TYPES OF BUSINESSES

Start-ups  to set up  to establish  to found  to form  to 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? ...

Words, words... Opposites?  Privately-held companies  Limited liability  Incorporated business  Legal entity (legal person)

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:  Set up  Be liable  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

Key:  Set up  Be liable  Make  Claim  Issue  Elect  Disclose  Take over  a business  for debts  a profit  a loss  the profits  Shares  the Board  Accounts  A company

Some UK examples 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  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. Privately-held companies  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.public companyinitial public offering  Attention! The meaning of “public”: private sectorvs.public sector

Words, words, words,...  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

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?

OPTIONAL READING J. Bakan: The Corporation (RB:p.30)  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? IRole of corporations: past vs. present IIRole 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.