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Vocabulary

incorporation – 1) объединение, корпорация;

2) регистрация корпораций

entity – организация

headquarters – главное правление (фирмы)

to be sued – преследоваться в судебном по­рядке

shareholders – акционеры, пайщики, владельцы акций

stock – акции

contractual agreement – контракт, договор

to oversee – наблюдать, следить

to be held liable – нести ответственность

to be accountable – нести ответственность

employment taxes – налог на фонд заработной платы

continuity of life – непрерывность существования

overall taxes – суммарные налоги

to incorporate a firm – оформить юридический статус фирмы как корпорации

to comply with regulations выполнять предписания (правила)

1. Answer the questions on the text:

  1. What is a corporation?

  2. Why is a corporation considered to be unique?

  3. Who are the owners of a corporation?

  4. What is necessary to form a corporation?

  5. Who oversees the major policies and decisions?

  6. What are the advantages of corporations?

  7. What are the disadvantages of corporations?

2. Guess what is meant by the following:

  1. being the only one of its kind; unlike anything else;

  2. establishment of a firm, formation of a company;

  3. a general term for any institution, company, corporation, partnership, government agency, university, or any other organization which is distinguished from individuals;

  4. owners of shares in a company;

  5. the capital raised by a business or corporation through the issue and subscription of shares;

  6. a group of people comprising the governing body of a corporation;

  7. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit;

  8. the unbroken and consistent existence or operation of something over a period of time;

  9. entire compulsory contribution to state revenue, levied by the government on workers' income and business profits;

3. Translate the sentences, define the tense form of the predicate and compose special questions.

1. The owners of a corporation are its shareholders.

2. The corporation has a life of its own.

3. Corporations can raise additional funds through the sale of stock.

4. Corporations are monitored by federal, state and some local agencies.

5. Shareholders can only be held accountable for their investment in stock of the company.

6. The shareholders of a corporation hold an election to choose people who have been nominated to direct or manage the corporation as a board.

4. Translate the following sentences; define the meaning of the modal verbs. Make the sentences active or passive, if possible.

1. A corporation can be taxed.

2. Offi­cers can be held personally liable for their actions.

3. Corporations may have more paperwork to comply with regulations.

4. Incorporating may result in higher overall taxes.

5. A corporation's liability for damages or debts must be limited to its assets.

6. Major policy decisions must be made by resolution of the Board.

5. Write one sentence with each verb, using the phrases from the text: to be sued; to oversee; to incorporate; to comply with; to elect; to require; to monitor; to tax; to withhold; to charter.

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