Speaking legal English. Борисова Л.А. - 48 стр.

      – Limited liability company: private limited company (ltd) and public
limited company (plc)

       1.   How many owners are there in each type?
       2.   What business is typical for each type?
       3.   Who gets the profits?
       4.   Who is liable for the losses and debts?

      Exercise 3. Discuss advantages and disadvantages of each type of
business organizations.

     Exercise 4. Below are the basic types of business organizations in the
USA. Decide what business organization each statement describes.

       �� Sole proprietorship
       �� Corporation
       �� Partnership

      1. It is established by an agreement between two or more individuals.
      2. It is subject to «double taxation».
      3. It is risky to run.
      4. It consists of shareholders, directors and employees.
      5. Profits are distributed as dividends.
      6. It can be terminated by withdrawal of one or more owners.
      7. Profits are shared according to the agreement.
      8. The liability of the owner is unlimited.
      9. It can have perpetual existence.
      10. The owner can transfer his/ her interest in business by sale of
business.
      11. It is subject to governmental regulations most of all.
      12. It is characterized by centralized management.
      13. It is easy to start.

       Exercise 5. Fill in the following chart.
                    The forms of business organization in Russia

                            Individual   Limited Privately held, Publicly held,  General     Limited
                              private    liability closed joint   open joint    partnership partnership
                           entrepreneur company stock company stock company
 Creation
 Owners
 Liability of the owners
 Transfer of owner’s
 interest
 Profit and losses

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