2.4.4 Match each of the phrases on the left with an appropriate explanation on the right. Use the grid below:

1.	company (UK) / corporation (US)	A	a company whose shares are not publicly available
2.	public company	B	an organization which is part of the state organisation
3.	private company	C	an organization operating to make a profit
4.	cooperative	D	a company which owns another
5.	enterprise	E	a firm where shareholders’ liability is limited
6.	government agency	F	firm owned by a parent company
7.	limited company	G	documents showing income, expenditure, assets and liabilities, sales records, etc.
8.	offshore company	H	two or more partners working together for profit, without limited liability
9.	minority interest	I	a new commercial activity
10.	parent company	J	cash items, or items that can easily be changed into cash for the present financial year
11.	partnership	K	a company whose shares are publicly available
12.	subsidiary (affiliate)	L	items of value which are not easily changed into cash but which the business needs.
13.	company accounts	M	a firm based in a tax haven to avoid higher taxation
14.	fixed assets	N	a democratic firm owned by its workers
15.	current assets	O	company in which another firm has less than a 50% interest

1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
C

2.4.5 There are five main types of legally constituted company. Tick the correct characteristics for each business type, or write “possibly” if the characteristic could apply. Give a brief description of the companies:

	public limited company	private limited company	sole trader	partnership	co-operative
single individual owns a company
two or more owners / directors
quoted on stock exchange
workers run the company
unlimited liability
limited liability
owner is self-employed