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7. Answer the following questions:

1. What principle may businesses be classified to?

2. What companies work in the manufacturing sector?

3. What companies work in the service sector?

4. What companies work in the private/public sector?

5. What is a private enterprise?

6. When is a private company considered to be nationalized?

7. When is a company considered to be privatized?

8. What companies are the first to be sold off in a privatization programme?

8. What is the difference between:

a manufacturing sector- a service sector

a private sector – a public sector;

nationalization – privatization.

DISCUSSION

1. Which is the most interesting to work in:

a manufacturing sector, a service sector.

Choose one of the sectors and speak about the advantages and disadvantages of working there.

2. If you were to choose where to work, would you prefer a public sector or a private sector? Why?

3. Read and translate the following sentences

1. This business could be a gold mine if it were properly developed.

2. If you think Walsh will ever repay you , you are mistaken; I am afraid you’ve put your money on the wrong horse.

3. We are in deep water; we may have to sell the shop to pay our debts.

4. Peter has blued all the money you gave him on gambling and drink.

4.Comment on the proverb:

‘ In giving a man receives more than he gives.’

10

TEXT 3: OWNERSHIP

Vocabulary

join (v) об’єднуватися, приєднуватися

purpose мета

unlimited liability company компанія з необмеженою відповідальністю

limited liability company компанія з обмеженою відповідальністю

be liable for бути відповідальним за

debt борг; зобов’язання

assets майно, активи

sole trader/sole proprietorship одноосібна власність

partnership/general partnership товариство

private limited company (BrE)/ закрита акціонерна компанія

limited liability company (AmE)

public limited company (BrE)/ відкрита акціонерна компанія з

listed company (AmE) обмеженою відповідальністю

shareholder акціонер

share акція

wealth матеріальні цінності, багатство

offer (v) пропонувати

public громадськість

stock exchange фондова біржа

Ownership

A business is an organization of material, human, financial, and informational resources that are joined together for a specific purpose. Not all businesses are owned and organized in the same way.

In unlimited liability companies the owners are personally and entirely liable for the debts of the company. This means they may lose their personal assets (e.g., their house or their car) if the company is in financial difficulties.

In a limited liability company (Ltd.) the owners are liable only for the amount of money they have invested in the business.

Unlimited liability companies are subdivided into sole traders (BrE)/sole proprietorship (AmE) (a type of business organization owned and run by one person) and partnerships (BrE)/general partnerships(AmE) (a firm run by two or more partners). A lot of professional people like lawyers, accountants and so on, work in partnerships.

Limited liability companies are subdivided into private limited companies (Ltd) (BrE)/limited liability companies (AmE) and public limited companies (PLC) (BrE)/listed companies (AmE). A private limited company/limited liability company is a company which has shareholders (people who own the wealth of a company) but which cannot offer its shares to the public.

A public-limited company/listed company is a company whose shares can be bought and sold (publicly traded) on the stock exchange.

Notes: A public limited company is privately owned. It is not run by the state.

11

EXERCISES

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