Study carefully the meaning of the following phrases and word combinations to avoid any difficulty in understanding the following text.

joint stock company – акционерная компания

liability  – ответственность

loss – убыток, потеря

maintenance – эксплуатация

to own — владеть, иметь, обладать

ownership – собственность

partnership – товарищество

to posses – обладать

profit  – доход

to refer to – относиться, ссылаться

to restrict – ограничивать

retail  – розничный

to seize – захватывать

strength – сильная сторона, сила

success – успех

value – способность

sole proprietor — собственник, владелец, частный предприниматель, единоличный собственник

sole proprietorship — собственность, частное предпринимательство                      

to operate — работать, действовать, управлять

failure — провал, неудача

to be responsible for — быть ответственным за что-либо

to deplete — истощать, исчерпывать

personal assets — личный капитал

to make decisions — принимать решения

to pay taxes — платить налоги

incapacity — неспособность

to inherit — наследовать

legally — законно, легально

to save money — копить, собирать деньги

to borrow money — занимать деньги

enterprise — предприятие

to adapt — приспосабливать, адаптировать

to exercise initiative — проявлять инициативу

to be one's own boss — быть самому себе хозяином, начальником

to meet needs — удовлетворять потребности

artisan — ремесленник, мастеровой

weary— уставший, потерявший терпение

accountable — ответственный, подотчетный

THE SOLE PROPRIETOR

This is the simplest and the oldest form of business enterprise and often referred to as the one-person business. A single person provides the capital, takes the decisions, and assumes the risks. He or she is solely responsible for the success or failure of the business and has, therefore, the sole rights to such profits as may be made, or, alternatively, bears the sole responsibility for such losses as may accrue. The strength of this type of firm lies in the direct personal interest of the proprietor in the efficiency of his enterprise. Ownership and control are vested in one person who enjoys all the fruits of success and hence has a great incentive to run the firm efficiency. The great disadvantage of the sole proprietor from an enterprise lies in the fact that the owner is personally liable for the debts incurred by his firm and his liability is unlimited. All his personal possessions are at risk and may be seized to meet creditors demands in the event of the business becoming insolvent. Another disadvantage of this type of firm is the strict limitation of its ability to acquire capital for expansion. Finance is restricted to the amounts which the entrepreneur is able to provide from his own resources and whatever sums he can borrow on his own security. We find the one-person business prevalent in farming, retailing, building, repair and maintenance work, and personal services such as hairdressing.

general partner – общий партнер (несущий полную юридическую ответственность за дело);

silent partner – партнер без права голоса;

secret partner – секретный партнер (с правом голоса, но неизвестный общественности как партнер);

apply for a corporate charter – подавать заявление на корпоративный патент;

company's officers – административные исполнители компании;

sue – возбуждать судебное дело;

profit and loss statement – отчет о прибылях и убытках;

net assets – нетто-капитал, стоимость имущества за вычетом обязательств;

long-term investment – долгосрочный вклад;

be on commission – получать комиссионные с продажи;

verbal agreement – устное соглашение;

purchase order – заказ на покупку;

extra services – дополнительные услуги;

new brand – новая марка (товара);

installation services – услуги по установке;

take title to the goods – приобретать товар как собственность;

agent middleman – посредник между производителем и покупателем.

PARTNERSHIPS

Partnerships are voluntary combinations of from 2 to 20 persons formed for the purpose of carrying on business with a view of profit. A person who joins a partnership, supplying capital and sharing in the profits, but taking no part in the management is known as a dormant or sleeping partner. Partnerships are a common form of business organization in such professions as law, accountancy, surveying, and medicine. The advantages of this type of firm are similar to those of the one-person business; it is a flexible organization which allows a greater degree of specialization than the one-person business. Partners usually specialize in one or more aspects of the business; one may be responsible for buying, one for selling, one for production, and so on. The great disadvantage, like that of the one-person business, is the fact that the liability of the partners is unlimited and they are all fully liable for the acts of the other partners. The survival of partnerships depends upon the continued harmonious relationships between a number of people in situations which often give much cause for disagreement. Thus, where trading risks are very great, the partnership is not a very stable type of organization.

CORPORATIONS

A corporation is a business unit that is legally separate from its owners. A business corporation is an institution established for the purpose of making profit. It is operated by individuals. The ownership being represented by shares of stock in the corporation, the owners do not directly control the operations of the corporations. Instead they elect a board of directors who run the corporation for the benefit of the stockholders. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock-holder. In exchange for a restricted involvement in the corporation’s actual operations, stockholders enjoy limited liability. That is their risk of loss is limited to the amount paid for their shares. If they wish stockholders can sell their shares to other people without affecting corporate operations. Because of this limited liability, stockholders are often willing to invest in riskier, but potentially profitable activities. Also, because ownership can be transferred without dissolving the corporation, the life of the corporation is unlimited and not subject to the whims or health of a proprietor or partner. 

There are several advantages of the corporate form of ownership. The first is the ability to attract financial resources. The next advantage is the corporation attracts a large amount of capital it can invest it in plants, equipment and research. And the third advantage is that a corporation can often higher salaries and thus attract talented managers and specialists.

The privately owned business corporation is one type of corporation. There are some other types too. Educational, religious, charitable institutions can also incorporate. Usually such corporation does not issue stock and is nonprofit. If there is a profit it is reinvested in the institution rather than distributed to private stockholders.

In some western countries, cities, states, federal government and special agencies can establish governmental corporations. A few examples of these governmental corporations are state universities, state hospitals and city owned utilities. Governmental corporations are non-profit as a rule and usually they do not issue stock certificates.

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