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2.3.3 Read the text again to answer the following questions.

1) What is company law designed for?

2) What matters does it cover?

3) What are the major organizational forms of business?

4) What does a legal person mean?

5) What is special about a legal identity of a limited company?

6) What does limited liability mean?

7) What does it mean that the company’s liability itself is not limited?

8) What is called the Articles of Association?

9) What form of running a business is called a partnership?

10) What is the main characteristic of a sole proprietorship?

11) What is called capital?

12) What are the ways to raise capital?

13) In what cases can a business be terminated?

14) What violations of company law may cause civil suits or criminal prosecutions?

2.4. Grammar: The Sequence of Tenses. Direct and Reported Speech

Changing Tenses

The usual rule of the Sequence of Tenses is that the verb form moves ‘one tense back’.

Direct Speech

Reported Speech

1. Statements

“I work hard,” he said

“I am working hard,” he said

“I have worked hard,” he said

“I worked hard,” he said

“I will work hard,” he said

“I have been working hard,” he said

“I am going to work harder,” he said

2. Modals

“I can work harder,” he said

“I may work harder,” he said

“I must work harder,” he said

“I should work harder,” he said

“I ought to work harder,” he said

He said (that) he worked hard.

He said (that) he was working hard.

He said (that) he had worked hard.

He said (that) he had worked hard.

He said (that) he would work hard.

He said (that) he had been working hard.

He said (that) he was going to work harder.

He said (that) he could work harder.

He said (that) he might work harder.

He said (that) he had to work harder.

He said (that) he should work harder.

He said (that) he ought to work harder.

Changing time expressions and other words

Direct Speech

Reported Speech

tonight, today, this week/month/year

now

yesterday, last month/week/year

two days/months/years etc. ago

tomorrow, next week/month/year

here

this/these

that night, that day, that week/month/year

then, at that time

the day before, the previous month/week/year

two days/months/years etc. before

the following day/week/month/year

there

that/those

Reported and Indirect Questions

Direct Questions

Reported Questions

Indirect Questions

He asked me, “Does she work hard?”

He asked me, “What time is it?”

He asked me, “Where can I put it?”

He asked me whether/if she worked hard.

He asked me what time it was.

He asked me where he could put it/where to put it.

He wonders whether/if she works hard.

Do you know what time it is?

Do you know where he can put it/where to put it?