2. Look up (lie words you do not know in the dictionary.

3. Fill each gap with a suitable word from ihe box.

4. Form nouns from the following verbs: м want, lo work, to aintrol, to use, to limit, to pay, in cover, to trade, to buy, to call.

e) Say what forms of business organisation are mentioned in the text? 0 How cao businesses raise capital?

g) Explain the concept of liahilil v as applied to the forms of business organisation men­tioned in the text.

owner company entity business profits shares

work problems money employees traded family

Organising a Business

If you want to work for yourself, you can nm your own ... as a sole trader. In that case the business - the sole proprieiorship is owned by one individual. The ... receives all profit, absorbs all losses and is personally liable for any debts incurred by the business. Alternatively, you can ... with other people in a partnership. A partnership is a business owned and operated by two or more individuals, called partners, who divide ... and losses according to some pre­determined ratio. As in the above form of business organisation each partner is personally liable for any debts incurred by the partnership. One can work for a ... (corporation in the US). It is a separate legal .... The behaviour of a company is controlled by laws that cover everything from the name it can use to the way it treats its.... To raise capital companies issue shares. Investors buy these ... and their payments form the company's working capital. The, advan­tage of this arrangement is that each shareholder has limited liability. If the company runs into... the liability of each shareholder is limited lo the amount they paid lor their shares. If the company loses ..., shareholders can lose the money they spent on shares, but they do not have to pay any more to cover the company's debts.

There are two types of company: the private limited company and the public limited company. Shares of private companies are not... on any mar­ket. Private companies are typically... businesses where all the shares are owned by family members. Public limited company shares are openly traded on a market, such as the London Stock Exchange and anyone can buy them.

Grammar Revision Времена (Tenses)

Ex. 24. a) Read the interview, b) Open the brackets using the verbs in the correct form. c) Do the assignment after the interview.

Interview with the Chairman

Reporter: Mr. Chairman, last year... (to be) good for your company? Chairman: Yes, it... (to be), particularly when viewed against the background of the economic downturn in some advanced industrialised countries. R.: Nevertheless, it... (to affecl) you in any way?

Ch.; We ... (to follow) our long-standing strategy of taking shutdowns to bal­ance supply with demand and minimised the negative impact on our vol­ume of operations. As a result, the company's profits before tax ... (to double).

200

201

Unit5

R. What final dividend ... (to be approved) by the Board? Ch. The total dividend was equal to 8 per cent last year. R. Your shareholders must have been happy. What... (lobe) the main line

of your company's activities last year? Ch. We are a diversified finance and trading company. Last year we .,, (fti

continue) to effect conversion, clearing and deposit operations. R. How you ... (to assess) the work of your foreign trade division? Did they

fulfil ail their plans?

Ch. The results of this division were particularly gratifying. The division ... (to be set up) only three years ago. They ... (to manage) to successfully resolve all teething problems. All objectives of'the department... (to be met) last year.

R.: I see you have eveiy reason to be satisfied with the wort of your company. Ch.: Undoubtedly, I have. We ... (to lie proud) of our success. Our Financial

Statements were audited by the Price Waterhouse Company. R.: 1... (to see) the auditor's opinion. Your Financial Statements are in ac­cordance with regulations. Ch.: Yes, and it's important for us. Our shares ... (to be traded) in all major

slock markets. R.: 1 wish you every success, Mr. Chairman. Thank you for the interview.

Words and word combinations you may need

financial statements — финансовая от­четность

audit v — подвергнуть аудиторской проверке

auditor's opinion - аудиторское заклю­чение

economic downturn - экономический спад

shutdown n — -закрытие (предприятия)

diversified adj — многоцелевой, дивер­сифицированный

conversion, clearing and deposit opera­tions — конверсионные, клиринго­вые операции и операции по депо­нированию средств

I. Business Communication

Social English Meeting a Foreign Partner at the Airport

Ivanov: Excuse me, you are Mr. Brown, aren't you? Br.: Yes, that's right, I'm Victor Brown from the World Trade Organi­sation.

Iv.: I'm Ivanov, department head from the Ministry of Trade and Eco­nomic Development. How do you do, Mr. Brown. Br.: How do you do, Mr. Ivanov. Pleased to meet you. Iv,: I'm glad to meet you too. How was your flight? How are you feel­ing after the flight? Br.: Surprisingly, I'm quite well, though I hate flying. The flight was

very pleasant. Iv.: Now, come this way, please. Let me help you with your luggage,

please. Br.: Oh, thank you. Don't bother. I'll manage my luggage myself. My

suitcase is not heavy. I always travel light, you know. Iv.: So do I. Well, the car is outside the airport building. Mr. Brown,

I'll drive you to the Cosmos Hotel and help you to check in. We've

booked a suite for you. The members of your expert mission will

be staying at the same hotel. Br.: Thank you, Mr. Ivanov. Iv.: Now, get into the car and I'll tell you something about Moscow on

our way to the hotel. As far as I know, it's your first visit to Russia.

Words and word combinations you may need

World Trade Organisation (WTO) - Все

мирная торговая органи-заиия Dun't bother. — Не беспокойтесь.

I'll manage my luggage myself. — Я сам

справлюсь с багажом. 1 travel light. — Я путешествую налегке.

Assignment Imagine that you are one of the top managers of the company. Say how the staff contributed to the achieved results.

• Try lo remember as much as possible about what the Chairman said about the per­formance (показатели работы) of this company using the verbs:

to assess to confirm to deny

to stress

to recommend

to describe

lo underline to explain to add

to point out

to admit

to draw smb's attention to