocabulary
What to say— what to expect
ORDERING
Person calling
That offer you sent us was fine. We’re ready to order now.
We’d like to place an order for 20 dozen?
Can you supply us with the equipment from stock?
I’m phoning you with a repeat order.
Have you got the details of our last one?
Person called
As this is a repeat order, we could allow you a longer credit
period.
DELIVERY
Person calling
We do need the goods urgently. Can you dispatch them at once?
Person called
We’ll dispatch them immediately from stock.
Sorry, there’s a three week delivery time.
We’ll be able to send your consignment before the end of the
month.
How would you like delivery to be made: by rail, road transport or air freight?
The consignment was collected this morning. It should reach
you by Thursday.
VOIDING MISUNDERSTANDINGS
Person calling/Person called
Sorry I couldn’t hear what you said. Would you mind repeating the price? I didn’t catch what you said. Would you please
repeat that last remark? Could you possibly speak more slowly’ This is a very bad line, I’m afraid. Can I ring you back?
— 186 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
Exercise 11. Read and translate the text B into Russian
ora lly.
TEXT C
BUSINESS COMMUNICATION
(1) Business communication (or simply “communications”, in a business context) encompasses such topics as marketing, brand management, customer relations, consumer
behavior, advertising, public relations, corporate communication, community engagement, reputation management, interpersonal communication, employee engagement, and event
management. It is closely related to the fields of professional
communication and technical communication.
(2) Media channels for business communication include
the Internet, print media, radio, television, ambient media,
and word of mouth.
Business communication can also refer to internal communication. A communications director will typically manage
internal communication and craft messages sent to employees.
It is vital that internal communications are managed properly
because a poorly crafted or managed message could foster distrust or hostility from employees.
(3) Business communication is a common topic included
in the curricula of Masters of Business Administration (MBA)
programs of many universities. AS well, many community colleges and universities offer degrees in Communications.
There are several methods of business communication,
including:
3 Web-based communication — for better and improved
communication, anytime anywhere;
3 video conferencing which allow people in different lo-
cations to hold interactive meetings;
3 e-mails, which provide an instantaneous medium
of written communication worldwide;
3 Reports — important in documenting the activities
of any department;
— 187 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
3 Presentations — very popular method of communica-
tion in all types of organizations, usually involving
audiovisual material, like copies of reports, or material prepared in Microsoft PowerPoint or Adobe
Flash;
3 telephoned meetings, which allow for long distance
speech;
3 forum boards, which allow people to instantly post in-
formation at a centralized location;
3 face-to-face meetings, which are personal and should
be succeeded by a written follow up.
3 suggestion box, it is mainly for upward communica-
tion as because some people may hesitate to communicate to the management directly so they can give
suggestion by drafting suggestion in suggestion
box.
BUSINESS ENGLISH
MEETINGS AND DISCUSSIONS
Starting and controlling meetings
Voca bula ry
Opening a meeting
A lot of this extract shows the Managing Director opening
and directing the meeting. Some useful phrases to use here
are given below.
a) Starting a meeting
Well, ladies and gentlemen, I think we should begin.
Perhaps we’d better get started/get down to business.
Right then, I think it’s about time we got started/going.
Right then, I think we should begin.
Let’s begin/get going, shall we?
Shall we start?
— 188 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
b) Stating objectives
The purpose of this meeting is, first, to. . .and secondly to. . .
We are here today to consider firstly. . .secondly. . . thirdly. . .
The main objective of our meeting is. . . I’ve called this meeting
first to. . .secondly to.
с) Keeping the meeting moving
Would you like to begin/to open the discussion. .. ?
Perhaps you’d like to explain/tell us/give us. . .
What do you think. . .?
Shall we continue then?
Let’s move on.
Would you like to comment here?
What about you?
Exercise 12. Read and translate the following information about the famous person in sphere of management
Peter Drucker. Discuss this person with your classmates.
Discuss whether this person is inspiration for younger
managers. Whether the information about this person inspired you.
Famous People in Management:
Peter Ferdinand Drucker
(November 19, 1909 — November 11,
2005) was an Austrian-born
American management consultant,
educator, and author, whose writings
contributed to the philosophical and
practical foundations of the modern
business corporation. He was also
a leader in the development of management education, he invented
the concept known as management
by objectives and self-control, and
he has been described as “the founder
of modern management”.
Peter Drucker
Photo from: www.peoples.ru
— 189 —
UNIT 5. TYPES OF BUSINESS ENTITIES & BUSINESS ETHICS
Drucker’s books and scholarly and popular articles explored how humans are organized across the business, government, and nonprofit sectors of society. He is one of the
best-known and most widely influential thinkers and writers
on the subject of management theory and practice. His writings have predicted many of the major developments of the
late twentieth century, including privatization and decentralization; the rise of Japan to economic world power; the decisive importance of marketing; and the emergence of the information society with its necessity of lifelong learning. In 1959,
Drucker coined the term “knowledge worker,” and later in his
life considered knowledge-worker productivity to be the next
frontier of management.
Some observers divide Drucker’s numerous books
and articles into four categories. His early works — such
as The End of Economic Man (1939) and The New Society
(1950) — discuss the nature of industrial society. A second
line of books — including Concept of the Corporation (1946)
and The Practice of Management (1954) — explains general ideas about modern business management. A third body
of work — including America’s Next Twenty Years (1957)
and Technology, Management and Society (1970) — offers
speculation on the future impact of such developments
as technological change. Finally, there are writings that address questions of practical corporate management, notably
Managing in Turbulent Times (1980) and the essay collection The Changing World of the Executive (1982). He vitalized the concept of the entrepreneur with Innovation and
Entrepreneurship (1985). Drucker also wrote two novels.
In 1990 the Peter F. Drucker Foundation for Nonprofit
Management (renamed the Leader to Leader Institute
in 2003) was established in his honour.
Источники:
https://en.wikipedia.org/wiki/Peter_Drucker
https://www.britannica.com/biography/Peter-F-Drucker
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