1) Practice the reading and pronunciation of the following words
| individual | [ indi`vidjυәl ] | lawyer | [ `lo:jә ] |
| proprietorship | [ prә`praiәtә∫ip ] | accountant | [ ә`kauntәnt ] |
| purpose | [ `pә:pәs ] | share | [ ∫εə ] |
| debt | [ det ] | earning | [ `ә:niŋ ] |
| liability | [ laiә`bilәti ] | lose | [ lu:z ] |
| major | [ `meidʒә ] | entity | [ `entity ] |
2) Match the right and the left columns of the table
| 1. | business | a. | (.) |
| 2. | individual or sole proprietorship | b. | |
| 3. | for legal purposes | c. | |
| 4. | limited liability partnership | d. | , , |
| 5. | property | e. | |
| 6. | an entity | f. | , () |
| 7. | stock | g. | , , |
| 8. | to trade | h. | |
| 9. | earnings | i. | , , |
| 10. | board of directors | j. |
3. Read and translate the following verbs, divide them into two groups (regular / irregular), write down all three forms of the given irregular verbs.
To pay, to share, to own, to exist, to decide, to remain, to sell, to buy, to use, to keep, to hold, to spread.
4. Listen to the text and fill in the gaps
| Businesses are structured in different ways to meet different needs. The simplest form of business is called an individual 1 or sole proprietorship. The proprietor owns all of the property of the business and is responsible for everything. For legal purposes, with this kind of business, the owner and the company are the same. This means the proprietor gets to keep all of the profits of the business, but must also pay any debts 2. | |
| Another kind of business is the partnership. Two or more people go into business together. An agreement3 is usually needed to decide how much of the partnership each person controls. One kind of partnership is called a limited liability partnership. These have full partners and limited 4 partners. Limited partners may not share as much in the profits, but they also have less responsibility for the business. | |
| Doctors, lawyers and accountants 5 often form partnerships to share their risks and profits. A husband and wife can form a business partnership together. Partnerships exist only for as long as the owners remain alive. The same is true of individual proprietorships. But corporations are designed to have an unlimited life-time 6. A corporation is the most complex kind of business organization. Corporations can sell stock as a way to raise money. Stock represents shares of ownership in a company. Investors who buy stock can trade 7 their shares or keep them as long as the company is in business. | |
| A company might use some of its earnings to pay dividends as a reward to shareholders. Or the company might reinvest the money back into the business. If shares lose 8 value, investors can lose all of the money they paid for their stock. But shareholders are not responsible for the debts of the corporation. A corporation is recognized as an entity - its own legal being, separate from its owners. | |
| A board of directors controls corporate policies. The directors appoint top company officers. The directors might or might not hold shares 9 in the corporation. Corporations can have a few major shareholders. Or ownership can be spread among the general public. But not all corporations are traditional businesses that sell stock. Some non-profit 10 groups are also organized as corporations. |
5. Read and translate the text.
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6. Find in the text the English equivalents of the following words and word combinations, learn them by heart.
7. Translate the following sentences into English. Use the verbs from ex. 3.
. . . . , . . . . . . . (flyers/ leaflets).
8. Find in the text the sentences with the following verbs in passive voice, read and translate them. Make up your own sentences with the verbs.
To be called, to be needed, to be designed, to be recognized.
9. Read and learn the following words paying attention to the ways of word-building.
Property - proprietor - proprietorship
To own - owner - ownership
To invest - investor - investment
To limit - limit - limited - unlimited
10. Answer the following questions
1) What is the simplest form of business called?
2) Do limited partners have less responsibility for the business?
3) How do partners define the share of responsibility of each partner?
4) How long do partnerships exist?
5) Why can corporations sell stock?
6) When can investors lose all of the money they paid for their stock?
11. Translate the following questions into English
1) ?
2) ,
3) ?
4) ?
5) ?
6) ?
7) ?
8) ?
12. Translate the following sentences into English. Use the words given in brackets.
. . , . (to be organized; in different ways; the simplest; individual proprietorship; owner; be responsible for; profits; pay; debts)
- . . . . (another; responsibility; to form; to share; one of; to be called; limited liability partnership)
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. . . . . . . . (complex; kind of business; unlimited lifetime; sell; stocks (shares); to raise money; shareholders; corporate policy; a board of directors; to appoint; also; to use; further development).
