Text 1.
Types of Businesses in the U.K.
Pre-reading tasks
1. Suggest a purpose for reading the text.
2. What can the text be about? Give your own predictions.
Most businesses in the United Kingdom operate in one of the following ways:
sole trader
partnership
limited liability company
branch of a foreign company.
The sole traderis the oldest form of business. There are many one-man owners, for example: a fanner, doctor, solicitor, estate agent, garage man, jobber, builder, hairdresser etc. The partnershipis a firm where there are a few partners. They are firms of solicitors, architects, auditors, management consultants etc. The names of all the partners of the firm are printed on the stationery of a partnership. The most common type of company in the United Kingdom is the limited liability company.At the end of the name of such a company the word Ltd. is used. For example: Wilson and Son Ltd. Many of such companies are joint-stock companies owned by shareholders. Limited liability companies are divided into public and private ones. Only public companies may offer shares to the public at the stock exchange. The names of such companies end in p.l.c.which stands for public limited company. For instance: John and Michael p.l.c. Private limited companies may not offer shares to the public. The names of such companies end simply in Ltd. A branch of a foreign companyis a part of a company incorporated outside Great Britain but acting under the law of the U.K. Usually these companies act in the U.K. under their normal foreign names.
All partnerships and companies are regulated by the law of the U.K. or by Acts of Parliament, and are to be registered with the Registrar of companies. In order to be registered they are to deliver a few documents, namely:
a certified copy of the company's charter
statute
memorandum and others. When a company is registered a certificate of incorporation is issued by the Registrar. Here is one of the cerificates:
Duplicate for the file No 989855. Certificate of Incorporation
I hereby certify that the Goldflelds, Limited is this day incorporated under the Companies Acts, 1962 to 2010, and that the Company is Limited. Given under my hand at London this tenth day of July two thousand and ten.
Fees and Deed Stamps 15,200, 00
Stamp Duty on Capital 13,510.00
Registrar of Joint Stock Companies
Certificate received by Stephen Low
65 London Wall, E.C.,
Date 13 May, 2010
Text-study
I. Learn the following words
partnership
liability
limited liability
limited liability -
company
solicitor
estate
estate agent -
jobber ,
stationery
joint-stock company
shareholder ,
exchange
stock exchange
to incorporate
under the law
II. Answer the following questions:
1. What is the most common type of company in the U.K.?
2. Are all limited liability companies joint-stock companies?
3. What can you say about the types of the following companies:
Fine Furniture Ltd.
General Foods p.l.c.?
III. Translate into English:
1. , .. .
2. .
3. .
4. , .
5. , , .
