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| Secretary: Steve: Secretary: Steve: Secretary Steve:: Jackson: Steve: Jackson: Steve: Jackson Steve: Jackson: Steve: Jackson: Steve: Jackson: Steve: Jackson: Steve: Jackson: Steve: Jackson: Steve: Jackson: Steve: | Good afternoon. Good afternoon. I’d like to see Mr. Jackson. We have an agreement with him. My name is Watson. Just a minute, please. I’ll let him know you are here. Thanks. Mr. Jackson is waiting for you. Do you know where his office is? Oh, sure, thank you. Hello, Steve, it’s so nice to see you. Sit down, please. Thanks, Nick. How are you getting on? Quite all right, thanks. And what about you? Everything is all right too. In fact I want to talk to you about business. Oh, I’ll be glad to so something for you. Well, Nick. I need some legal advice. John and I are thinking of incorporating. You are going to expand, aren’t you? It seems that your partnership has been doing very well. Oh, yes. We have a success. Now some businessmen are interested in investing with us. So could you explain to me what sort of legal procedure we have to follow to form a corporation? At first you have to apply for a corporate charter. Well? Let me get this straight. You want to issue and sell stock in exchange for investment capital, don’t you? Exactly. After you obtain the charter the stockholders, as owners, hold a meeting to organize the corporation. Does that mean we elect our Board of Directors, adopt bylaws and choose the company officers? That’s what I mean. Though the officers of the company supervise daily management, the stockholders always have the final authority. They vote at annual meetings. Yes, I see it. By the way, does a corporation have limited liability? It does. It also has the right to own property, to buy and sell and the right to sue and be sued. I see. The corporation acts like a person. It has the right of an individual. You are right. O.K. Why don’t we get together for a game of golf one day next week? |
Exercise 1. Read the above text and dialogues and fill in the table:
| The name of business organization | Main characteristics | Advantages | Disadvantages | Fields of business activity (where it is better to organize) |
| Sole proprietorship Partnership Corporation |
Exercise 2. Answer the questions using the information from the above text and dialogues:
2. Do you want to go into business alone or with a partner?
3. What partner do you get along well with?
4. Imagine you run a shop. What will you do to attract customers?
5. Do you have to consult a lawyer to make the right choice when starting a business?
6. What is your background?
7. Are you a careful person, or do you like to run a risk?
8. How can you combine the resources with your partner?
9. What services and skills can you contribute in your business?
10. How will you distribute profits and losses in your partnership?
11. What kind of partner would you like to be: a general partner or a limited partner? Why so?
12. What corporation would you invest money in?
13. What legal procedure do you have to follow if you want to form a corporation?
14. Who has final authority and supervises the daily management of a corporation?
15. How often do the stockholders choose the company officers?
16. The stockholders have unlimited liability, don't they?
17. In what way can a corporation act?
18. What do you think about the possibilities of forming corporations in this country?
19. In what branches of industry is a corporate form of proprietorship the most beneficial in this
country?
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