Company law, bookkeeping, accounting, accounting principles - zadanie

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Teaching materials  ONLY  for students of the AGH University of Science and Technology in Krakow, Poland  All teaching materials adapted from (except section 14 - see section 14 for details):  Financial English , Ian MacKenzie, Heinle, 2002;  Professional English in Use, Marketing , Cate Farrall,          Marianne Lindsley, CUP, 2008;  The Logistics Handbook , USAID | DELIVER PROJECT, Task Order 1, 2011; Production and Operations Management, Chapter 14, Pierce College;  www.businessdictionary.com;  Production Management  at www.niceindia.com; www.logisuite.com; www.ideaproductdesign.com;  Microeconomics vs. Macroeconomics  by Jodi Beggs                               at www.economics.about.com;  What is Microeconomics?  by Nick Jaynes at www.economics.about.com; www.youtube.com; www.en.wikipedia.org    13 SECTION 2  COMPANY LAW, BOOKKEEPING, ACCOUNTING, ACCOUNTING PRINCIPLES    I. Complete the text using the words in the box:             bankruptcy  corporations  creditors  issue  liability  losses  partnership  registered  shares  sole trader  financial  premises  capital  prospectus  files              TYPES OF BUSINESS  The  simplest  form  of  business  is  the  individual  proprietorship  or  (1)  ………………:  for  example, a shop (US = store) or a taxi owned by a single person. If several individuals wish to go  into business together they can form a (2) ………………; partners generally contribute equal capital,  have  equal  authority  in  management,  and  share  profits  or  (3)  ………………  .  In  many  countries,  lawyers, doctors and   accountants  are  not  allowed  to  form  companies,  but  only  partnerships  with  unlimited  (4)  ……………… for debts - which should make them act responsibly.   But  a  partnership  is  not  a  legal  entity  separate  from  its  owners;  like  sole  traders,  partners have unlimited liability: in the case of (5) ………………, a partner with a personal fortune  can  lose  it  all.  Consequently,  the  majority  of  businesses  are  limited  companies  (US  =  (6)  ………………),  in  which  investors  are  only  liable  for  the  amount  of  capital  they  have  invested.  If a  limited company goes bankrupt, its assets are sold (liquidated) to pay the debts; if the assets do  not cover the debts, they remain unpaid (i.e. (7) ……………… do not get their money back.)   In Britain, most smaller enterprises are private limited companies which cannot offer (8) 

(…)

… capital from friends or from banks and other
venture capital institutions. A successful, growing British business can apply to the Stock
Exchange to become a public limited company; if accepted, it can publish a (9) ……………… and
offer its shares for
sale on the open stock market. In America, there is no legal distinction between private and
public limited corporations, but the equivalent of a public limited company is one (10) ………………
by the Securities and Exchange Commission.
FOUNDING A COMPANY
Founders of companies have to write a Memorandum of Association (in the US, a
Certificate of Incorporation), which states the company's name, purpose, registered office or
premises and authorised share (11) ……………… .
(12) ……………… (always with an 's' at the end) - is the technical term for the place in which
a company does its business: an office, a shop, a workshop, a factory, a warehouse, etc.
Authorised share capital means the maximum amount of a particular type of share the company
can (13) ……………… .
Founders also write Articles of Association (US = Bylaws), which set out the rights and
duties of directors and different classes of shareholders. Companies' memoranda and articles of
association, and annual…
…?
2. What is business?
3. Who might possibly want to hear the story of your business and why? What sort of
‘language’ would you use to communicate your story to them?
4. How do you want to look in the eyes of these three groups of people?
18
All teaching materials adapted from (except section 14 - see section 14 for details): Financial English, Ian MacKenzie, Heinle, 2002; Professional English in Use…
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