Translate the following questions from Russian into English and answer them.
1) Банкрот не способен платить свои долги?
2) Неплатежеспособность — это финансовое положение фирмы, при котором она не может своевременно выполнять свои финансовые обязательства?
3) Неплатежеспособность необязательно означает банкротство, не так ли?
4) Кредитор может подать заявление в суд на должника?
5) Законы о банкротстве ликвидируют имущество неплатежеспособных должников?
6) Банкротство связано с потерей гражданских прав?
7) Как называются должники, дающие ложные сведения о своем имущественном положении?
Complete the following statements.
1) Bankruptcy is…
2) Insolvency indicates…
3) Bankruptcy results from…
4) Bankruptcy laws were enacted…
5) Bankruptcy was coupled with…
6) The designation bankrupt came to be…
7) Bankruptcy legislation was extended…
8) Modern bankruptcy laws include … with particular concern for…
Read and translate the text.
Why are Companies Referred to as
LTD., INC., GMBH, or S.A.?
The heart of capitalism is private ownership, and a limited liability company allows people to own almost anything — from skyscrapers to television stations — without risking their professional assets should the company go bankrupt.
An individual, like Henry Ford, might want to begin a small enterprise and personally retain total responsibility and liability, but once it starts to grow, a partnership or a “company” — such as Ford Motor Company — would need to be formed. The key factor in owning any company is the guarantee called limited liability: the owners of a company never have to pay more than they have invested in the company. Their liabilities are limited. When a company goes bankrupt, the owners can never be required to pay its unpaid bills.
The worst that can happen to investors in a limited liability company is losing their initial investment if the company fails. By limiting the downside risk for shareholders, companies are able to attract equity investors and raise large amounts of funds called equity capital through sales of shares rather than by borrowing money at potentially high interest rates.
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The names of companies around the world reflect this guarantee or limited liability. The abbreviations “GmbH” in Germany, “Inc“ in the United States, or “Ltd.” in most other English-speaking countries indicate that the firm is a limited liability company and investors have nothing more to lose than the money invested in their shares. The “S.A.” in French- and Spanish-speaking countries also refers to limited liability by defining shareholders as “anonymous”. Since the identity of shareholders can be kept secret, the creditors or a bankrupt company have no right to pursue them for the company's unpaid debts.
Many countries make a clear distinction between public and private companies, with separate designations, such as AC and GmbH in Germany, or PLC and Ltd. in Britain. Generally, “public” companies are those large enough to have their shares traded on stock exchange, while smaller unquoted companies are said to be “private,” even though their shares can be held by the public at large. In some countries, a large company is said to be privately owned if its shares are not available to the general public. In the United States, where little distinction is made between public and private companies most companies simply bear the title “Incorporated”.
Which of two parallel sentences are true?
| The heart of capitalism is private ownership. | The heart of capitalism is public ownership. |
| The owners of a company never have to pay more than they have invested in it. | Sometimes, the owners of a company have to pay more than they have invested in it. |
| Companies are able to raise a large amount of funds through sale of shares. | Companies prefer to raise a large amount of funds through borrowing money at high interest rates. |
| The creditors of a bankrupt company have right to pursue shareholders for the companies unpaid debts. | The creditors of a bankrupt company have no right to pursue shareholders for the company’s unpaid debts. |
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