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A corporation is chartered by the state in which it has headquarters. It is considered by law to be a unique entity, separate and apart from those who own it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of director; о oversee the major policies and decisions. The corporation has a life» f its own and does not dissolve when ownership changes.
Advantages of a Corporation
1. Shareholders have limited liability for the corporation's debts or judgments against the corporations.
2. Generally, shareholders can only be held accountable for their investment in stock of the company. (Note however, that officers can be held personally liable for their actions, such as the failure to withhold and pay employment taxes.)
3. Corporations can raise additional funds through the sale of stock.
Disadvantages of a Corporation
1. The process of incorporation requires more time and money than other forms of organization.
2. Corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations.
3. Incorporating may result in higher overall taxes. Dividends paid to shareholders are not deductible form business income, thus this income can be taxed twice.
Main features a Corporation:
(+) Shareholders have limited liability
(+) Can raise funds through sale of stock
(+) Life of business is unlimited (continuity of life)
(-) To incorporate a firm takes time and money
(-) May result in higher overall taxes
VOCABULARY
incorporation - 1) объединение, корпорация; 2) регистрация корпораций
unique - уникальный
entity - организация
headquarters - главное правление (фирмы)
to be sued - преследоваться в судебном порядке
shareholders - акционеры, пайщики, владельцы акций
stock - акции
contractual agreement - контракт, договор
board of directors - правление директоров (акционерного общества), совет директоров
to oversee - наблюдать, следить
to be held liable- нести ответственность
to be accountable - нести ответственность
employment taxes - налог на фонд заработной платы
continuity of life - непрерывность существования
overall taxes - суммарные налоги
to incorporate a firm - оформить юридический статус фирмы как корпорации
to comply with regulations - выполнять предписания (правила)
Assignment. Answer the questions:
1. What is a corporation?
2. Who are the owners of a corporation?
3. What is necessary to form a corporation?
4. Who oversees the major policies and decisions?
5. What are the advantages and disadvantages of corporations?
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