II. Select the necessary word in the sentence.

1. Partnership very often receive...      

from the government.

2. Limited partnership is a common form of ownership in...

3. Partnerships have many..., one is that they receive tax benefits from the government.

4....are the partners with unlimited liability.

5....has the authority in management but he is not known to public.

6. A secret partner takes part in...

7. General partners have...

8. One advantage of a partnership is that it offers a multiple source of...

9. A partnership can bring much... to the partners. 

A secret partner

B unlimited liability

C real estate

D general partner

E advantage

F profit

G capital

H management

I tax benefits   

 

 

Dialogue

(Two friends Susan and Maurice; are having supper in a

Restaurant)

Maurice    Haven't seen you for a long time. What have you             been busy with?

Susan I've been pretty busy. Do you know my friend

Nora? I went into business with her.

Maurice Really? How is it going on?

Susan Fine, thanks. We get along very well, and the shop

is attracting more and more customers.

Maurice It sounds well. How many partners are there in your

business?

Susan There arc two of us and I am very pleased about it.

I've made a right choice. Nora's background is in

accounting. She is very good at keeping the books.

Maurice And you?

Susan You know I always liked talking. I guess I am rather

good with customers. 1 enjoy selling things.

Maurice Well, it sounds interesting. 1 believe you don't run a

risk in your business.

Susan We haven't had many problems, although 1 suppose

all business can be risky. As partners we are both

liable.

Maurice Did you both put the same amount of money into your business? Do you mind my asking?

Susan        No. we didn't invest the same amount of capital. But I think we've combined our resources very well. I think if s good for both of us.

Maurice    It seems really so. That is one advantage of general partnership. You can invest less capital than your partner - even no money at all. But you as a partner can contribute  important services or skills, sometimes just a name or a reputation.

Susan        Indeed.

Maurice    How did you arrange to distribute profits and losses?

Susan        We share them equally. We hope to be in business

for a long time.

Maurice    Nice for you. Now you seem lo know a lot  about

business.

Susan        Not everything yet but the subject becomes quite

technical.

Maurice I am glad to hear it. It's time lo go now. See you

later. Bye.

Exercises.

I. Transform the sentences according to the model.

Model: Susan is a woman. She does the books. Susan is a woman who does the books.

1. Partners are people. They have unlimited liability.

2. This is my partner. He often runs a risk,

3. He is a shop-assistant. He gets along well with all the

customers.

4. Susan is a partner. She puts a big amount of money into

business.

5. Jean is my friend. She has the background of accounting,

6. Barbara is my partner. She knows how to attract

customers.

7. Tom is a partner. He is good at selling.

8. Jack is my friend. He is a secret partner of my business.

9. Helen is my friend. She had supper with Jack in the restaurant.

II. Answer the questions.

1. What do you want to be busy with?

2. Do you want to go into business alone or with a partner?

3. With what partner do you get along well? 4.Imagine you run a shop. What will you do to attract

customers?                                                                        I

5. Do you need to consult a lawyer, to make a right choice

when starting the business.

6. What is your background?

7. Are you a careful person, or do you like to run a risk?

8. How can you combine the resources with your partner?

9. What services and skills can you contribute in your

business?

10.How will you distribute profits and losses in your

partnership?

11.What kind of partner would you like lo be: a general

partner or a limited partner? Why so?

 

III. Make the sentences negative.

Model: I am going into business.

I am not going into business.

1. Your business is receiving the tax benefits.

2. Your partnership is running the great risk.

3. We are getting along quite well with my partner.

4. They are going to be general partners.          

5. The partners are sharing profits and losses with each other.                                                             6. Their partnership is losing their profit every month.

 

IY.     Put up four questions of different types (general, special, disjunctive, alternative) to each sentence.

Model: The partners are getting along quite well.

1. Are the partners gelling along quite well?

2. Why are the partners gelling along quite well?

3. The partners are getting along well, aren't they?

4. Are the partners getting along well or badly?

1. Jane is doing the books in our firm.

2. We are putting the same amount of money into business.

3. My brother is investing his money in the private cafe.

4. They are distributing the losses unequally.

5. We are combining resources very well.

YI Make up the dialogue.

Consult the lawyer how to form a partnership. Use your active vocabulary.

Unit 9

 

 Text. CORPORATIONS

 

A business corporation is an institution established for the purpose of making profit. It is operated by individuals. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock-holder.

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 offer 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.

Exercises

I. Answer the questions.

1. Who can own a corporation?

2. Is a corporation necessarily larger than a sole proprietorship?

3. What are the advantages of the corporate form of ownership?

4. What can you say about the disadvantages of the corporate form of ownership?

5. Do the corporations issue stock to stockholder?

6. What kind of corporations usually don't issue the stock?

7. What world-known corporations do you know?

8. What types of business usually take the corporate form of ownership?

 

II. Choose the necessary word and put it in the sentence.

1. What kind of... is better buying stock or buying real estate?

2. To attract greater financial... the company issues the stock.

3. A university can be... corporation.

4. The partners didn't put the same... into business.

5. The group of people from different countries are going to... a corporation.

6. The Red Cross is an international... organization.

7. I want to buy some... in IBM and General Motors.

8. An educational... usually reinvests all its money.

 

A charitable

B stock

C resources

D institution

E investment

F nonprofit

G amount

H of capital

I to establish

 

Dialogue

Secretary Good afternoon.

Steve Good afternoon. I'd like to see Mr. Jackson. We have an arrangement with him. My name is Mr. Watson.

Secretary Just a minute, please. I'll let him know you are here.

Secretary Thanks.

Secretary Mr Jackson is waiting for you. Do you know where his office is?

Steve Oh sure, thank you.

Jackson Hello, Steve, it's so nice to see you. Sit down, Please.

Steve Thanks, Nick. How arc you getting on?

Jackson Quite all right, thanks. And what about you?

Steve Everything is all right too. In fact I want to talk to you about my business.

  Jackson Oh, I'll be glad to do something for you.

Steve Well, Nick. I need some legal advice. John and I are

thinking of incorporating.

Jackson You are going to expand, aren't you? It seems that

your partnership has been doing very well.

Steve Oh, yes. We have a success. Now some businessmen

are interested in investing with us. So could you

explain me what sort of legal procedure I have

to follow to form a corporation?

Jackson At first you have to apply for a corporate charter.

Steve Well?

Jackson Let me get this straight. You want to issue and sell stock in exchange for investment capital, don't you?

Steve Exactly.

Jackson After you obtain the charter the stockholders, as owners, hold a meeting to organize the corporation.

Steve Does that mean we elect our Board of Directors, adopt bylaws and choose the company's officers?

Jackson Thai's what I mean. Though (he officers of ihe company supervise daily management, the stockholders always have final authority. They vole at annual meetings.

Steve         Yes, I see it. By the way, does a corporation have

limited liability?

Jackson     It does. Il also has the right to own property, to buy and sell and right to sue and be sued.

Steve         I sec. The corporation acts like a person. It has the

right of an individual.

Jackson   You are right.

Steve         O.K. Why don't we get together for a game of golf

one day next week?

 

Exercises

I. Transform the sentences according to the model.

Model: We are the company officers.

       We supervise daily management.

       We, as the company officers, supervise daily management.

1. My friends are the stockholders of IBM corporation. They

hold annual meetings.

2. These businessmen are the organizers of this corporation. To issue and sell stock in exchange for investment capital.

3. A corporation is the owner of the property. It has limited liability.

4. Dick is a manager. He wants to form a corporation.

5. A corporate charter is a certificate of incorporation. A charter is granted by a state officer.

6. The stockholders are the owner of the corporation. They have final authority in management of the company.

7. The owners of the corporation are the stockholders. The owners of the corporation must vote.

II. Transform the sentences according to the model.

Model: We organized our corporation a year ago (to invest much  money).

We have been investing much money since we organized our company.

1. They became company officers (to supervise daily management).

2. My friend bought the stock of the company five years ago (to make money).

3. They received the corporate charter a month ago (to plan a meeting).

4. We advertised the application last week (wait for reply).

5. He became a member of the Board of Directors (work hard).

6. We elected a new Board of Directors last month (plan change).

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