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Tiếng anh chuyên ngành kế toán bài 2
Unit 2: Types of companies TYPES OF COMPANIES 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 học này, tìm hiểu ba loại hình cơng ty gồm công ty nghiệp chủ nhất, doanh nghiệp hợp doanh công ty TNHH Sau kết thúc học này, bạn nói viết loại hình cơng ty bản, chúng thành lập sao, điểm giống khác điểm mạnh điểm yếu loại cơng ty UNIT OBJECTIVES - MỤC TIÊU • Provide students with the language and knowledge related to main types of companies and company finance Cung cấp cho sinh viên vốn ngôn ngữ kiến thức liên quan đến loại hình cơng ty tài cơng 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 so sánh đối lập phương thức viết luận so sánh 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 kết thúc học này, sinh viên nói viết loại hình cơng ty bản, chúng thành lập sao, điểm giống khác điểm mạnh điểm yếu loại công ty DURATION (9 periods) - THỜI LƯỢNG HỌC (9 TIẾT) 15 Unit 2: Types of companies Match the words or expressions in column A with their definition in the column B The suggested time to this exercise is 10 minutes Column A Column B Articles of co-partnership A Anything of value to a company Anything which can be sold or converted into cash Articles of incorporation B To break up a partnership or corporation Asset C The agreement telling the terms and conditions of a partnership Bankrupt D Dissolve E A share of the profits of corporation which is given to the stockholders The agreement telling the terms, conditions and purposes of a corporation Dividend F Unable to pay ones debts and legally released from the liability Entity G Debt or legal responsibility Inventory H Sole ownership of a small business Liability I 10 Partnership J The amount of goods, merchandise or materials on hand Company or a group of persons granted a charter to business as a separate unit with its own rights and responsibilities 11 Proprietorship L A separate unit for ownership or legal purposes 12 Corporation M A business owned by two or more individuals Text A: Read text A below and exercise 2.1 The suggested time for reading the text and completing the exercise is 30 minutes TYPES OF COMPANIES n business, Ilegal forms there are many of organization but generally, organizations usually belong to either public or private sector Organizations in public sector are financed by the state and they not operate in order to make profit but to 16 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 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 Unit 2: Types of companies A n organization of NonLimited 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 A partnership 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 advantage over the sole proprietorship in managerial ability funds he 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 T L imited 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 the company The board of directors also decides what to 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 17 Unit 2: Types of companies 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 not operate like other forms of business because the ownership can be easily transferred through stock sales A s 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 Source: Text A: John Thomas French and Nguyen Thanh Yen, You are in Business, Nha Xuat ban Ho Chi Minh, 2000 2.1 According to text A, which of the following sentences are true (T) or false (F) Correct the false information Questions T/F A sole proprietorship has to comply with hardly any legal regulations If the business fails, a sole proprietorship only pays the money he invests in the business At the beginning of a partnership, partners must agree on how much each should contribute only A partnership is, in many ways, similar to a sole proprietorship All stockholders can decide the use of the company’s profits A limited company can own property that is not the personal wealth of its owners When one person doesn’t want to invest into a limited company, he can obtain his money back by selling his shares Profits of the limited company are shared among shareholders in form of dividends Text B: Read text B and exercises 2.2 and 2.3 The suggested time for reading the text and completing the exercises is 30 minutes PRIVATE AND PUBLIC COMPANIES P rivate 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 18 in Britain, compared to around 2000 public limited companies (Plcs) These companies have ‘plc’ at the end of their name, and their shares are publicly traded on the London Stock Exchange Unit 2: Types of companies 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) SECregistered 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 C ompanies on the London Stock Exchange, known as quoted companies, have to produce a half-yearly interim report which informs shareholders about the company’s progress These reports are not audited A ll companies with shareholders or stockholders have to send them an Annual Reports each financial year This contains a review of the year’s activity, an examination and explanation of the company’s financial position and results There are also financial statements and notes, and the auditors’ report on the financial statements Meeting (AGM), and most private ones too At this meeting, the shareholders can question directors about the content of the Annual Report and the financial statements, vote to accept or reject the dividend recommended by the directors, and vote on replacements for retiring members of the board The meeting can also carry out any other business stated in the company’s Memorandum of Association or Certificate of Incorporation Public companies have to hold an Annual General Source: Ian Mackenzie, Profesional English in Use, Cambridge University Press 2.2 Complete the following table (1) companies Public companies can’t sell shares on the .(2) in the UK in the US 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) 19 Unit 2: Types of companies 2.3 Match the two parts of the sentences in column A and column B according to what you read in text B Column A Column B Only quoted or listed companies American corporations publish details Companies’ financial statements, and the auditor’s report, Quarterly and half - yearly reports Shareholders can ask company directors questions 2.4 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 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 Sole trader Partnership Private and Public Company Formation formalities Legal Status Ownership Change of Ownership 2.4 Control Management Number of members Owners’ liability in event of insolvency Owners’ entitlement to profits Termination of the business 3.1 You will hear Laura King describing how she got the original idea for opening Fasta Pasta Listen and answer the following questions What was Laura King’s job when he worked for the pizza restaurant company? What kind of hours was she working at the time? What observation did she make about the home delivery market? Where did she first see a takeaway pasta operation? Why does Laura King call pasta ‘the ultimate fast food’? 20 Unit 2: Types of companies 3.2 Listen to Laura King’s description of the customers of the Fasta Pasta What are the differences between the customers she serves (a) at lunchtime and (b) in the evening? How does he describe the average customer? 3.3 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 …………….what ever you want to carefully …………….to friends and relatives and people you know about what you want to …………….in what you’re doing …………… to people and ………….from others …………… the right sort of background 4.1 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 this exercise is minutes The sole proprietor is liable for all the debts of his enterprise He owns all the assets, but he owes all the liabilities a inventory c capital b proprietorship d debts 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 a case c cost b aspect d failure His personal assets can be used to settle the debts a wealth c freedom b capital d inventory The article of co-partnership explains how the partnership is started and how it should be dissolved a initiated c ended b sold d regulated Not all profits of a corporation are distributed among shareholders The Board of Directors retains a part of the profits to increase the capital of the corporation a earns c shares b distributes d keeps Once each year the owners of the store must record their entire inventory in order to know which merchandise they have on hand a profits c goods b sales d transaction 21 Unit 2: Types of companies 4.2 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 this exercise is 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)…………… A rise C rose A lender B borrower C capitalist A money B balance C principal A account B interest C audit A security B safety C salary A lend B borrow C invest A out B up C off A hold B pick C hand A gearing B venture C equity 10 A division B divider C dividend 11 A borrowing B lending 5.1 B raise C sharing 12 A capital C collateral B debt 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 Wandsworth, London SW18 3PE 22 Tel: 081-877 0880 Fax: 081-877 3303 Unit 2: Types of companies 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 5.2 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? Advantages You have total control of your business This is good way of sharing the pressure and work involved in starting a business The financial risks that you are taking are restricted You can increase your capital by selling shares Disadvantages There is a danger that conflicts of personality could ruin your business It may be difficult to expand You may have to sell your possession if the company goes into debt It is complicated and expensive to set up 5.2 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 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 23 Unit 2: Types of companies How 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 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 c I can persuade most people to follow me when I start something How 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 the job 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 c I just let things happen 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 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 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 Can you stay the course? a The biggest challenge for me is getting a project started b If I decide to 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 24 Unit 2: Types of companies 11 How you react to criticism? a I dislike any form of criticism b If people criticize me I always listen and may or may not reject what they have to say c When people criticize me there is usually some truth in what they say 12 Can people believe what you say? a I try be honest, but it is sometimes too difficult or too complicated to explain things to other people b I don’t say things I don’t mean c When I think I’m right, I don’t care what anyone else thinks 13 Do you delegate? a I prefer to delegate what I consider to be the least important tasks b When I have a job to I like to everything myself c Delegating is an important part of any job 14 Can you cope with stress? a Stress is something I can live with b Stress can be a stimulating element in a business c I try to avoid situations which lead to stress 15 How you view your chances of success? a I believe that my success will depend to a large degree on factors outside my control b I know that everything depends on me and my abilities c It is difficult to foresee what will happen in the future 16 If the business was not making a profit after five years, what could you do? a give up easily b give up reluctantly c carry on a=0 a=4 a=0 a=4 a=2 a=4 a=8 a=2 b=2 b=2 b=2 b=2 b=4 b=0 b=4 b=4 c=4 c=0 c=4 c=0 c=0 c=2 c=2 c=0 10 11 12 13 14 15 16 a=2 a=0 a=0 a=2 a=2 a=2 a=0 a=4 b=4 b=2 b=2 b=4 b=0 b=4 b=4 b=2 c=0 c=4 c=4 c=0 c=4 c=9 c=2 c=0 25 Unit 2: Types of companies 44 or above You definitely have the necessary qualities to become the director of a successful business You have a strong sense of leadership, you can both organize and motivate and you know exactly where you and your team are going between 44 and 22 You may need to think more carefully before setting up your own business Although you have some of the essential skills for running a business, you will probably not be able to deal with pressures and strain that are a part of the job You should perhaps consider taking some professional training or finding an associate who can compensate for some of your weaknesses below 22 Managing your own business is not for you You are better suited to an environment where you are not responsible for making decisions and taking risks To operate successfully you need to follow well defined instructions and you prefer work that is both regular and predictable 6.1 How to write a comparison and contrast essay I Outlining a comparison and contrast essay There are basically two ways in which we can write essays that involve comparison and/ or contrast One way is to write down all the main points about one of the subjects to be compared, then to take all the main points about the other subject, like this: 26 Unit 2: Types of companies The other way in which we can write essays that involve comparison and/or contrast is to take each point in turn and contrast them immediately, like this: I INTRODUCTION II BODY Subject Subject Subject Paragraph 1: Point to Point to Point Paragraph 2: Point to Point to Point Paragraph 3: Point to Point to Point III CONCLUSION II Language for writing The followings are the language that are commonly used in a comparison and contrast essay Refer to the examples below for the way of using such words and phrases A Comparison structure words CLAUSE CONNE CTORS SENTENCES CONNECTORS similarly like also too COORDINATORS/ SUBORDINATORS CORRE LATIVE CONJUNTIONS as just as and both and not aloso neither nor OTHERS like (+noun) just like (+noun) similar to (+noun) (be) similar (to) (be) the same as (be) the same (be) alike (be) similar (to) to compare (to/with) Practice Use the words and phrases in the box above to fill in the blanks below (there may be more than one choice for one blank): Human workers can detect malfunctions in machinery; (1)… , a robot can be programmed to detect equipment malfunctions Human workers can detect malfunctions in machinery; a robot can (2)………… Human workers can detect malfunctions in machinery; a robot can, (3)….…… Robots can detect malfunctions in machinery, (4) ………… human workers can (5)………… robots ………… human workers/not only robots but also human workers can detect malfunctions in machinery (6)………… robots ………….human workers are infallible 27 Unit 2: Types of companies Robots, (7)……………… human workers, can detect malfunctions in machinery Robots are (8)…………………human workers because they can both detect malfunctions in machinery In their ability to detect malfunctions in machinery, robots and human workers (9)…………… Robots and human workers (10)………………because they can both detect malfunctions in machinery Robots can (11)…………………human workers in their ability to detect malfunctions in machinery B Contrast Structure Vocabulary Contrast structure words fall into two main groups according to their meaning The first group shows contrast in the sense of concession or unexpected result The second group shows contrast in the sense of direct opposition The clauses connected by the words in the second group are reversible This means, for example, that while and whereas may be placed at the beginning of either clause with no change in meaning: - veto: cancel - siblings: brothers and sisters I am short, whereas my brother is tall and Whereas I am short, my brother is tall are both possible and are equal in meaning It is not always possible to this with words from the first group, For example, the subordinator even though must be placed at the beginning of the clause It began to rain in the following sentence: We continued our like even though it began to rain It would not make sense to write Even though we continued our hike, it began to rain Notice that but and however belong to both groups • Contrast structure words - Concession (Unexpected result) SENTENCES CONNECTORS CLAUSE CONNECTORS OTHERS SUBORDINATORS however althought nevertheless even though nonetheless COORDINATORS but yet despite (+ noun) in spite (+ noun) though still Practice Use the words and phrases in the box above to fill in the blanks below (there may be more than one choice for one blank): It began to rain; (1)…………………… we continued our hike 28 Unit 2: Types of companies We continued our hike (2)……………… it began to rain It began to rain, (3)……………… we continued our hike (4)……………… the rain, we continued our hike • Contrast structure words - Direct opposition SENTENCES CONNECTORS however in contrast in (by) comparion on the other hand on the contrary CLAUSE CONNECTORS OTHERS SUBORDINATORS COORDINATORS white whereas but differ from compared (to/with) (be) different (from) (be) dissimilar to (be) unlike Practice The term rock music commonly refers to music styles after 1959 that were influenced primarily by white musicians: (1) …………………………………, rhythm-and-blues music styles were influenced primarily by black musicians Innovation in rock music comes not just from the United States; (2)……… ……., the Beatles and the Rolling Stones were from Great Britain, and the music style known as reggae came from the Caribbean island of Jamaica The term rock music commonly refers to music styles after 1959 that were influenced primarily by white musicians, (3)……… … rhythm-and-blues music styles were influenced primarily by black musicians The term rock music commonly refers to music styles after 1959 that we were influenced primarily by white musicians, (4)……… rhythm – and blues music styles were influenced primarily by black musicians Early rock music (5)………………… … later styles in that later styles make use of electronics to produce new sounds (6)…………………… earlier rock styles, later styles have a harder sound The punk, rap, grunge, and techno styles, of the ‘90s’ are very (7)………………… … the rock music played by Elvis Presley in the ‘50s, but they have the same roots 6.2 Writing practice What are the similarities and differences of three main types of companies? Use the information you have learned in this lesson to write a 5-paragraph essay to answer this question The suggested time for completing the exercise is 45 minutes 29 Unit 2: Types of companies English terms Vietnamese equivalents A - Articles of Co-partnership (n) - Điều lệ hợp doanh - Articles of Incorporation (n) - Điều lệ công ty - Asset (n) - Tài sản B - Bankrupt (adj) - Phá sản - Board of Directors - Ban giám đốc C - Capital (n) - Vốn D - Dissolve (v) - Giải thể - Dividend (n) - Cổ tức E - Enterprise (n) - Cơng ty, xí nghiệp - Entity (n) - Thực thể - Equipment (n) - Thiết bị - Expertise (n) - Chuyên môn I - Income tax (n) - Thuế thu nhập - Inventory (n) - Hàng hóa (tồn kho, kho) L - Liabilities - Khoản nợ N - Non - limited company O - Công ty trách nhiệm vô hạn - Ownership - Quyền làm chủ P - Proprietorship - Quyền sở hữu doanh nghiệp nghiệp chủ S - Stock holder - Cổ đông - Sole trader - Thương nhân cá thể (một đứng kinh doanh tự chịu trách nhiệm nợ nần kinh doanh 30 ... Proprietorship - Quyền sở hữu doanh nghiệp nghiệp chủ S - Stock holder - Cổ đông - Sole trader - Thương nhân cá thể (một đứng kinh doanh tự chịu trách nhiệm nợ nần kinh doanh 30 ... companies English terms Vietnamese equivalents A - Articles of Co-partnership (n) - Điều lệ hợp doanh - Articles of Incorporation (n) - Điều lệ công ty - Asset (n) - Tài sản B - Bankrupt (adj) -... Enterprise (n) - Cơng ty, xí nghiệp - Entity (n) - Thực thể - Equipment (n) - Thiết bị - Expertise (n) - Chuyên môn I - Income tax (n) - Thuế thu nhập - Inventory (n) - Hàng hóa (tồn kho, kho) L - Liabilities