A group of people provide the capital, set up the company and manage it together. All partners are responsible for the debts of the partnership, and profits and losses are shared between them.
In a limited company the capital is divided into shares, which are held by shareholders. There are two types of limited company: a private limited company and a public limited company.
In a private limited company, all shareholders must agree before any shares can be bought or sold. In a public limited company, shares are bought and sold freely, for example on the stock exchange.
Most companies are made up of three groups of people: the shareholders (who provide the capital), the management and the workforce.
At the top of the company hierarchy is the Board of Directors, headed by the Chairperson or President. The Board is responsible for policy decisions and strategy. It usually appoints a Chief Executive Officer, who has overall responsibility for the running of the business. Senior managers head the various departments within the company, which may include the following.
Public Relations Marketing and Sales
Information Technology or IT Research and Development or R and D
Personnel or Human Resources Production VOCABULARY
Research and Development [rɪˈsə:tʃ ænd dɪˈveləpmənt]
отдел научных исследований и опытно-конструкторских разработок
1. Answer the Questions
1. What are the most common forms of business?
2. What is the simplest way of starting a business?
3. Who provides the capital for a sole proprietor?
4. Who is responsible for the sole proprietor’s debts?
5. Who provides the capital for a partnership?
6. Who is responsible for the partnership’s debts?
7. What two types of limited companies can you name?
8. What is the difference between them?
9. Where are shares sold and bought?
10. What groups of people are most companies made up of?
11. Who is responsible for policy decisions and strategy of the company?
12. Who heads the Board of Directors?
13. Who appoints the Chief Executive Officer?
14. What are the Chief Executive Officer’s responsibilities?
15. What departments do companies generally have?
2 Read the statements and say whether they are true (T) or false (F). Correct the false ones.
1. The sole proprietor gets his capital from the shareholders.
2. The sole proprietor is not responsible for the debts of his company.
3. A partnership can only consist of two people.
4. All partners share profits and losses.
5. In a private limited company shares are sold freely.
6. The Board of Directors is responsible for the everyday running of the business.
7. Senior managers are responsible for policy decisions and strategy in the company.
6. There may be several senior managers in the company.
3. Match the words and expressions with their definitions
chief executive officer
связи с общественностью
a stock exchange
a sole proprietor
5. Give the English equivalents 1.
1. личное имущество
2. индивидуальный предприниматель
4. нести убытки
6. совет директоров
7. полная ответственность
8. фондовая биржа
10. управлять компанией
11. связи с общественностью
12. отдел кадров
13. рабочая сила
14. информационные технологии
Прочтите и письменно переведите текст.
RECRUITMENT When a company needs to recruit or employ new people, it may decide to advertise the job or position in a newspaper. People who are interested can then apply for the job by sending in a letter of application and a curriculum vitae or CV (US resume) containing details of their education and experience. A company may also ask candidates to complete a standard application form. The company’s Human Resources Department will then select the most suitable applications and prepare a short list of candidates, who are invited to attend an interview. Another way for a company to hire is by using the services of a recruitment agency (US search firm) who will provide them with a list of suitable candidates.
Headhunters or executive search firmsspecialize in finding the right person for the right job. The advantages for the employer are that it does not have to organize the costly and time-consuming process of advertising, selecting and interviewing suitable candidates. In some cases, the search firm may already have a list of people with appropriate skills for the job. In other cases it may help evaluate the candidates’ skills in order to select the most suitable person for the job.
Nowadays there are also a lot of online job-search sites which reach more people and offer higher efficiency than traditional ways of recruiting staff. The online job market works well for workers and employees who know what they want.
to recruit [rɪˈkru:t] / employ [ɪmˈplɔɪ] / hire [ˈhaɪə] (people, staff, employees)
принимать на работу, нанимать (людей, персонал, сотрудников)