Forms of Business Ownership
РАЗДЕЛ 17
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ownership n собственность; право собственности; владение
corporate ownership акционерная собственность
benefit n прибыль, выгода; польза, полезность, благо; преимущество; пособие syn advantage
benefit v приносить пользу, выгоду, прибыль; получать пользу, помощь
to benefit from smth извлекать выгоду из чего-л.
proprietorship собственность; право собственности
sole proprietorshipсобственность, имеющая одного владельца; единоличная собственность (владение)
proprietor n собственник, владелец, хозяин
partnership n участие, партнерство; товарищество, компания
failure n неудача, провал, неблагоприятный исход; банкротство, несостоятельность
failv терпеть неудачу; не сбываться, не удаваться; терпеть крах, обанкротиться; оказаться неспособным сделать что-л.
activity n деятельность
activities pl деятельность, действия (в определенных областях), показатели (в экономических исследованиях)
prohibit v запрещать; препятствовать
to prohibit by law запрещать законом
drawback n недостаток; препятствие, помеха
syn disadvantage
undesirable adj нежелательный; непригодный, неподходящий
ant desirable adj желательный; пригодный, подходящий
personal adj личный, персональный
personally adv лично, персонально
liable adj связанный обязательством, несущий ответственность
to be liable for smth нести ответственность, отвечать за что-л.
syn to be responsible for smth
unlimited adj неограниченный
unlimited liability неограниченная ответственность (акционера)
ant limited ограниченный; подлежащий ограничению
limited liability ограниченная ответственность (акционера)
limit v ограничивать
syn to restrict
hire v нанимать на работу
syn to employ
dissolve v ликвидировать, расформировывать, прекращать деятельность
retire v выходить в отставку; оставлять должность; уходить на пенсию
establish v создавать, организовывать; основывать, учреждать; постановлять, устанавливать (законом)
syn to create, to set up
recover v возвращать, получать обратно; возмещать
to recover debts взыскивать долги
joint-stock adj акционерный
joint-stock company акционерное общество (компания)
double adj двойной, удвоенный; состоящий из двух частей
double v удваивать, увеличивать вдвое
file v амер. подавать, предоставлять документы
Forms of Business Ownership
Business is a commercial enterprise performing all those functions that govern the production, distribution, and sale of goods and services for the benefit of the buyer and the profit of the seller. Since the beginning of the era of economic progress old ways of running business have been modified, and new forms of business organization have been introduced. This has enabled various branches of industry to adapt to changing conditions and to function more easily, efficiently and profitably, sole proprietorship, partnership, and corporation being the main three forms of business ownership.
A sole proprietorship is a business owned by one person, in which all the profits belong to the owner, the latter being fully responsible for the success and the failure of the business. Unless an activity is specifically prohibited by law, no field of business is closed to an owner. Although advantages for the small business exist in this form, certain drawbacks make it undesirable for larger concerns. In the first place, the single owner is seldom able to invest as much capital as can be obtained by a partnership or a corporation. If single owners are able to invest large amounts of capital, they run-great risk of losing it all because they are personally liable for all the debts of their businesses. It is due to unlimited liability that all the personal assets of the owner, including his home and car, can be sold to settle the debts of the business. Unless the owner has much personal wealth, the business may have difficulty borrowing money in critical times. A sole proprietorship may also have difficulty hiring and keeping good employees, because the business will dissolve when the owner retires or dies.
A partnership is an association of two or more persons who have agreed to combine their financial assets, labour, property, and other resources as well as their abilities and who carry on a business jointly for the purpose of profit. The agreement the partners usually sign to form an association is known as a partnership contract and may include general policies, distribution of profits, responsibilities.
Like the sole proprietorship, the partnership is easy to establish, and its profits are not subjected to federal corporation taxes. Financing is generally easier to obtain because the personal assets of the group are usually larger and the chances of success are higher. The major disadvantage of the partnership is unlimited liability of each partner for the debts of the business, that is, complete financial responsibility for losses. Furthermore, partners who wish to retire may find it difficult to recover their investments without dissolving the partnership and ending the business.
A business corporation is an organization created by law that allows people to associate together for the purpose of making profit. Corporations are also known as joint-stock companies because they are jointly owned by different persons who receive shares of stock in exchange for an investment of money in the company. Shares represent fractions of the company's assets such as cash, equipment, real estate, manufactured goods, etc.
Though the corporation is more difficult and expensive to organize than other business forms, it has a number of advantages. First, investors can limit their personal liability to the amount of money they have invested, thus, if the corporation goes bankrupt, they can lose no more than they have put in. Second, money to operate the business is obtained by the sale of stocks to the general public and this enables the corporation to exist independently of its owners. The corporation also finds it easier to borrow money from banks and it is also a successful means for attracting large amounts of capital and investing the latter in plants, modern equipment and expensive research. Salaries large corporations can offer to managers and specialists are high and that allows corporations to hire professional and talented employees.
The great drawback of the corporate form of ownership is double taxation of profits which means that business corporations must pay taxes on their net income, and then the shareholders are to pay taxes on the income they receive as dividends on their stock. Different kinds of reports to be filed to federal and state regulatory agencies about the corporation activity can also be considered as another disadvantage of this business form. However, in terms of size and influence it is the corporation that has become the dominant business form existing in most countries with free market economy.
2. Вставьте в предложения пропущенные слова: this, that, these, those. Обратите внимание на различные функции этих слов в предложении.
It is due to the transnational corporations (TNC) ... American private capital is exported abroad, especially to ... countries which are called the Third World countries. The direct private investments in ... countries increased by 150 percent between 1970 and 1983. Although in the 1990s the USA limited its new investments into the economy of ... countries ... didn't prevent American corporations from obtaining high profits. In ... way the USA received through the TNC additional means for its economic development, as well as for new profitable investments. It is known ... the transnational make their investments in ... branches which they consider the most profitable ones. But their policies don't often agree with the development programmes in ... or ... country. In accordance with the policy ... the TNC have established they themselves decide what, how and for whom goods are to be produced. And ... policy is undesirable as it threats the economic plans of many states because the interests of the TNC often come into conflict with ... of national economic development.
3. Вставьте в предложения следующие глаголы в соответствующей формеto hire, to file, to establish, to recover, to retire, to double, to dissolve, to be liable, to prohibit, to benefit, to limit
1. The head of the Sales Department... from the company after 30 years of service.
2. Foreign direct investment in Mexico economy practically ... from $2.6 billion in 1990 to $5.4 billion in 1992, most of American investment having been spent in such sectors as retail, food and drink production.
3. As American corporations grew and became more powerful, the Congress adopted the Sherman Anti-trust Act in 1890 which ... any combinations and conspiracy (тайный или преступный сговор) among companies in ... trade.
4. Although the producer can have an advantage in the production of diverse commodities, he is sure ... economically from specialization in the production of a particular good.
5. The company's manager makes a lot of important decisions concerning ... and firing (увольнять) employees, distributing duties among them, evaluating the company's activities.
6. It has been calculated that the companies can ... its expenses on technological improvements within a year.
7. According to the generally adopted laws, all companies must... annually reports relating to their profits, assets, liabilities, etc.
8. The Council of Mutual Economic Assistance founded in 1960 united the Soviet Union and the six communist countries of Eastern Europe but it... in the 1990s.
9. In 1978 the UK government... a special agency to help worker cooperatives with technical advice.
10. Shareholders ... not personally ... for the failure or debts of the business.