1. Insert correct types of business structures from the box into the spaces in the following descriptive examples.

Sole Trader (UK) or Sole Proprietor (US) Partnership (UK)

Private Limited Company (UK) Private Limited Company (UK)

1. When two or more people want to start a business together they can set up a and agree on how the business will be operated. 2. All partners are responsible for the debts of the and profits and losses are shared between them. 3. A company can be formed with a minimum of two people becoming its shareholders. In order to establish such a company specific administrative procedures must be followed. For example, the shareholders must appoint a director and a company secretary. If the company goes out of business, the responsibility of each shareholder is limited to the amount that they have contributed. This is known as limited liability. A has the letters Ltd. (Limited) after its name. 4. This is the simplest way of starting a business. In you are self-employed and entirely responsible for all aspects of the management of your business. 5. Finance for usually comes from the individual’s own savings or from family and friends. 6. Typical include tradesmen such as plumbers, electricians, television repair people etc. 7. Typical - are the well known national and international companies like Vodafone and Corus. 8. A is owned by shareholders. It must have £50,000 of capital when founded, and may allow its share to be bought by the general public (though it does not have to). 9. are typically found in professional services such as accountants, solicitors, doctors, dentists etc, where the partners can share expertise and skills. 10. A has the most extensive access to capital, which is good, though it may be taken over, which is bad.

2. Read the text “The idea man” on page 108 of nIiB sb and answer the following questions.

1. What has been the specific talent of Roger Foster for more than 30 years? 2. What was Foster’s initial educational background in accounting? 3. How was the success of ACT marked in 1979? 4. Which corporation launched production of the first microprocessors? 5. When were Apricots most widely sold in the UK? 6. Which market proved unfriendly for Apricots in 1985 and why? 7. How much did the US sortie cost ACT? 8. Why was shifting to IBM standard so important? 9. What companies did Foster begin to buy after selling his Apricot business? 10. What conflict paralyzed the work of ACT board of directors in 1995? 11. What was Foster’s latest brainchild? 12. Why does he call it his “swansong”?

3. Read the text about Andrew Klein on page 110 of nIiB sb and frame questions to which the following words and phrases provide the answers.

1. The director of Spring Street Brewing Company. 2. With the idea of bringing a Belgian beer to the American market. 3. The original approach to finding the necessary capital. 4.The advantages of using the Internet as a means to attract investment capital. 5. For $200 a month. 6. To finance and promote their own business in the similar way. 7. In several major cities in the US. 8. That consumer demand for his company products will continue to rise. 9. Some of the more exotic beers.

4. Listen to the dialogue “A Potential Partnership Meeting” and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

A Potential Partnership Meeting

Flavio: Thanks for meeting with me.

Marcia: It’s my pleasure. We’re eager to hear your ideas about our companies doing business together in the future.

Flavio: Well, I wanted us to meet because I think our two companies can create great synergy.

Marcia: I agree. What do you have in mind?

Flavio: We seem to have core capabilities that complement each other, and I want to see how we can create a partnership that would be to our mutual benefit.

Marcia: Yes, that’s why I’m here. I think we’re thinking along the same lines.

Flavio: Good. I’m glad to hear that. If we can pull off a partnership, we could really dominate the market.

Marcia: Yes, I think that’s true, too, but let’s get beyond the preliminaries. What kind of business model do you have in mind?

Flavio: Well, that’s why I wanted to meet with you. I’d like to get your perspective on that.

Marcia: I see. When your company approached us about working together, we were under the impression that you had some concrete ideas to present.

Flavio: Oh, we do. I just wanted to get your suggestions before we present a formal proposal.

Marcia: Let’s do this. Why don’t you send me a proposal in writing and I’ll make sure that we give it our full consideration.

Flavio: We’ll do that. Thanks for your time.

Marcia: Don’t mention it.

(From ESL Podcast 304.)