V. Speech practice exercises

1. A) Read and translate the text:

The formation of a corporation can be costly. You must obtain a corporate charter - a legal document that formally establishes a corporation. It usually requires the services of a lawyer and payment of legal fees. Each state has a specific procedure for incorporating a business. Companies needn’t be large to incorporate. Most states require at least three incorporators – the individuals who create the corporation – which opens incorporation possibilities to small businesses.

Another requirement is that a new corporation must adopt a name dissimilar from those of other businesses. Most states require that the name must end with the words Company, Corporation, Incorporated, or Limited to show that the owners have limited liability. The limited risk of corporate ownership is clearly reflected in corporate names throughout the world. While the names of many U.S. and Canadian corporations end with Inc., British firms use the Ltd. abbreviation to identify their limited liability. In Australia, the abbreviation for proprietary limited – Pty. Ltd. – is frequently included in corporate names.

B) Scan the text to determine whether these statements are true or

false. Give your reasons.

e.g. In my opinion it is true that … / I’m afraid it is false that … because …

1. No special document is necessary to establish a corporation.

2. You’ll need the services of a lawyer if you want to incorporate.

3. Companies must be large to incorporate.

4. Most states require only one incorporator.

5. A new corporation can adopt any suitable name.

6. The name of a corporation must end with the words Company, Corporation,

Incorporated, or limited.

7. The names of many U.S. and Canadian corporations end with Ltd.

8. British firms use the Untd. abbreviation to show their unlimited liability.

2. Translate into English:

1. Владелец частного предприятия сохраняет за собой всю прибыль, ко­то­рая облагается налогом по индивидуальной ставке. Владелец платит один подоходный налог.

2. В США около 18-ти миллионов предприятий единоличной собст­вен­ности, но они самые малые по размеру и объёму деловых операций.

3. Примерно две трети предприятий частной собственности в США зарабатывают менее двадцати пяти тысяч долларов в год.

4. Единоличный владелец принимает собственные решения и имеет полный контроль над компанией.

5. Предприятия единоличной собственности предлагают преимущества, которые другие экономические единицы предложить не могут.

6. Во многих странах адвокатам, врачам и бухгалтерам не разрешается создавать акционерные компании, только партнёрства с неограниченной ответственностью.

7. Товарищество не является юридическим лицом, отделённым от своих владельцев.

8. Полные (главные) партнёры несут неограниченную ответственность за долги предприятия, но они управляют компанией и получают бóль­шую долю прибылей.

9. Каждый партнёр может специализироваться в особой области знаний, такой как маркетинг, производство или бухгалтерский учёт.

10. В отличие от частного предприятия и товарищества, корпорация является отдельным юридическим лицом.

11. Акционеры, или владельцы корпорации, пользуются преимуществом ограниченной ответственности. Они не несут персональной ответст­венности за долги корпоративной единицы.

12. Частное предприятие может перестать существовать, когда владе­лец умирает, в то время как корпорация имеет неограниченную про­дол­жительность жизни.

13. Помимо ограниченной ответственности, корпорации обладают преи­му­ществом ликвидности (liquidity), которая означает, что инвесторы мо­гут легко превращать свои акции в наличность.

14. 500 крупных корпораций США являются частными корпорациями, находящимися во владении частных лиц или компаний.

15. Такие корпорации, как General Motors, IBM, Coca-Cola представляют собой холдинговые компании, владеющие рядом дочерних компаний.

3. Read the dialogues, reproduce them and make up your own.

A)

Mike - Hi, Jim! Haven’t seen you for ages. I’ve heard you left for Europe some years ago. How’s everything?

Jim - Not bad. Glad to meet you, Mike. You see, I’ve been living in France for two years. I’ve been on business there. How are you?

Mike - Pretty good, thanks. I’ve recently inherited a small business – a restaurant – and I’m going to operate it.

Jim - That’s great! But isn’t it a little risky? I’ve just read a newspaper article about private companies and think it is dangerous and difficult business.

Mike - Sure, but I’ve always wanted my own place. I’m eager to become the sole proprietor. In order to succeed in business one needs to take a few risks – calculated risks of course.

Jim - But as the sole proprietor you are entirely responsible for your success or failure, aren’t you? If your losses prove to be greater than your investment, you are responsible for paying them. If you fail, you will lose everything you own, even your family’s home!

Mike - I hope I won’t! I’ve been taking lessons in business school for a year and I’ve been taught much! Doing business is not an easy thing of course, but in the long run it’s not gods that fire pots.

Jim - I like your optimism, Mike. Well, what about taxes?

Mike - Here I gain an advantage. I will pay fewer taxes and at a lower rate than a corporation does. And one more thing! As the proprietor, I can make my own decisions without having to consult others. Nobody can poke their nose into my business. You’ve probably heard people say, “I like being my own boss.”

Jim - That sounds optimistic! But you have to do a lot to succeed in this town. What are you going to start with?

Mike - I’ve been thinking it over ever since I became the sole proprietor. I have grandiose plans – well, to reconstruct the hall, to paint the walls pink and white, to buy new furniture and cooking equipment, to …

Jim - To get a skillful and talented chief! That’s the first thing you should do, I suppose. By the way, I’m not bad at cooking.

Mike - Really?

Jim - Do you know what I’ve been doing in France for the last two years? I’ve been practicing French cuisine in a fashionable Paris restaurant and I’ve been named a “blue ribbon chief” recently. Well, now I’m thinking of coming back home soon.

Mike - Sounds fantastic!