- •Forms of business organisations
- •I. Make a list of international words. Learn their correct pronunciation and meanings.
- •II. Give Russian equivalents to the following word combinations. Use a dictionary:
- •III. In each of the following, select the word or phrase that best completes the statement or answers the question.
- •IV. Guess the forms of business according to their advantages and disadvantages.
- •V. Match the words with their definitions.
- •VI. Read the text attentively. Give a short definition to each of the legal forms of business organization. Make a list of their distinctive features (characteristics), advantages and disadvantages.
- •VII. Answer the questions to discuss the details of the text. Use the text for reference.
V. Match the words with their definitions.
transfer, sue, capital stock, entity, advance, profit sharing, endeavour, interest, sole proprietorship, partnership
A payment of part of a sum due before receipt of the goods.
The price paid for the use of money such as by a borrower to a lender of money; the money earned by a lender as a reward for allowing the borrower to use his money and for waiting for the repayment of the loan.
The entire shares of a joint-stock corporation (company), the holders of which together form the ownership of the concern.
Association of two or more persons carrying on business together for the purpose of making a profit.
The passing of a right of ownership from one person or organization to another, by an intentional act by a transferor as a sale or gift, or as a result of operation of law, such as bankruptcy or intestacy3.
An arrangement between the owners of a business and its employees by which an agreed share of the profit is paid to each employee over and above his wages or salary.
The one and the only owner of a business. He provides all the capital, bears all the risk, and in return receives all the profits. Such a concern is called a one-man business, although the proprietor may employ a number of people.
An attempt to do a particular thing, especially something new or original.
A complete, separate thing that is not divided and that is not part of anything else.
You start a legal case against someone, usually to claim money from them because they have harmed you in some way.
VI. Read the text attentively. Give a short definition to each of the legal forms of business organization. Make a list of their distinctive features (characteristics), advantages and disadvantages.
VII. Answer the questions to discuss the details of the text. Use the text for reference.
1. Is it difficult to decide what legal form of business to choose? Why?
2.What is a sole proprietor responsible for?
3.What kind of businessmen does the sole proprietorship suit?
4. Why may a sole proprietor decide to form a partnership? May any business have the form of partnership?
5. What advantages are common both to sole proprietorships and partnerships?
6. What types of partners are mentioned in the text?
7.What is represented by a stock-certificate?
8.What person is called a stock-holder?
9.What's the difference between the privately owned business corporation and nonprofit corporation?
10. What do nonprofit corporations do with their profit if they have it?
11. What examples of governmental corporations are given in the text?
1 a person who has invested money in a new company and has a right to a share of the profits but does not take part in managing it
2 deductibility - возможность вычета (напр., сумм, не облагаемых налогом)
3 отсутствие завещания