TYPES OF BUSINESSES
Start-ups


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
to
to
to
to
to
set up
establish
found
form
start
a business
a company
COMPANY LAW (Companies Act)
Who owns the business?
Who raises start-up capital?
Who controls the business?
Who manages it?
Who claims the profits?
Are the owners personally liable for losses?
Does the business need to publish
(disclose, unveil) its accounts?
 ...
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
Words, words...
 Privately-held
companies
 Limited liability
 Incorporated
business
 Legal entity (legal
person)
Opposites?
Opposites (key)
 Privately-held
companies
 Limited liability
 Incorporated
business
 Legal entity (legal
person)
 Publicly-held
companies
 Unlimited liability
 Unincorporated
business
 Natural person
(physical person)
Match the two columns:
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



Set up
Be liable
Make
Make
Claim
Issue
Elect
Disclose
Take over
a profit
the Board
a loss
a company
Shares
a business
the company’s
accounts
 for the company’s
debts
 profits
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



Key:









Set up
Be liable
Make
Make
Claim
Issue
Elect
Disclose
Take over









a business
for debts
a profit
a loss
the profits
Shares
the Board
Accounts
A company
Example of UK
1.Sole proprietorship
s. trader, s. owner, s. proprietor
2.Partnership:general partnership,
limited partnership
3.Private-limited company (Ltd.)
4.Public-limited company (Plc.)
Answer the questions (R:p.22)
1.Sole proprietorship
2.Partnership
3.Private-limited company
4.Public-limited company
 Who owns the business?
 Who raises start-up
capital?
 Who controls the
business?
 Who manages it?
 Who claims the profits?
 Are the owners
personally liable for
losses?
 Does the business need
to disclose its accounts?
Answer the questions (R:p.22)
1.Sole proprietorship
2.Partnership
3.Private-limited
company
4.Public-limited
company

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



Ownership?
Start-up capital?
Control?
Management?
Claim on profits?
Liability?
Disclosure?
Describing UK businesses (R: p.22)
 ...is a type of business which ...
 It is controlled by ... and managed
by...
 This business is financed by ...
 Business decisions are made by ...
 ... has/have a claim on profits.
 ... is (are) /is not(are not) personally
liable for ... because this business has
limited/unlimited liability.
Privately-held vs. publicly-held companies
 Privately-held companies are owned by the company's
founders, management or a group of private
investors.
 A public company is a company that has sold a
portion of itself to the public via an initial public
offering of some of its stock. The company’s shares
are listed on the stock exchange.
 Attention! The meaning of “public”:
private sector
vs.
public sector
Assignment (Part 1)
Contrastive chart, R: p.25
1. 3 abbreviations for a corporation?
2. Adjectives describing a partner in a
partnership (tot. 7)?
3. Abbreviation for “brothers”?
4. What does LLC stand for?
5. What is the US equivalent for AGM?
6. Find a plural form for “Mr”.
7. What is the closest UK equivalent for
the Croatian komanditor?
Assignment (Part 2)
Find the advantage/advantages for
owners of the following businesses:
1. Partnerships over sole traders
2. Sole traders over partnerships
3. Plc and Ltd over sole traders and
partnerships
4. Ltd over Plc
5. Plc over Ltd
Words, words, words, ...
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fraudulent ...
dishonest ....
form a company (synonym?)
specialise ... company law (preposition?)
trading (meaning?)
to call a ...
to appoint ...
to issue ...
“osnivači” in English?
RB: p.24
OPTIONAL READING
J. Bakan: The Corporation (RB:p.30)
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Verb of “conception”, “concept”?
Synonym for legal identity?
WTO?
Opposite/synonym of “increasing”?
Explain “deregulation”
Types of legislation mentioned?
Explain: facilitate
J. Bakan: The Corporation (RB:p.30)
 Main ideas?
 Structure by pg?
I Role of corporations: past vs. present
II Role of the state still present
III Who does the state protect?
J. Bakan: The Corporation
(RB:p.30)
 J. Bakan discusses the relations between the
state and the corporation. According to the
author, the corporation was first created to
serve national and public interests, but, today,
it primarily advances private interests of its
owners often supported by the state. Despite
globalization and deregulation, the state still
has much power over the corporation, e.g.
through consumer protection laws, but does
not use it enough. It should therefore put more
effort into protecting its citizens from
corporations, and not focus so much on
protecting the profit-seekers.