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Forms of Business

4.5.2018, , Zdroj: Verlag Dashöfer

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Forms of Business

Edward Thomas

1. SETTING UP

Look at the table below. It describes the meaning of basic words used to describe businesses. Unfortunately they are mixed up, and need to be correctly linked. Can you manage it?

 

1. Found a) One person organising his / her own company.
2. Wind up b) Where shares are bought and sold.
3. Shares / stocks c) How much a person or people could lose if a company fails.
4. Stock exchange d) Where the losses of a company are mainly limited to falls in the value of its shares.
5. Partnership e) To end a company (liquidate).
6. Sole proprietorship f) Where the members of a business can lose only a limited amount.
7. Liability g) Parts of a company for sale to people who afterwards get a part of the company's profit.
8. Limited company (ltd) h) To start a company.
9. Public limited company (plc) i) Whether the company has enough money to operate or not.
10. Solvent / insolvent j) Two or more people who own a company together.

Correct answers are here1

Look at the table below. There you can see two very important words for businesses that are basic opposites (antonyms). Can you add the missing forms of the words? Some of the forms may be frequently used, others more unusual.

Can you find another antonym of the personal noun „loser”?2

What common verb do we use with the two abstract nouns from the table?3

 

Verb Personal noun Abstract noun Adjective
profit      
  loser    

Correct answers are here4

2. BRANCHING OUT

First of all, take the above paragraphs and put them into their logical order.

„So, this is how it was...“

A) By this time, the mid-2000s, we were employing 35 people in total. It was then that we were approached by - remarkably - the same multinational that I had originally worked for! They wanted to take over the company and invest a lot of money, and David and I would be the managers of this new creation, their subsidiary.

B) So here I am again, working for a public limited company which is listed on the London Stock Exchange. The great thing is I don't have to worry personally about the company's possible losses - the bad part is I only get a small part of the profits.

C) Because I had a lot of contacts I didn't have any problems in finding customers for my services - I went into companies and gave courses to the staff there. I also began to look for people to do jobs for some of these companies - that is how I started with recruitment, and that's when I met David and we formed a partnership to share the profits and the liabilities. David was a specialist in recruitment, while I was able to advise and train the people we recruited.

D) It began way back in the early 90's with just myself. I had worked for a big multinational and now I was ready to do something on my own. I became a sole proprietor of a small business training people in sales techniques. It was great fun organising my own schedule, my own offices, and so on - not so much fun organising my own tax forms and thinking about the liabilities I had if the business failed and I was left with a lot of debts.

E) The company we had founded grew very quickly. We even began selling some specialised products direct to purchasing departments. After a while we needed to get some extra capital to develop the business - that's when we re-formed the company as a limited company. We got new investors, some of whom became members of a board of directors which met regularly to discuss the progress the company was making - suggesting ways to increase our profits, for example. Of course, for their investments they got a part of the profits, so they were very interested in our success!

Correct answers are here5

Most of the words from exercise ”Setting up“ are used in it in some form. Find them and say which ones from this exercise are not used.6

Now find a word in the text which means:

 

1. people you need to give you business                                    
2. a smaller company which is owned by a bigger one                                     
3. an action where one company comes to own another                                     
4. the activity of „buying”                                     
5. a group of people who oversee a company                                     

Correct answers are here7

3. MOVING ON, GIVING UP

Here are some verbs we've already used. Can you connect each with just two ideal nouns / phrases? Some of the uses of the verb may be new to you - remember that verbs are flexible and can be used in many ways. If some of the words are new to you, look them up in a dictionary. It should be possible to get the combinations even if you don't know the words themselves. Each verb must have two nouns to go with it.

 

1. Found
2. Take over
3. Wind up (liquidate)
4. Make
5. Purchase
a) a rival
b) premises
c) a purchase
d) office equipment
e) an enterprise
f) a bankrupt company
g) a profit
h) a limited company
i) a failed business
j) a competitor

Correct answers are here8

Now complete these sentences using the verb / noun combinations above. The gaps are organised precisely for the numbers of words needed. More than one combination may still be possible:

1. To limit our liability we ……………………… ……………………… ……………………… ………………………

2. After so many catastrophes we sadly decided to ……………………… ……………………… our ……………………… ……………………….

3. After many years of hard work, we finally ……………………… ……………………… ……………………….

4. To protect our own brands and business, we ……………………… ……………………… a ……………………….

5. Because were doing well, we were able to ……………………… our town ………………………. Now we have a place to call „home”!

Correct answers are here9

4. LAYING DOWN THE RULES: FOUNDING A COMPANY

Founding a company requires precise steps and, unfortunately, precise language.

Let's start simply. Look at the three words below and match them with the definitions given. These words will help us understand the terminology of founding a company.

 

1. Memo a) A group of people organising themselves.
2. Association b) A company made from many people.
3. Corporation c) A note giving information.

Correct answers are here10

Now look at these three terms:

 

1. Memorandum of association (UK)
2. Articles of association (UK)
3. Articles of incorporation (US)

Which one could mean...?

 

a) The rules that will control the organisation.
b) A note informing the market about the company and what it is for.
c) Everything that is needed to define the company inside and outside.

Correct answers are here11

Look at the following items. Which ones are not likely to belong in any of the documents described above:

 

1. The name of the company to be formed.
2. The type of company to be formed eg. plc, ltd.
3. The amount of profit they want to make after five years.
4. The amount of share capital they are allowed to give to shareholders.
5. The kind of business the company will do (eg. general commercial).
6. The number and names of company directors.
7. The legal responsibilities of the directors.
8. The types of car owned by the directors.

Correct answers are here12

5. SHOOTING UP

Read through the following history of Man Group plc. Can you fill the gaps with the right vocabulary? Some of the words may be repeated. All of them are from exercises either in this unit (mainly) or the first unit. Sometimes a letter is given to help. In next exercise we will analyse some of the new vocabulary from this text.

 

The Rise of Man

Man Group plc is one of Britain‘s most successful and oldest companies. It was 1……………………13 by James Man in 1783 and recently celebrated its 225th anniversary. But it has changed a lot over the years. It began as a trading company of rum and sugar, and later expanded into coffee and cocoa through a process of diversification. As 2……………………….14 grew Man added to its commodity 3………………………15 as it became a financial 4…………………………16 as well - a broker acting between buyers and sellers.

By 1956 there were seven 5…………………………….17 to share in the business, and 38 staff.

The development of financial instruments in the 1970's created new possibilities for Man Group.

In 1983 Man became a 6……………………………18 with a money management firm and began to get its modern form as an investment company. At that time it had 650 staff.

Over the next 15 years big changes happened:

AHL became a wholly owned 7…………………………..19 of Man, which in that way became a parent company.

Man became a UK 8……………………..20 and it offered 9………………………..21 to the public for the first time (an IPO or Initial

 
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