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person, the LLC can sue or be sued, enter into contracts, and hold title to property. Like the limited partnership, the LLC must be formed and operated in compliance with the law.

2. Setting up the LLC. To form an LLC, ‘articles of organization

’ (aka ‘certificate of organization’ or ‘certificate of formation’) must be filed with an appropriate government agency. Typically, the articles are required to set forth such information as the name of the business, its principal address, the name and address of a registered agent

, the names of the owners, and information on how the LLC will be managed. The business’s name must include the words “Limited Liability Company” or the initials

3. Permanency

perpetual

existence. This means that it does not terminate on the death or disa-

. The LLC may have the permanency of a corporation’s

“LLC.”

bility of the member (contrasting with the sole proprietorship, which would terminate on the death or disability of the proprietor.)

4. Restrained transferability

of interest. The LLC, as an entity, can admit

new members and modify the membership and investment structure. An operat- ing agreement of the company usually includes provisions which restrict the transferability of membership interests. The importance of these provisions is to maintain the closely held

structure of the LLC by giving its shareholders control

over how/when/why membership interests can be transferred.

5. A key advantage of the LLC is that the liability of the members is li-

mited to the amount of their investments. Another advantage of the LLC is that profits are “passed through

” the LLC and taxes are paid personally by the owners of the company, who are called members. In an LLC, members are allowed to participate fully in management activities, and the firm’s managers need not even be members of the LLC.

6. Additionally, the LLC can have any number of shareholders becauseas a rule there is no limit on how many members the LLC can have. Yet another advantage is that corporations and partnerships, as well as foreign investors, can be LLC members. Finally, part of the LLC’s attractiveness to businesspersons is the flexibility

it offers. The members can themselves decide how to operate

the various aspects of the business through a simple operating agreement.

7. The disadvantages of the LLC are relatively few. Setting-up of a com- pany costs more than other organizational structures, such as partnerships and sole proprietorships. The company must also pay annual fees

and make periodic filings with the administrative agency as well. Also, due to the liability protection provided to members of a LLC, certain businesses such as insurance companies and banks are ineligible

to operate under this type of organizational

structure.

8. Management of an LLC. Basically, there are two options for managing

an LLC. The members may decide in their operating agreement to be either a “member-managed

” LLC or a “manager-managed” LLC. In a membermanaged LLC, all of the members participate in management, and decisions are made by majority vote. In a manager-managed LLC, the members designate

group of persons to manage the firm. The management group may consist of only members, both members and nonmembers, or only nonmembers. Managers in a manager-managed LLC owe fiduciary duties bers, including the duty of loyalty

and the duty of care, just as corporate direc-

to the LLC and its mem-

tors and officers owe fiduciary duties to the corporation and its shareholders.

9. The members of the LLC can also set forth in their operating agreement provisions governing decision-making procedures. For instance, the agreement can include procedures for choosing or removing managers.

10. Members may also specify in their agreement how voting rights will be

apportioned

. If they do not, LLC statutes in most jurisdictions provide that voting rights are apportioned according to each member’s capital contributions Some jurisdictions provide that, in the absence of an agreement to the contrary, each member has one vote.

11. The dissolution of the LLC is similar to a partnership and can occur

for any of the same reasons. It must also be followed by a winding up

to put the LLC officially out of business. However, a winding up need not follow a dissolution if the remaining members want to continue the LLC.

6.2.1. Слова из текста:

tax advantages – налоговые льготы, налоговое преимущество apart from – независимо от articles of organization – свидетельство о (государственной) регистрации органи-

зации (свидетельство, утверждаемое государственными органами и подтверждающее существование компании с ограниченной ответственностью;

аналогично свидетельству о регистрации корпорации) initials – сокращение из начальных букв registered agent – регистрационный агент (специальное лицо, указываемое в уч-

редительных документах предприятия) permanency – непрерывность, стабильность, долговечность perpetual – бессрочный, постоянный, непрерывный transferability – возможность передачи прав, передаваемость прав владения operating agreement – операционный договор (соглашение управляющих LLC, в

котором описаны права и обязанности управляющих и членов; аналог ус-

тава в корпорации) closely held – находящиеся в руках (владении, управлении) немногих лиц be passed through – подлежать сквозному налогообложению (принцип налого-

обложения, согласно которому субъектом налогообложения является не

компания, а ее владельцы, т. е. груз налогообложения снимается с компа-

нии и возлагается на ее владельцев, которые присоединяют доход от при-

читающейся им части компании к своим частным доходам и платят подо-

ходные налоги исходя из общей суммы своих доходов; используется в ос-

новном при налогообложении партнерств) flexibility – универсальность, трансформируемость, приспособляемость

setting-up of a company – создание компании annual fee – годовой денежный сбор ineligible – неподходящий, непригодный, не имеющий права member-managed – управляемый непосредственно самими акционерами компа-

нии manager-managed – управляемый представителями (менеджерами или директо-

рами) designate – устанавливать, назначать на должность fiduciary duties – обязательства по доверенности, траст-обязательства, фидуци-

арные обязанности или обязанности доверенного лица duty of loyalty – обязанность соблюдать лояльность duty of care – обязанность (руководства компании) блюсти интересы акционе-

ров; обязанность добросовестного ведения дел apportion – соразмерно распределять, пропорционально делить capital contribution – доля участия в капитале, участие в капиталовложениях winding up – прекращение деятельности компании и распродажа ее имущества;

распределение активов компании среди ее кредиторов и членов, предшест-

вующее ее роспуску

6.3. Выполните следующие задания:

1) Прочитайте и переведите текст.

2) Составьте 5 ‘специальных вопросов’ (Special Questions или WQuestions) к тексту, используя информацию из Приложения 1 с комментариями о структуре вопросительного предложения в английском языке. Будьте готовы в ходе занятия задать другим студентам свои вопросы по содержанию прочитанного текста.

3) Составьте список из 7-9 ключевых слов из представленного ниже текста.

4) Подготовьте 5-7 утверждений, выражающих основное содержание данного текста; будьте готовы озвучить эти утверждения в ходе аудиторного занятия.

Forms of Business: a Corporation

1. A corporation is an artificial being, existing in law only and neither tangible nor visible. People involved in a corporation traditionally play differ-

ent legal roles: incorporators, shareholders, directors, officers, employees.

Shareholders

corporation; thus they are the owners of the business. A board of directors elected by the shareholders, manages the business and employs officers to oversee day-to-day operations and to exercise reasonable supervision over corporate employees.

or stockholders are the individuals or groups that invest in the

2. A corporation as an artificial being is entirely separate from its shareholders, directors, officers and employees. This separation gives the corporation life of its own and the responsibility and accountability to the law that are attri- butable to a natural person.

Classifications of Corporations

The classification of a corporation depends on its location, purpose, or

ownership characteristics.

3. Domestic and foreign/alien corporations:

–Adomestic corporation

where it was incorporated

: established or headquartered.

–Aforeign corporation state but does its business in other states. Thus, the same American corporation in the USA would be considered a foreign corporation in all other states except for the state of incorporation. A foreign corporation does not have an automatic right to do business in a state other than its state of incorporation. It normally must obtain a certificate of authority business. Once the certificate is issued, the powers conferred on a corporation by its home state can be exercised in the other state. Corporations formed in foreign countries are called in America as alien corporations

4. Public and private corporations:

–Apublic corporation litical or governmental purpose.

– Private corporations private benefit. Most corporations are private. Although they may serve a public purpose, such as a public utility persons rather than by the government.

5. Publicly held or closely held corporations:

–Apublicly held corporation number of people and are widely traded.

–Aclosely held corporation shareholders, who may be subject to restrictions in the transfer of their shares to others.

6. For-profit and nonprofit corporations:

–Afor-profit corporation business which will return a profit

– Corporations formed without a profit-making purpose are called nonprof- it or not-for-profit corporations. A nonprofit corporation is a corporation formed to carry out a charitable

, educational, religious, civic, artistic, literary or scientific purpose. A nonprofit can raise funds money and donations from individuals and companies. Unlike regular corporations, however, nonprofit corporations do not have shareholders or owners. Nonprofits are owned by no one person or group of persons and cannot be sold.

is an entity that does business within the state

in the USA is a corporation that is formed in one

in any jurisdiction in which it plans to do

is one formed by the government to meet some po-

, however, are created either wholly or in part for

does, private corporations are owned by private

is one whose shares are owned by a large

– one that is owned by a small number of

is a corporation that is intended to operate a

to the owners.

by receiving public and private grant

Advantages and Disadvantages of Corporations

7. Operating as a corporation has its advantages and disadvantages, and

they are usually the exact opposite of those for a partnership.

8. Unlike the partnership, a corporation continues its operations despite changes in ownership. The death of an owner (stockholder) rarely results in the termination of a corporation, unless it is a one-stockholder corporation.

9. Another advantage of the corporation is ease of transfer of ownership. To transfer stock, a stockholder need only sign the stock certificate it to the new owner. Transfer of a partnership interest usually requires a complicated contract and the approval of the other partners.

10. Centralized management partnership, all partners have a right to participate in management, and they usually take part. In a corporation, management functions are delegated to a small group of officers who can act on behalf of a large group of owners.

11. The most important advantage of the corporate form is limited liability. A stockholder is shielded from any amounts in excess of exception to the benefit of limited liability may occur when a court finds out that the corporation (or its stockholders) is using the corporate form solely to avoid liability or to commit a fraud against potential creditors. Then the court may do what is known as “pierce the corporate veil fully liable for debts or losses of the corporation.

12. One disadvantage of corporations is the expense and complication volved in incorporating and operating. Setting-up of a corporation takes time and involves the expense of incorporating, the issuance of stock

recordkeeping keep complicated records, take minutes records, and file different types of tax returns.

13. Another disadvantage of corporations is the double taxation holders pay. Corporations, unlike partnerships, are considered legal entities, separate from their owners. As a result, they pay income taxes at the corporate level. In addition, the stockholders are taxed on the dividends they receive from the corporation.

14. Government regulation and control is another disadvantage of corporations. Partnerships are relatively free from administrative regulation. Corporations are subject to much control, including the filing of reports, issuance of stock, and payment of dividends.

for and payment of taxes, and so forth. The corporation must

the stockholder’s investments in the corporation. The

is another advantage of corporations. In a

liability for corporate losses or judgments for

” and make stockholders

of meetings, maintain employee

and transfer

in-

to raise capital,

that share-

Termination

15. Termination of a corporate life has two phases. Dissolution is the legal death of the artificial “person” of the corporation. Liquidation is the process by which corporate assets are converted into cash and distributed among creditors and shareholders according to specific rules of preference.

16. Dissolution. Dissolution of a corporation can be brought about in any of the following ways:

– an act of the legislature in the place of incorporation; – expiration

of the time provided in the certificate of incorporation; – voluntary approval of the shareholders and the board of directors; – unanimous action by all shareholders; – court decree

17. Sometimes, an involuntary dissolution

of a corporation is necessary. The authorized public officer in the state of incorporation may ask a court to dissolve a corporation for any of the following reasons:

– the failure to comply with administrative requirements; –theprocurement

of a corporate charter through fraud or misrepresenta-

tion on the state;

–theabuse of corporate powers

(ultra vires acts).

18. Liquidation (winding up). When dissolution takes place by voluntary

action, the members of the board of directors act as trustees

of the corporate assets. As trustees, they are responsible for winding up the affairs of the corporation for the benefit of corporate creditors and shareholders. This makes the board members personally liable for any breach of their fiduciary trustee duties.

19. Liquidation can be accomplished without court supervision unless the members of the board do not wish to act in this capacity, or unless shareholders or creditors can show cause to the court why the board should not be permitted to assume the trustee function. In either case, the court will appoint a receiver

to wind up the corporate affairs and liquidate corporate assets. A receiver is always appointed by the court if the dissolution is involuntary.

основные источники информации: Emerson R.W. Business Law: Business Review Books. 4-th ed. New York: Barron’s Educational Series, 2004; Miller R.L., Cross F.B., Jentz G.A. Essentials of the Legal Environment. 3-d ed. Mason: South-Western, Cengage Learning, 2011; Goldman A., Sigismond W.D. Business Law: Principles and Practice. 8-th ed. Mason: South-Western, Cengage Learning, 2011.

6.3.1. Слова из текста:

neither tangible nor visible [‘naıðər ‘tændʒəbəl no: ‘vızəbəl] – неосязаемый и

незримый shareholder – акционер; пайщик, владелец акции, держатель акций board of directors – совет директоров, правление компании, дирекция employ – принимать на работу, давать работу corporate employee – служащий корпорации attributable – присущий, свойственный domestic corporation – местная корпорация (корпорация, основная деятельность

которой осуществляется в стране, где она создана и зарегистрирована) incorporated – зарегистрированный в качестве корпорации, оформленный в ка-

честве юридического лица headquarter – размещать управление; размещать головной офис

foreign corporation – 1) корпорация другого штата (корпорация, зарегистриро-

ванная в другом штате или образованная по законам другого штата, а не

того, в котором она действует); 2) иностранная корпорация, иностранное

юридическое лицо certificate of authority – разрешение на право производства операций; документ,

удостоверяющий какое-либо право alien corporation – иностранная/зарубежная корпорация (зарегистрированная в

другой стране или учрежденная по законам другой страны, независимо от

того, где она фактически осуществляет свою деятельность) public corporation – 1) государственная корпорация; муниципальная корпора-

ция; 2) открытое акционерное общество (акции такой корпорации свобод-

но продаются и покупаются на фондовом рынке) private corporation – 1) частная корпорация (корпорация, учреждаемая и финан-

сируемая частными лицами, в отличие от государственной корпорации,

учреждаемой государственными органами; частные корпорации подразде-

ляются на коммерческие и некоммерческие); 2) частно-правовая корпора-

ция (не имеющая права на публичную продажу акций) public utility – предприятие коммунального хозяйства publicly held corporation – открытая корпорация, корпорация открытоготипа;

корпорация, акции которой доступны широкой публике; акционерное об-

щество с широким владением акциями closely held corporation – закрытая корпорация (закрытое акционерноеобщест-

во, не имеющее права на публичное размещение акций, с небольшим ко-

личеством акционеров) profit corporation ≈ for-profit organization ≈ commercial organization –

коммерческая фирма, коммерческая организация return a profit – приносить прибыль nonprofit corporation – некоммерческая корпорация; некоммерческая организа-

ция (НКО) – юридическое лицо, не имеющее основной целью извлечение

прибыли и не распределяющее прибыль между участниками (в противопо-

ложность коммерческим) charitable – благотворительный civic – общественный raise funds – привлекать капитал, собрать денежные средства stock certificate – сертификат акции, свидетельство на акцию centralized management – централизованное управление, централизованное ру-

ководство is shielded from – защищён от in excess of – превышающий, сверх, больше чём pierce the corporate veil – снять корпоративную защиту expense and complication – материальные затраты и бюрократические трудности issuance of stock – выпуск акций recordkeeping – учёт, ведение записей

take minutes – вести протокол employee records – отчетность (документация) о наёмных работниках tax return – налоговая декларация double taxation – двойное налогообложение, повторное взимание налога expiration – истечение срока court decree – судебное постановление involuntary dissolution – принудительная ликвидация procurement – получение, приобретение abuse of corporate powers – злоупотребление правами юридического лица trustee – лицо, распоряжающееся имуществом на правах доверительной собст-

венности; доверенное лицо receiver – судебный распорядитель; официальное лицо, назначенное судом, для

ликвидации компании

6.4. Выполните следующие задания:

1) Прочитайте и переведите текст.

3) Составьте список из 7-9 ключевых слов из представленного ниже текста.

Ownership of a Corporation: Shareholders

1. A person achieves ownership in a corporation by acquiring title to one or more shares of stock person may obtain shares of stock by subscription of incorporation, or shares may be obtained in other ways, such as by gift or purchase from another shareholder.

2. Stock certificates. A stock certificate is a certificate issued by a corporation that evidences ownership of a specified number of shares in the corporation. Shareholders have the right to demand that the corporation record their names and addresses in the corporate stock record books – stock ledgers

3. The ownership right exists independently of the certificate itself. A stock certificate may be lost or destroyed, but ownership is not destroyed with it. A new certificate can be issued to replace one that has been lost or destroyed. No- tice of shareholder meetings, dividends, and operational and financial reports are all distributed according to the recorded ownership listed in the corporation’s books, not on the basis of possession of the certificate.

. Owners are known as shareholders or stockholders. A

either before or after the date

4. Preemptive rights. A preemptive right is a preference given to a shareholder over all other purchasers to subscribe to or purchase a prorated

share of a new issue of stock. This allows the shareholder to maintain his or her portion of control, voting power, or financial interest

in the corporation.

5. Dividends. A dividend is a distribution of corporate profits or income

ordered by the directors and paid to the shareholders in proportion to their respective shares in the corporation. Dividends can be paid in cash, property, stock of the corporation that is paying the dividends, or stock of other corporations.

6. Shareholders’ powers. The acquisition of a share of stock makes a per-

son an owner and shareholder in a corporation. Shareholders thus own the corporation. As a general rule, shareholders have no responsibility for the daily management of the corporation. They are, however, ultimately responsible for choosing the board of directors, which does have that control through its appointment of officers. Election and removal of directors are accomplished by a vote of the shareholders.

7. Shareholders must approve fundamental changes (mergers

, consolida- tions and acquisitions) affecting the corporation before the changes can be effected. Shareholders must approve amendments to the articles of incorporation and bylaws, they must approve a merger or the dissolution of the corporation, and they must approve the sale of all or substantially all of the corporation’s assets. Some of these actions are subject to prior board approval.

8. Shareholders’ meeting. Shareholders’ meetings must occur at least an-

nually. Additionally, special meetings can be called to take care of urgent mat- ters. Because it is not practical for owners of only a few shares ofstock of publicly traded corporations to attend shareholders’ meetings, such stockholders normally give third parties a written authorization to vote their shares at the meeting. This authorization is called a proxy stockholders’ meeting in person

, this acts as a revocation of the proxy.

. If the stockholder attends the

9. Shareholder voting. Shareholders exercise ownership control through

the power of their votes. Each shareholder is entitled to one vote per share. The articles of incorporation can exclude or limit voting rights, particularly to certain classes of shares.

10. Corporate business matters are presented in the form of resolutions,

which shareholders vote to approve or disapprove. For shareholders to act, a

quorum

(a minimum number of shareholders, in terms of the number of shares held) must be present at a meeting. Generally, a quorum is more than 50 percent.

11. Once a quorum is present, a majority vote

of the shares represented at the meeting is usually required to pass resolutions. At times, a greater-thanmajority vote will be required either by statute or by corporate charter.

12. Inspection rights. The shareholder’s right of inspection

is limited to

the inspection and copying of corporate books and records for a proper purpose,

provided the request is made in advance. Either the shareholder can inspect in person, or an attorney, agent, accountant, or other type of assistant can do so.

13. Liability of shareholders. One of the distinguishing features of the

corporate organization is that shareholders are not personally liable for the debts of the corporation. If the corporation fails, shareholders can lose their investments, but that is generally the limit of their liability. In certain instances of fraud, undercapitalization

, or careless observance of corporate formalities, a court will “pierce the corporate veil” and hold the shareholders individually liable. These situations are the exception, not the rule, however.

основные источники информации: Ashcroft J., Ashcroft J. Law for Business. 17-th ed. Mason: South-Western, Cengage Learning, 2011; Miller R.L., Cross F.B., Jentz G.A. Essentials of the Legal Environment. 3-d ed. Mason: SouthWestern, Cengage Learning, 2011.

6.4.1. Слова из текста:

shares of stock – акции, пай акционерного капитала subscription – соглашение о намерении приобрести ценные бумаги первона-

чального (или нового/дополнительного) выпуска

stock ledger – книга записи акций (учетный реестр, в котором отражается ин-

формация о текущих владельцах акций, о количестве акций у каждого вла-

дельца, о выпуске новых и погашении старых акций и т. п.) notice of shareholder meeting – уведомление о собрании акционеров dividends – дивиденды, прибыль по акциям preemptive right – преимущественное право акционеров на вновь выпускаемые

акции prorated – пропорциональный, соответствующий financial interest – участие в финансировании капиталовложений daily management – повседневное руководство, оперативное управление ultimately – в конечном итоге merger – корпоративное слияние, присоединение, поглощение (объединение

двух или более компаний без изменения юридического лица приобретаю-

щей компании) consolidation – слияние, укрупнение; соединение в одно целое двух или не-

скольких компаний; реорганизация, когда две или более корпорации объе-

диняются в новую корпорацию acquisition – приобретение компании путем скупки на бирже ее акций, прово-

димое с ее ведома urgent matter – неотложное дело, срочный вопрос proxy – 1) доверенность: письменно удостоверенное право голосовать от имени

акционера на общем собрании акционеров; 2) лицо, которому доверено го-

лосовать от имени акционера на общем собрании компании (юридическая

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