Unit 1. Industrial groups. Types of business companies. Board of directors, departments and positions in companies. Expansion of business. Merger.
Learning objectives
1. Explain different ways of classifying businesses: by industry, by size and by ownership type
2. Outline the peculiarities of sole proprietorship, partnership and corporation
3. Name all the positions in Board of Directors and describe their duties
4. Identify the ways how business can be expanded
5. Define what a merger is and explain the necessity of mergers and acquisitions
Terms to learn________________________________________________________
Industry, manufacturing, enterprise, sole trader/ sole proprietor, freelancer, partnership, private, share/stock, shareholder/stockholder, public company/ corporation, incorporated, Board of Directors, officer, executive, bylaws, LLC, CEO, COO, CFO, QA, Customer Service, PR, HR, IT, R&D, HQ, merger, acquisition, conglomerate, congeneric, market extension, horizontal merger, vertical merger
Pre-texts discussions
1. What is an industry? How industries can be classified?
2. What sectors of economy do you know?
3. What are advantages and disadvantages of being a freelancer?
4. What are edges of being hired by a large corporation?
Reading______________________________________________________________
Text I. Industrial groups in business
Businesses obviously differ by what they do. It is very common to distinguish businesses by industry or sector. An industry is a group of businesses that are related in terms of their main activity. Smaller industries (e.g., the car manufacturing industry) can be grouped into larger industry sectors (e.g., the manufacturing sector in general). An individual business is classified as belonging to a certain industry on the basis of its main activity. Economists distinguish three broad sectors of the economy:
· The primary sector involves extracting and harvesting natural products from the earth (for example, agriculture, fishing and mining).
· The secondary sector consists of processing (for example, the processing of food stuffs produced by agriculture), manufacturing and construction. So, the secondary sector takes the products from the primary sector and does something more with them.
· The tertiary sector provides services, such as retail services, entertainment or financial services.
Some people also distinguish the fourth sector, which is made up of intellectual activities, such as education.
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One of the most obvious ways in which businesses differ is their size. Most of us know some businesses that are very small – one-person businesses or micro-businesses of fewer than five people. Examples may include a single person running, for example, a web design company, a hairdresser’s or a small catering business. Small and medium-sized enterprises actually make up over 90% of the number of businesses in most countries. At the other end of the scale are businesses that are very large – multinational corporations employing thousands of people and operating in many different countries.
Text II. Types of company
The business also can be distinguished by ownership type. Here is a simplified list of the different types of legal structures for a business.
· Sole trader (in British English and Sole proprietor in American English) is one person business. The person may describe himself as “self-employed” (e.g., the owner of a small shop), or as a “freelancer” if he is a professional who works for different clients (e.g., a photographer).
· Partnership is a group of people who work together as equals (e.g., a firm of lawyers or architects). They share the risks and the profits.
· Private company. The shares of the company are privately owned, usually by a small number of people. These shareholders typically include the founder of the company, possibly some close family members, and perhaps a few business associates who provided money for the company.
· Public companies(in British English and Corporationsin American English) are the large companies that are listed on stock exchanges. They are called public because anyone can buy their shares.
Translating__________________________________________________________
Use the following words and expressions in the text:
· To be liable for –быть ответственным за что- то
· Tax treatment-режим налогообложения
· Personal liability –личная ответственность
Партнёрство
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Если бизнесом владеют двое или более человек - это называется партнёрство. Партнёрство бывает двух видов: генеральное и ограниченное.
При генеральном партнёрстве партнёры управляют компанией вместе, они одинаково ответственны за все долги и обязательства; в то время как ограниченные партнёры являются лишь инвесторами. У них нет права контролировать компанию и они не делят доходы и долги в равной степени.
Для начинающего бизнеса генеральное партнёрство считается предпочтительным, так как все партнёры активно вовлечены в развитие компании и такое партнёрство легче организовать.
Одно из главных преимуществ партнёрства – это режим налогообложения. Партнёры не платят налогов на прибыль, все прибыли и убытки распределяются среди всех организаторов.
Личная ответственность-один из самых сложных вопросов в партнёрстве. Партнёры принимают решения, берут кредиты, деятельность каждого влияет полностью на бизнес. Если один совершает ошибку, пострадают все.
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