Описание
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TYPES OF BUSINESS ENTITY
Features of sole traders and partnerships
A sole trader is exactly what it sounds- one person managing their own business. This person can employ as many workers as he wishes but does not share the finance, control, decision-making or profit with anyone else. This form of legal organization has unlimited liability. This means that there is no limit to the business debts for which the owner is responsible.
Responsibility extends to the possibility of having to sell private possessions to pay off the business debts. This form of organization is only simple for small, simple businesses with few employees and little capital.
A partnership is a way of sharing with others the managerial and financial responsibility for a business. Legally a partnership must consist of between 2 or 20 partners. Partnerships, like sole traders, usually have unlimited liability although limited partnerships are possible.
A partnership allows people to share capital and skills and expertise. More finance is available because all the partners can contribute. Although all the partners are responsible for the business’s debts, one partner is not liable for another’s private debts.
Vocabulary Notes
sole trader — компания в индивидуальной собственности
unlimited liability — неограниченная ответственность
business debt — долги компании
partnership — товарищество
managerial &financial responsibility — административная и финансовая ответственность
contribute — вносить
liable for private debts — ответственность за личные долги
Questions to the text:
- What is the simplest form of business?
- Does the owner have sole managerial and financial control?
- Are profits shared?
- To what limit does the responsibility of a sole trade extend?
- What is a partnership?
- What is a legal requirement for the number of partners?
- Is unlimited liability of partners an advantage or disadvantage of a partnership?
- What is the main difference between a sole trader and a partnership?
- How do sole traders and partnerships differ?
Complete the text using the words:
Bankruptcy, creditors, issue, liability, losses, partnership, file, sole trader, financial, premises, capital, corporation
- The simplest form of business is the individual proprietorship or (1) ………: for example, a shop or a taxi owned by a single person. If several individuals wish to go into business together they can form a (2) ………; partners generally contribute equal capital, have equal authority in management and share profits or (3) ……… In many countries, lawyers, doctors and accountants are not allowed to form companies, but only partnerships with unlimited (4) ……… for debts. But a partnership is not a legal entity separate from its owners; like sole traders, partners have unlimited liability: in case of (5) ………, a partner with a personal fortune can lose it all. Consequently, the majority of businesses are limited companies (US=(6) ………), in which investors are liable for the amount оf 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. (7) ……… do not get their money back.)
- B. Founders of companies have to write a Memorandum of Association (in the US, a Certificate of Incorporation), which states the company’s name, purpose, registered office or premises and authorized share (8) ……… (9) ……… (always with an ’s’ at the end)- is the technical term for the place in which a company does its business: an office, a shop, a workshop a factory , a warehouse, etc.
Authorized share capital means maximum amount, a particular type of share the company can (10) ……… Founders can write Articles of Association (US=Bylaws), which set out rights and duties of directors and different classes of shareholders. Companies’ memoranda and articles of association, and annual (11) ……… statements are sent to the register of the companies, where they may beinspected by the public. (A company that (12) ……… its financial statements late is almost certainly in trouble).
Translate into English Using Passive Voice and Constructions with Non-Finite Forms of the Verb
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