Vocabulary focus

Ex.1. Find the English equivalents in the text.

Отримувати прибуток; нести збитки; фінансова незалежність; успіх і самореалізація; активи (власність) компанії; уразливість перед судовими позовами; величезна більшість компаній малого бізнесу; управляти компанією; найбільш гнучка та адаптована форма; оподатковувати корпорації; мати необмежену відповідальність; брати на себе відповідальність; з точки зору закону; залучати висококваліфікованих працівників; спільно володіти власністю; укласти юридичну угоду; довід на користь; стимул стати партнером; нести спільну та індивідуальну відповідальність у випадку банкрутства; недолік/вада; розбіжності між партнерами; викликати конфлікти; обирати раду директорів; здійснювати нагляд над чимось; мати явні переваги; видобувати/знаходити додатковий капітал; передавати власність; надавати інформацію; підлягати подвійному оподаткуванню.

Ex.2. Give Ukrainian equivalents of the following words and phrases.

To do business; profit potential; size and nature of the business; level of control; to have advantages and disadvantages; to have day-to-day responsibility; to be in complete control over smth; to dissolve the business; to be adaptable to smth; on the less bright side; to assume personal responsibility; to be one and the same with the business; to raise funds; to distinguish between smth; to resolve disputes; to contribute time and capital; prospective employees; threat of potential disagreement; to affect smth adversely; unique entity; one of the weightiest advantages; incorporated/unincorporated business; to be created under a government charter; to impose tax on dividends; to prevent smb from (doing) smth.

Ex.3. Give three forms of the following verbs. Find the sentences with these verbs in the text.

Bring, suffer, do, make, choose, have, own, run, keep, react, pay, attract, buy, take, contribute, raise, give, tax, sue, hold, transfer, sell, mean, grow.

Ex.4. Match the words on the left with the definitions on the right.

1	sole proprietorship	a	the state of being legally responsible for smth
2	securities	b	a formal written statement of the principles and aims of an organisation; a legal document created when a corporation is formed (US)
3	liability	c	the group of people chosen by shareholders to control a company
4	shareholder	d	a business that is owned by a group of professional people who work together and share the profits
5	charter	e	a business that is owned and run by one person
6	liabilities	f	things of value that a person or a company owns, such as money or property
7	board of directors	g	an amount of the profits that a company pays to shareholders
8	entity	h	a financial asset, such as a share or bond
9	to incorporate	i	a person or group that owns shares in a company or business
10	dividend	j	the amount of money that a company or a person owes
11	assets	k	to form a legal company or organisation, for example, by obtaining a certificate from the authorities
12	entrepreneur	l	a business that exists as a separate unit and has its own legal identity
13	partnership	m	a person who makes money by starting or running businesses

Ex.5. Make up verb+noun collocations (there may be several variants).

to have	(a) business
to do	losses
to make	a responsibility
to earn	advantages and disadvantages
to levy	decisions
to suffer	a drawback
to assume	taxes
to pay	funds
to run	a partnership
to raise	(a) profit
to establish	capital
to invest

Ex.6. Fill in the gaps in the following verb collocations with appropriate prepositions or adverbs.

To base the choice _____ one’s vision; to have responsibility _____ running the business; to adapt _____ changes; to place a special tax _____ corporations; to distinguish _____ the business and its owners; to admit potential partners _____ the partnership; to attract prospective employees _____ the business; to be created _____ the government charter; to be subject _____ double taxation.

Ex.7. Choose the appropriate word or phrase to complete the following sentences.

Shareholders, flexible and adaptable, drawback, corporate tax, dividends, share the ownership, advantages and disadvantages, securities, sole proprietorships, a board of directors, unlimited liability, choosing its structure, a government charter.

1. One of the most important decisions to be made in organizing a new business is __________ .

2. Different forms of business organisation – sole proprietorships, partnerships and corporations – have their __________ .

3. Most small businesses start out as __________ .

4. A sole proprietorship is __________ to changing times.

5. A sole proprietor has __________ for his business’s debts.

6. In a partnership, partners __________ of a single business.

7. A partnership does not pay __________ like corporations.

8. A serious __________ of partnerships is the threat of potential disagreement among partners.

9. The owners of a corporation are its __________ .

10. The shareholders elect _________ to oversee the major policies and decisions.

11. Corporations have wider opportunities to raise capital through selling its _________ .

12. Corporations are to be created under __________ .

13. In addition to corporate tax, income tax is levied on shareholders’ __________.

Ex.8. Combine two parts logically to make complete sentences.

1	The choice of the form of a business organisation is based on	a	all income generated by the business to keep or reinvest.
2	A sole proprietorship is owned by one person, who has day-to-day responsibility for	b	for the actions of the other partners.
3	Sole proprietors receive	c	information about their finances and activities.
4	Sole proprietors may have problems in	d	between the business and its owners.
5	In a partnership, the law does not distinguish	e	when ownership changes.
6	Partnerships are relatively easy	f	attracting high-calibre employees.
7	Prospective employees may be attracted to a partnership	g	the entrepreneur’s vision regarding the size and nature of the business.
8	Partners are jointly and individually liable	h	only for their investment in the stock of the company.
9	Management conflicts in a partnership caused by disagreements may	i	running his business.
10	A corporation does not dissolve	j	to double taxation.
11	Shareholders are held accountable	k	to establish.
12	Corporations are subject	l	adversely affect the business.
13	Open (public) corporations are to disclose	m	if given the incentive to become a partner.

Ex.9. Look through the text again and replace the words in bold with the linking words and phrases given below.

In view of, first and foremost, besides, like, at the same time, obviously, to start with, since, it is a fact that..., in order to..., generally.

1. An entrepreneur may choose to incorporate his business so that he could prevent his creditors from pursuing his personal assets.

2. Shareholders have limited liability for the corporation’s debts. In general, they are accountable only for their investment in the stock of the company.

3. Considering various requirements, sole proprietorships, partnerships and corporations have their advantages and disadvantages.

4. A partnership pays only ordinary income tax because the co-owners use the profits gained as their personal income. Concurrently, they are jointly and individually liable for the actions of the other partners.

5. If we enumerate advantages of a sole proprietorship, more than anything else it is the easiest and least expensive form of ownership. In addition to this, it does not have to pay special taxes placed on corporations.

6. Clearly, corporations have a number of disadvantages. In the first place, the process of incorporation is costly and time-consuming.

7. Similar to proprietorships, in partnerships the law does not distinguish between the business and its owners.

8. It is well known that a lot of partnerships are dissolved at crisis times.

Ex.10. Translate into English.

1. Вибір організаційної форми бізнесу заснований на уявленні підприємця про розмір і характер майбутньої компанії.

2. Існують різні організаційні форми бізнесу: одноосібне підприємництво, партнерство, акціонерна компанія.

3. Більшість компаній малого бізнесу починають свою діяльність як одноосібні підприємці.

4. Одноосібне підприємництво − найлегша і найменш дорога форма організації.

5. Така форма є більш гнучкою і пристосованою до змін на ринку.

6. Недоліком є той факт, що одноосібний підприємець несе необмежену відповідальність за зобов'язання фірми.

7. Важливим аргументом на користь партнерств є те, що їм легше залучати додаткові фінансові кошти.

8. Партнерства платять звичайний прибутковий податок, оскільки співвласники можуть використовувати прибуток компанії як особистий дохід.

9. Акціонерна компанія (корпорація) розглядається законом як самостійне підприємство, окреме від його власників.

10. Власниками такої компанії є її акціонери, які обирають раду директорів для управління компанією.

11. Однією з вагомих переваг є обмежена відповідальність акціонерних компаній.