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Lesson 3. Corporations.

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Lesson 3.

Corporations.

A business corporation is an institution established for the purpose of making profit. It is operated by individuals. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock-holder.

There are several advantages of the corporate form of ownership. The first is the ability to attract financial resources. The next advantage is the corporation attracts a large amount of capital it can invest it in plants, equipment and research. And the third advantage is that a corporation can offer higher salaries and thus attract talented managers and specialists.

The privately owned business corporation is one type of corporation. There are some other types too. Educational, religious, charitable institutions can also incorporate. Usually such corporation does not issue stock and is nonprofit. If there is a profit it is reinvested in the institution rather than distributed to private stockholders.

In some western countries, cities, states, federal government and special agencies can establish governmental corporations. A few examples of these governmental corporations are state universities, state hospitals and city owned utilities. Governmental corporations are non-profit as a rule and usually they do not issue stock certificates.

 

Comprehension questions.

1. Who can own a corporation?

2. Is a corporation necessarily larger than a sole proprietorship?

3. What are the advantages of the corporate form of ownership?

4. What can you say about the disadvantages of the corporate form of ownership?

5. Do the corporations issue stock to stockholder?

6. What kind of corporations usually don’t issue the stock?

7. What world-known corporations do you know?

8. What types of business usually take the corporate form of ownership?

 

 

corporation

to establish

stock certificate           

stockholder (shareholder)

to attract financial resources

to offer high salaries

to attract a large amount of capital

educational, religious, charitable institutions

to issue stock

nonprofit

to reinvest

 

Exercise 1. Choose the necessary word and put it in the sentence.

1. What kind of … is better: buying stock or buying real estate?   | 1. charitable

2. To attract greater financial … the company issues the stock.     | 2. stock

3. A university can be … corporation.                                            | 3. resources

4. The partners didn’t put the same … into business.                     | 4. institution

5. The group of people from different countries are going to … a corporation.   | 5. investment

6. The Red Cross is an international … organization.                | 6. nonprofit

7. I want to buy some … in IBM and General Motors.              | 7. amount of capital

8. An educational … usually reinvests all its money.                | 8. to establish

 

bylaws

I need some legal advice

to incorporate

to invest

to expand

to follow a legal procedure

to apply for a corporate charter

to issue and sell stock in exchange for investment capital

stockholder, shareholder

to hold a meeting

to elect a board of directors

to choose the company’s officers

to have a final authority

to supervise daily management

to vote

annual meeting

to have limited liability

to own property

to sue

to be sued

 

Exercise 3. (стр. 22)

1.     in what corporation would you invest money?

2.     what legal procedure do you have to follow if you want to form a corporation?

3.     who has final authority and supervises the daily management of a corporation?

4.     who often do the stockholders choose the company officers?

5.     the stockholders have unlimited liability, don’t they?

6.     in what way can a corporation act?

7.     what do you think about the possibilities of forming corporations in this country?

8.     in what spheres of industry is a corporate form of proprietorship the most beneficial in this country?

 

Exercise 4. (стр. 22)

1.     корпорация может выпускать и продавать акции.

2.     корпорация может предлагать более высокую заработную плату.

3.     корпорация имеет больше возможностей для вовлечения финансовых ресурсов, чем партнерство.

4.     каждый год акционеры проводят собрание.

5.     образовательные, благотворительные, религиозные учреждения  могут быть корпорациями. Подобные учреждения, как правило, не приносят прибыль.

6.     эта корпорация прибыльна, она будет расширяться.

7.     сначала вы должны подать заявление на корпоративный патент.

8.     акционеры имеют решающее слово в управлении корпорацией.

9.     административные исполнители кампании осуществляют постоянное руководство.

10.  корпорация имеет право возбуждать уголовное дело.

 

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