- •Изучаем основы бизнеса down to business
- •Часть 1 Хабаровск
- •Введение
- •I. TextWhat is Business?
- •Input – transformation – output
- •Vocabulary
- •Comprehension questions
- •II. Vocabulary practice exercises
- •Sale of goods
- •III. Speech practice exercises
- •Sam. – Look, many people would like to start a business. It involves
- •Vocabulary notes
- •IV. Brush up your grammar a. Grammar Review Exercises
- •I. Text types of economic systems
- •Vocabulary
- •Comprehension questions
- •II. Vocabulary practice exercises
- •III. Speech practice exercises
- •Key word – combinations
- •Vocabulary notes
- •IV. Brush up your grammar
- •A. Grammar Folio
- •The Passive Voice
- •Страдательный (пассивный) залог
- •B. Exercises
- •I. Text economic entity assumption
- •Sole Proprietorships
- •Partnerships
- •Advantages and Disadvantages of a Partnership
- •Corporations
- •Advantages and disadvantages of a corporation
- •Vocabulary
- •Exhibit 3.1. Prevalence and Profits of the Three Forms of Business Ownership
- •Comprehension questions
- •II. Vocabulary practice exercises
- •III. Speech practice exercises
- •Vocabulary notes
- •Vocabulary notes
- •Vocabulary notes
- •IV. Brush up your grammar a. Grammar Folio The Present Perfect Continuous Tense
- •B. Exercises
- •I. Text labour market
- •Exhibit 4.1. Sector of the us Economy
- •Exhibit 4.2. Shift in Employment by Industry Sector
- •Vocabulary
- •Comprehension questions
- •II. Vocabulary practice exercises
- •III. Speech and writing practice exercises
- •Curriculum Vitae
- •C.S.E.* Maths, English, Geography, History, Chemistry 1987
- •Interests:
- •Commentaries
- •Interests: __________________________________________________
- •Vocabulary notes
- •IV. Brush up your grammar a. Grammar Folio The Past Perfect Tense
- •B. Exercises
- •I. Text nature of accounting
- •A Typical Finance Department
- •Vocabulary
- •Comprehension questions
- •II. Vocabulary practice exercises
- •III. Speech practice exercises
- •IV. Brush up your grammar
- •B. Exercises
- •I. Text financial statements
- •Balance Sheet
- •Vocabulary
- •Comprehension questions
- •Income Statement
- •Vocabulary
- •Comprehension questions
- •Statement of Cash Flows
- •Vocabulary
- •Comprehension questions
- •II. Vocabulary exercises
- •III. Speech and writing practice exercises
- •Exhibit 6.1. Balance Sheet for Computer Discount Warehouse
- •Exhibit 6.2. Income Statement for Computer Discount Warehouse
- •Exhibit 6.3. Statement of Cash Flows for Computer Discount Warehouse
- •Prepare the financial statements at May31 for David Palmer, Attorney at Law.
- •Vocabulary notes
- •IV. Brush up your grammar
- •A. Grammar Folio
- •The Modals and Their Equivalents
- •To have to
- •B. Exercises
- •Supplementary texts for translation text 1 people who made a fortune
- •Vocabulary notes
- •Text 2 upbeat on russia
- •Vocabulary notes
- •Text 3 mergers and acquisitions
- •Vocabulary notes
- •Text 4 shareholders
- •Vocabulary notes
- •Text 5 starting up business in russia
- •I. Professional Overview of the Russian Recruiting Market
- •II. Professionals Most Demanded by Western Companies in Russia
- •Vocabulary notes
- •Text 6 along scientific lines
- •Vocabulary notes
- •Text 7 auditing
- •Vocabulary notes
- •Text 8 the changing accounting profession
- •Vocabulary notes
- •Список литературы
- •Содержание
Partnerships
If several individuals wish to go into business together they can form a partnership. A partnership is a legal association of two or more people as co-owners of a business for profit. In most respects a partnership is similar to a sole proprietorship except that more than one owner is involved. Although a partnership, like a proprietorship, is not a separate legal entity, for accounting purposes the partnership affairs must be kept separate from the personal activities of the partners. The partners share profits, losses, and usually the management responsibilities as well. A partnership might remain a small, two-person operation, or it might grow into an international business with thousands of employees.
Partnerships are of three basic types. In a general partnership, all partners are equal by law, and all are liable for the business’s debts. In a limited partnership, one or more people act as general partners who run the business, while the remaining partners are passive investors (that is, they are not involved in managing the business). These partners are called limited partners because their liability is limited to the amount of their capital contribution. In a master limited partnership (M L P), firms act like corporations, selling partner units on a stock exchange. All partnerships are taxed at personal rates.
When a partnership is created there should be an agreement – the legal document setting forth the partners’ rights and responsibilities. A key element of the partnership agreement is the buy/sell agreement, which defines what will happen if one of the partners dies.
Partnerships are often used to organize retail and service-type businesses, including professional practices (lawyers, doctors, and accountants)
Advantages and Disadvantages of a Partnership
Advantages |
Disadvantages |
Combining skills and resources of two or more individuals
Ease of formation
Freedom from governmental regulations and restrictions
Continuous life (new partners can be drawn into the business to replace those who die or retire)
Profits are taxed at personal rates.
|
The unlimited liability of the active partners
Interpersonal problems (disagreements between partners; each partner wants to be responsible for managing the business)
|
Corporations
A business organized as a separate legal entity under state corporation law and having ownership divided into transferable shares of stock is called a corporation. Unlike sole proprietorships and partnerships, a corporation’s legal status and obligations exist independently of its owners. They are not personally liable for the debts of the corporate entity. The ease with which stockholders may transfer all or part of their shares to other investors at any time (i.e. sell their shares in the securities market) adds to the attractiveness of investing in a corporation. Because ownership can be transferred without dissolving the corporation, the corporation enjoys an unlimited life.
Corporations have most of the legal rights of a person, including the right to conduct business, to own and sell property, to borrow money and to sue or be sued.
In a corporation, ownership and management are separate. The shareholders or owners of the company’s stock (shares in the company) elect the board of directors, who in turn elect the officers of the corporation. The corporate officers carry out the policies and decisions of the board. In practice, the real power in a corporation usually rests with its chief executive officer (CEO), who is responsible for establishing company policies and supervising the activities of the corporation.
No other form of business ownership can match the success of the corporation in bringing together money, resources, and talent, in accumulating assets, and in creating wealth. While the combined number of proprietorships and partnerships in the United States is four times the number of corporations, the revenue produced by corporations is more than two times greater. Corporations account for 70 percent of the profits earned by U.S. businesses.
A company needn’t be large to incorporate. Most corporations are relatively small. The big ones, however, are really big. The 500 largest corporations in the United States have combined sales of over $5 trillion and employ well over 10 million people.
Corporations have evolved into various types. The first distinction is whether a company is public or private. The exhibit below shows major types of corporations. The most visible corporations are the large, private ones, such as General Motors, IBM, and Coca-Cola, but other types are also common.
TYPE |
DEFENITION |
EXAMPLE |
Government-owned corporation
|
Business formed by federal or state government for a specific purpose
|
Local school districts; Dam systems |
Quasi-government corporation
|
Public utility with a monopoly on providing basic public services
|
Local phone service: electricity, water, natural, gas
|
Private corporation
|
Business owned by private individuals or companies
|
General Motors |
Not-for-profit corporation |
Charitable, educational, and fraternal organizations
|
Harvard University |
For-profit corporation |
Company in business to make a profit
|
IBM
|
S corporation
|
Corporation with no more than 75 owners whose profits are taxed at personal income tax rates
|
Inland Asphalt |
Limited liability company (LLC)
|
Organizations that combine the benefits of S corporations and limited partnerships: LLC’s existence is restricted to 30 years.
|
Realatech |
Parent company
|
Company that owns most, if not all, of another company’s stock and that takes an active part in managing that other company
|
General Electric; 27 subsidiеries include NBC, GE Spacenet and GE Capital Services
|
Holding company
|
Company that owns most, if not all, of another company’s stock but that does not actively participate in the management of that other company
|
Intermark
|
Subsidiary corporation
|
Corporation that is entirely, or almost entirely, owned by another corporation, known as a parent company or holding company
|
Taco Bell, a subsidiary of PepsiCo |