III. Listen, read and translate the text joint stock company

The most important form of business organisation in the UK is the joint stock company. Basically, it consists of an association of people who contribute towards a joint stock of capital for the purpose of carrying on business with a view to profit. A company may be defined as a legal person created to engage in business, capable of owning productive assets, of entering into contracts, and of employing labour in the same way as an individual. There are two kinds of joint stock company: the private company and the public company. In 1986 there were some 860 000 joint stock companies in the UK, of which about 6000 were public companies. The public companies are much larger units and account for about two-thirds of all the capital employed by companies. In general, private companies are small firms, often consisting of the members of one family. Both public and private companies must have at least 2 members. A public company must have a minimum allotted share capital of 50 000 pounds (sterling) of which at least one-quarter has been paid up. A private company must include the word «limited» in its name while a public company must have the words 'public limited company' at the end of its name although this can be abbreviated to plc. The basic distinction between a private and a public company is that a public company can offer its shares and debentures for sale to the general public. In the case of a private company it would be a criminal offence to ask the public to subscribe to its shares. All companies must file annually, with the Registrar of Companies, details of their turnover, profits, assets, liabilities and other relevant financial information about their structures and activities.

Grammar practice

IV. Find in the text some sentences in the Active Voice, copy them into your exercise books, give simple grammar analysis of these sentences.

V. Find in the text sentences with the Gerunds and define their forms and functions. See Grammar in use section if necessary.

VI. Find in the text sentences with model verbs, copy them into your exercise books and define their meanings.

LANGUAGE PRACTICE

VII. Join the sentence halves below

1. The public companies are		a. the private company and the public company.
2. Private companies generally		b. their turnover, profits, assets, liabilities and other relevant financial information about their structures and activities.
3. The most important form of business organisation in the UK		c. account for about two-thirds of all the capital employed by companies.
4. The basic distinction between a private and a public company is		d. consist of the members of one family.
5. There are two kinds of joint stock company-		e. that a public company can sell its shares to the general public.

VIII. Write down 6 – 7 questions to the text above.

IX. Write down a summary of the text.

SPEAKING

X. Work in pairs. Compose a dialogue on the subject «Join Stock Company»

Tip:

XI. Imagine you are a teacher of Economics having a task to explain the first year students the notion «Join Stock Company». Make a brief and clear report on the subject.

SECTION 3.4. JOINT VENTURE

KEY VOCABULARY

I. Remember the correct pronunciation of these words

joint ['dʒɔɪnt]

venture ['vent∫ə]

barrier ['bærɪə]

availability [ə"veɪlə'bɪlɪtɪ]

authority [Ɔ:'θƆrɪtƚ]

authorized ['Ɔ:'θəraɪzd]

initial [iɪɪ'ni∫əl]

ensure [ɪn'∫uə]

appreciate [ə'pri:∫ɪeɪt]

substantial [sΛb'stæn∫əl]

appropriate [ə'prouprɪɪt]

crucial ['kru:∫əl]

reliance [rɪ'laɪəns]

expertise [,ekspe'ti:z]

equity ['ekwɪtɪ]

subsequent ['sΛbsɪkwənt]

II. Learn the following English terms and their Russian equivalents. Give your own sentences with them

joint venture – совместное предприятие

expanded sales – расширенная продажа

tariff barrier – пошлинный барьер

target country – страна интереса

trade commissioner service – служба комиссионной торговли

Chamber of Commerce – торговая палата

new product line – новый ассортимент

to meet needs – удовлетворять потребности

training facilities – возможности подготовки специалистов

customs regulations – таможенные правила

to bid on tenders – участвовать в тендерных сделках

authorized supplier – аккредитованный поставщик

long-term objectives – долгосрочные цели

manufacturing facility – производственные возможности

mutual trust – взаимное доверие

short-term expertise – краткосрочная экспертиза

tax rate – налоговая ставка

withholding tax – налог с заработной платы

declared dividend – объявленный к выплате дивиденд

stock dividend – дивиденд, выплачиваемый акциями

stock holding – участие в распределении акционерного капитала

rate of productivity – уровень производительности, продуктивности