FORMS OF BUSINESSES

(sole trader, partnership, limited liability company, cooperative, joint stock company)

Exercise 1.

In pairs complete the following descriptions of various types of businesses and think of how you would translate the text into Polish.

SOLE TRADER

This simply means you as an individual. It is easy to (1) _______________, you should tell the local tax and registry offices that you intend to start. If you are not using your own name to (2) _______________ under, you should check that nobody is using that name. It is often to your (3) _______________ taxwise to trade as a sole trader, as the tax (4) _______________ are lower.

The disadvantages are that you are personally (5) _______________ for all the debts of your business, and your creditors can pursue you through the courts to obtain their (6) _______________, including the loss of all your (7) _______________, such as your home.

So (8) _______________ Public Liability Insurance will protect you from (9) _______________ for damages.

advantage assets claims

due liable rates

set up taking out trade

PARTNERSHIP

This is where two or more people (1) _______________ in a business together as sole traders. The partners (2) _______________ the trading profits or losses. The (3) _______________ are that two or more heads are better than one, and you can share the (4) _______________ of running the business.

The disadvantages that may occur often start with partnership (5) _______________. You should remember that each partner is personally (6) _______________ for the total debt of the partnership and can be pursued by (7) _______________ through the court for satisfaction.

For your own (8) _________ you should sign a Partnership Agreement, which has been (9) _________ by a solicitor.

advantages burden creditors

disagreements drawn up liable

protection set up share

LIMITED LIABILITY COMPANY

This is a business with a legal existence of its own. The (1) _______________ is you can obtain limited (2) _______________, thus protecting your personal (3) _______________, unless the bank requires personal (4) _______________ on charges due to any loans.

It is more expensive to (5) _______________, and to run than either of the above mentioned methods of trading. In addition you have to employ an (6) _______________ to (7) _______________ your accounts and have to keep more further records, which have to be (8) _______________ to the public.

The recent Companies Act also makes it a criminal offense to trade while the company is
(9) _______________.

accountant advantage assets

audit available guarantees

insolvent liability set up

COOPERATIVES

Cooperatives are groups of people (minimum of two) (1) _______________ with limited liability. (2) _______________ of the cooperative is open to all employees who wish to (3) _______________ and consequently cooperatives are an (4) _______________ structure for developing employee (5) _______________ and commitment. In the majority of cases this structure is a satisfying and regarding way of working as people have a say over their working (6) _______________ - however to make it work positively special (7) _______________ may be required and the Cooperative Development Agency will assist with training in (8) _______________ successful cooperatives for people with commercially (9) _______________ ideas.

effective environment join

loyalty membership running

skills trading viable

JOINT STOCK COMPANY

In order to form a joint stock company, a private business has to apply to the Stock Exchange to obtain a permission to (1) ______________ shares. The Stock Exchange carries out a thorough (2) _______________ to check the company's (3) _______________ and development prospects. Having obtained the permission, the company is ready to issue shares. Before that, however, it publishes an information (4) _______________ for the public to inform them about the company and its goals and objectives. The public then send their orders and (5) _______________ of shares can be made. These are made at (6) _______________ prices, which then change into market prices reflecting the company's good or poor financial (7) _______________. The results of the company are presented at the (8) _______________ General Meeting of Shareholders, who are then informed about the company's profit or loss and possible (9) _______________ they will obtain from shares possessed.

allotments annual booklet

credibility dividends investigation

issue nominal standing

TRANSLATION EXERCISE

1. Bank może wymagać osobistych gwarancji na poczet ewentualnych pożyczek.

2. Co dwie głowy to nie jedna, ale im więcej udziałowców, tym większa możliwość nieporozumień.

3. Dane spółki z o.o. są dostępne do publicznego wglądu.

4. Dla własnego bezpieczeństwa warto podpisać sporządzoną przez prawnika umowę partnerską.

5. Działalność w pojedynkę jest dla Ciebie korzystne podatkowo, ale ponosisz osobistą odpowiedzialność za wszystkie długi.

6. Każdy z udziałowców może zostać pozwany przez swoich wierzycieli do sądu.

7. Księgowość musi poprowadzić profesjonalny księgowy.

8. Ludzie mający pomysły, które są atrakcyjne komercyjnie często potrzebują formalnych szkoleń z zakresu prowadzenia działalności.

9. Po ogłoszeniu prospektu emisyjnego potencjalni udziałowcy składają zamówienia na akcje.

10. Prowadzenie działalności w stanie niewypłacalności firmy jest przestępstwem.

11. Przed emisją akcji należy zwrócić się do giełdy w celu uzyskania zgody.

12. Przydziałów akcji dokonuje się po cenie nominalnej.

13. Spółdzielnia jest często skuteczną formą pobudzania zaangażowania i lojalności członków.

14. Walne Zgromadzenie Akcjonariuszy jest najwyższym organem spółki akcyjnej.

15. Zakładając firmę jednoosobową musisz poinformować lokalny wydział ewidencji gospodarczej.

Samuel B. Linde College of Modern Languages

PNJA Trans 2010 Business: Companies

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