Tiếng anh chuyên ngành kế toán bài 2(tr15 30)

Tiếng anh chuyên ngành kế toán bài 2

TYPES OF COMPANIES

UNIT OBJECTIVES - MỤC TIÊU

DURATION (9 periods) - THỜI LƯỢNG HỌC (9 TIẾT)

• Provide students with the language and knowledge related to main types of companies and company finance

Cung cấp cho sinh viên vốn ngôn ngữ và kiến thức liên quan đến các loại hình công ty cơ bản

và tài chính công ty

• Provide students with the language of comparison and contrast and the way of writing a comparison and contrast essay

Cung cấp cho sinh viên ngôn ngữ về so sánh và đối lập và phương thức viết một bài luận so sánh và đối chiếu

• At the end of this unit, students will be able to talk and write about main types of companies, how they are established, what are their similarities and differences, and the advantages and disadvantages of each type

Sau khi kết thúc bài học này, sinh viên có thể nói và viết về các loại hình công ty cơ bản, chúng được thành lập ra sao, các điểm giống và khác nhau cũng như điểm mạnh và điểm yếu của từng loại công ty.

In this unit, we will study three most basic types of companies including proprietorships, partnerships and limited companies

At the end of this unit, you will be able to talk and write about main types of companies, how they are established, what are their similarities and differences, and the advantages and disadvantages of each type

Trong bài học này, chúng ta sẽ tìm hiểu về ba loại hình công

ty cơ bản nhất gồm công ty do một nghiệp chủ duy nhất, doanh nghiệp hợp doanh và công ty TNHH Sau khi kết thúc bài học này, các bạn có thể nói và viết về các loại hình công ty cơ bản, chúng được thành lập ra sao, các điểm giống và khác nhau cũng như điểm mạnh và điểm yếu của từng loại công ty.

Match the words or expressions in column A with their definition in the column B The suggested time to do this exercise is 10 minutes.

Text A: Read text A below and do exercise 2.1 The suggested time for reading the text and completing the exercise is 30 minutes

Column A

1 Articles of co-partnership A

Column B

Anything of value to a company Anything which can be sold or converted into cash

To break up a partnership or corporation

The agreement telling the terms and conditions of a partnership

A share of the profits of corporation which is given

to the stockholders

The agreement telling the terms, conditions and purposes of a corporation

Unable to pay ones debts and legally released from the liability

Debt or legal responsibility

Sole ownership of a small business

The amount of goods, merchandise or materials

on hand

Company or a group of persons granted a charter to

do business as a separate unit with its own rights and responsibilities

A separate unit for ownership or legal purposes

A business owned by two or more individuals

TYPES OF COMPANIES

In business, there are many

legal forms of organization

but generally, organizations

usually belong to either public

or private sector Organizations

in public sector are financed by

the state and they do not operate

in order to make profit but to

provide a public service Examples

of public sector organizations are schools, hospitals, libraries, police and the national defense

The organizations in private sector, however, operate in order to make profit and are

split into 2 categories:

Non-limited companies (including

proprietorship and partnership)

and limited companies In

this lesson, we will focus on these three basic forms of organizations in private sector

An organization of

Non-Limited type can be either

a proprietorship (sole trader) or

a partnership and the owner(s)

will be personally liable for

all of the debts if the business

fails The form, which requires

the least amount of capital

and personnel, is the sole

proprietorship Sole means

single and the proprietor is

the owner Therefore, a sole

proprietorship is a business

owned and operated by single

person This single person can

start a business by simply

purchasing the necessary

goods and equipment and

opening up shop There are

very few government and legal

regulations to comply with

The sole proprietor owns all

the business assets, makes all

the decisions, takes all the risks

and keeps all the profits of the

business The business itself

pays no tax, but the owner

must pay personal income

taxes on his profits If a sole

proprietor is successful, he takes

a lot of personal satisfaction

in his enterprise If he is not

successful and he wants to

close his business and start a

new one, he simply has to sell

his inventory and equipment,

pay his bills, close up shop,

and begin a new activity

Apartnership consists of two

or more people who share the ownership of a business (normally less than 20 people)

A partnership should begin with legal agreement covering the various aspects of the business Two important items that need to be covered are exactly which assets each partner is contributing, as well

as how the partnership can be changed or terminated This agreement is called the articles

of co-partnership It is not as complicated as the articles

of incorporation However the articles of co-partnership indicate that the initiation of

a partnership is not as easy

as the beginning of a sole proprietorship Partners are like sole proprietors because they own all the assets, owe all the debts, make the decisions, and share the profits They pay only personal income taxes on their share of the profits

If each partner has a different expertise in an important business area, the partnership has an ad-vantage over the sole propri-etorship in managerial ability

Limited companies can be either privately owned when they are referred to as Limited (often abbreviated to Ltd) or publicly owned (Plc)

Some Plc's can sell shares to members of the public on the stock exchange, unlike Ltd's that cannot The liability for both Ltd's and Plc is limited

This means that if the company fails, the liability of the company's shareholders is limited to the value of the shares and not their personal

funds

The limited company is very different from both a sole proprietorship and a partnership First of all, the limited company

is a legal entity that is chartered

by the state in which it is incorporated As a legal entity, the limited company can own property that is not the personal wealth of its owners It also means that the limited company can enter into business agreements

on its own Forming a limited company is not easy There are many legal procedures to follow

A legal company raises capital

in a different way from the proprietorship or partnership The ownership of the limited company is divided into shares

of stock One stockh older or shareowner can buy, sell, and trade his shares without permission from the other owners A limited company can raise large amounts of capital by selling shares of stock The stockowners vote for a board of directors who hire a president or chief executive officer to run

the company The board of directors also decides what to

do with the company’s profits

It usually retains part of the profits for reinvestment in the company and distributes the other part to the shareholders

as dividends

Source: Text A: John Thomas French and Nguyen Thanh Yen, You are in Business, Nha Xuat ban

Ho Chi Minh, 2000.

According to text A, which of the following sentences are true (T) or false (F) Correct the false information

Text B: Read text B and do exercises 2.2 and 2.3 The suggested time for reading the text and completing the exercises is 30 minutes

PRIVATE AND PUBLIC COMPANIES

1 A sole proprietorship has to comply with hardly any legal regulations

2 If the business fails, a sole proprietorship only pays the money he invests in

the business

3 At the beginning of a partnership, partners must agree on how much each

should contribute only

4 A partnership is, in many ways, similar to a sole proprietorship

5 All stockholders can decide the use of the company’s profits

6 A limited company can own property that is not the personal wealth of its

owners

7 When one person doesn’t want to invest into a limited company, he can

obtain his money back by selling his shares

8 Profits of the limited company are shared among shareholders in form of

dividends

Unlike the sole proprietorship

and the partnership, the liability

of a company is limited to

the value of the assets of the

company The personal wealth

of the stockholders cannot be

used to pay debts in case of

bankruptcy Limited companies

do not operate like other forms

of business because the ownership can be easily transferred through stock sales

As we can see in the three types of legal organizations discussed in this lesson, the main differences between the types of companies are the

ownership, ability to raise capital, the size and continuity

of enterprise, the disposition of profits, tax duties and the legal obligations in the event of bankruptcy

2.1

Private companies usually

have “Limited” or “Ltd”

at the end of their name They

are not allowed to sell their

stocks or shares on an open

market Most companies are

private; there are about one

million private companies

in Britain, compared to around 2000 public limited companies (Plcs) These com-panies have ‘plc’ at the end of their name, and their shares are publicly traded on the London Stock Exchange

Source: Ian Mackenzie, Profesional English in Use, Cambridge University Press.

Complete the following table

(1)

companies

Public companies

can’t sell shares on

the (2)

are called (3) companies

or (4) companies

are called (6)

or (7) companies

produce (5)

reports

produce (8) reports publish an (9) and hold an (10)

2.2

A stock exchange is a market

where anyone can buy or sell

stocks and shares The US

equivalent of a PLC is a company

or corporation registered with

the Securities and Exchange

Commission (SEC)

SEC-registered companies, also

known as listed companies,

have to make quarterly reports

(i.e every three months) They

report on:

a Sales revenue or turnover:

the money received by the

company in that period

from selling goods or

services

b Gross profit: turnover less

cost of sales

c Net profit: gross profit

less administrative expenses

and tax

Companies on the London

Stock Exchange, known

as quoted companies, have to produce a half-yearly interim report which informs share-holders about the company’s progress These reports are not audited

All companies with

share-holders or stockshare-holders have to send them an Annual Reports each financial year

This contains a review of the year’s activity, an examina-tion and explanaexamina-tion of the company’s financial position and results There are also fi-nancial statements and notes, and the auditors’ report on the financial statements

Public companies have to hold an Annual General

Meeting (AGM), and most private ones do too At this meeting, the shareholders can question directors about the content of the Annual Re-port and the financial state-ments, vote to accept or reject the dividend recom-mended by the directors, and vote on replacements for re-tiring members of the board The meeting can also carry out any other business stated

in the company’s Memoran-dum of Association or Certificate of Incorporation

Match the two parts of the sentences in column A and column B according to what you read in text B

From what you have read in text A and text B, draw a comparison of three forms

of companies by completing the following table The suggested time for this exercise is 20 minutes

2.4.

You will hear Laura King describing how she got the original idea for opening Fasta Pasta Listen and answer the following questions

1 What was Laura King’s job when he worked for the

pizza restaurant company?

2 What kind of hours was she working at the time?

3 What observation did she make about the home

delivery market?

4 Where did she first see a takeaway pasta operation?

5 Why does Laura King call pasta ‘the ultimate fast food’?

Sole trader Partnership Private and Public Company

Formation formalities

Legal Status

Ownership

Change of Ownership

Control

Management

Number of members

Owners’ liability in

event of insolvency

Owners’ entitlement to

profits

Termination of the

business

1 Only quoted or listed companies

2 American corporations publish details

3 Companies’ financial statements, and the

auditor’s report,

4 Quarterly and half - yearly reports

5 Shareholders can ask company directors

questions

a about their sales and profits every three months

b are contained in their annual reports

c are not checked by external auditor

e can have their shares traded on a stock exchange

f at an annual meeting

2.3

2.4

3.1

Listen to Laura King’s description of the customers of the Fasta Pasta

1 What are the differences between the customers she serves (a) at lunchtime and (b) in the evening?

2 How does he describe the average customer?

In this extract, Laura King answer the question ‘What advice would you give to young people thinking of setting up their own business?’ Listen and complete the following pieces of advice with the verbs which she uses

1 ……….what ever you want to do carefully

2 ……….to friends and relatives and people you know about what you want to do

3 ……….in what you’re doing

4 ……… to people and ………….from others

5 ……… the right sort of background

In the following sentences, try to determine the meanings of the underlined words from the context Select the word which most similar to the underlined word The suggested time to do this exercise is 5 minutes

1 The sole proprietor is liable for all the debts of his enterprise He owns all the assets, but

he owes all the liabilities

2 The different forms of organization are taxed differently on their profits They also have

different legal obligations with regard to their debts in the event of bankruptcy

3 His personal assets can be used to settle the debts.

4 The article of co-partnership explains how the partnership is started and how it should be

dissolved

5 Not all profits of a corporation are distributed among shareholders The Board of

Direc-tors retains a part of the profits to increase the capital of the corporation

6 Once each year the owners of the store must record their entire inventory in order to know

which merchandise they have on hand

3.2

3.3

4.1

Choose the best word to fill each gap from the alternatives given below Put a circle around the letter, A, B or C, of the word you choose The suggested time to

do this exercise is 5 minutes

When I started my engineering company five years ago I had to (1)……… a lot of capital First, I looked around for a (2)………and took out a loan The (3)……… was

£100,000 at an (4)……… rate of 5.3% I had to use my house for(5)………

so that was a big worry Next I found ten people who wanted to (6)………in the business Each one put (7)……… £10,000 in return for 1,000 shares

I (8)………… 12,000 shares so I am the biggest shareholder Our total (9)………… is nearly a quarter of a million pounds We paid our first (10)……….last year but it wasn’t very big Now we are making a profit, we will start to reduce our (11)…………

I don’t like carrying this much (12)………

1 A rise B raise C rose 2 A lender B borrower C capitalist

3 A money B balance C principal 4 A account B interest C audit

9 A gearing B venture C equity 10 A division B divider C dividend

11 A borrowing B lending C sharing 12 A capital B debt C collateral

Look at the following business cards What type of business does each one correspond to: public limited company, sole trader, partnership or private limited company?

DISCOUNT NEW/USED FISHING TACKLE SPECIALIST

* * * *

Tel : 0932 242377 Mobile: 0850 866136

THE TACKLE EXCHANGE

29 Church Street Walton-on-Thames Surrey Proprietor:

M J SHOFIELD

ACCOLADE Liz Morris

Marking Assistant Accolade Europe Ltd.

Bowling House, Point Pleasant Tel: 081-877 0880

4.2

5.1

Work in pairs Which of the following advantages and disadvantages would you associate with (a) a sole trader, (b) a partnership, and (c) a private limited company?

Have you ever thought of opening your own business? Answer the questionnaire and discuss your answers with partners

HOW DO YOU RATE AS AN ENTREPRENEUR?

For each of the following questions, tick the answer which comes closest to what you feel about yourself

1 Are you a self-starter ?

a I only make an effort when I want to

b If someone explains what to do, then I can continue from there

c I make my own decision I don’t need anyone to tell me what to do

Jonathan Grinsted Project System Division

Hoskyns Group plc Hoskyns South Bank

95 Wandsworth Road London SWB 2LX Telephone: 071-735 0800 D.D.I : 071-917 4387 Fax : 071-917 4666

FREED STONE GOODMAN SOLICITORS

Charles Goodman

14 & 15 Craven Street, London WC2N 5AD Telephone: 071-925 0303/071-629 4445 Fax: 071-925 0334 This firm is regulated by the Law Society in the Conduct of Investment Business

Advantages

1 You have total control of your business

2 This is good way of sharing the pressure and work involved in starting a business

3 The financial risks that you are taking are restricted

4 You can increase your capital by selling shares

Disadvantages

1 There is a danger that conflicts of personality could ruin your business

2 It may be difficult to expand

3 You may have to sell your possession if the company goes into debt

4 It is complicated and expensive to set up

5.2

5.2

2 How do you get on with other people?

a I get on with almost everybody

b I have my own friends and I don’t really need anyone else

c I don’t really feel at home with other people

3 Can you lead and motivate others?

a Once something is moving I’ll join in

b I’m good at giving orders when I know what to do

c I can persuade most people to follow me when I start something

4 How do you get on with other people?

a I like to take charge and to obtain results

b I’ll take charge if I have to but I prefer someone else to be responsible

c Someone always wants to be the leader and I’m happy to let them do the job

5 Are you good organizer?

a I tend to get confused when unexpected problems arise

b I like to plan exactly what I’m going to do

c I just let things happen

6 How good a worker are you?

a I’m willing to work hard for something I really want

b I find my home environment more stimulating than work

c Regular work suits me but I don’t like it to interfere with my private life

7 Can you make decisions?

a I am quite happy to execute other people’s decisions

b I often make very quick decisions which usually work but sometime don’t

c Before making a decision I need time to think it over

8 Do you enjoy taking risks?

a I always evaluate the exact dangers of any situation

b I like the excitement of taking big risks

c For me safety is the most important thing

9 Can you stay the course?

a The biggest challenge for me is getting a project started

b If I decide to do something, nothing will stop me

c If something doesn’t go right first time I tend to lose interest

10 Are you motivated by money?

a For me, job satisfaction cannot be measured in money terms

b Although money is important to me, I value other things just as much

c Making money is my main motivation