Types of blisiiness

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. It 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.

But a partnership is not a legal entity separate from its owners; like sole traders, partners have untimited liability: in the case of bankrupcy, a partner with a personal fortune can lose it aIl. Consequently, the majority of businesses are limited companies (US = corporation), in which investors are only liable tor 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.)

In Britain, most smaller enterprises are private limited companies which cannot otter 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 public a prospectus and offer its shares tor sale on the open stock market. In America, there is no legal distinction between private and public limited corporations, but the equivalent. of public limited company is one registered by the Securities and Exchange Commission.

Jobs and careers

In different countries, different conventions apply to the process of job application and incerviews^In most parts of the world, it's common ro submit a typed or laser-printed CV (curriculum vitae - British English) or resume (American EnglishJ.^This contains all the unchanging information about you. your education, background and work experience. This-usually accompanies a letter of application, which in some countries is expected to be handwritten, noc'word-processed. A supplementary information sheet containing information relevant ro this particular job may also be required, though this is nor used iri some countries.

Many companies expect all your personal information to be entered on a standard application form. - Unfortunately, no two application forms are alike, and filling in each one may present unexpected difficulties. Some personnel departments believe that the CV and application letter give a better impression of a candidate than a form.

There are different kinds of interviews: traditional one-ro-one interviews, panel interviews where one or more candidates are interviewed by a panel of interviewers and even 'deep-end' interviews where applicants have to demonstrate how they can cope in actual business situations. ^The atmosphere of an interview may vary from the informal co the formal and interviewers may take a friendly, neutral or even hostile approach. Different interviewers use different techniques and the only rules rhar applicants should be aware of may be 'Expect the unexpected' and 'Be yourself^.

Progress interviews are interviews where employees have a, chance ro review the work they are doing and co set objectives for the fururePSuch interviews usually take place after a new employee has been working with a company for several months, and after that they may take place once or twice a year.

In different countries, and in different trades and o different grades, the salary that goes with a job may be only parr of the package: exrra benefits like a company car or cheap housing loans, bonuses paid in a 'thirteenth month1, company pension schemes, free canteen meals, long holidays or flexible working hours may all contribute ro the attractiveness of a job.