Talking about Companies

A company is a form of business organization. Its precise definition varies.

The word company is traced from 1150 A.D. The use of the term in a sense of “business association” was first recorded in 1553. The abbreviation co. dates from 1769.

Generally, a company may be a corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons, whether incorporated or not.

A company may be called an enterprise, especially to emphasize its risk-taking nature. A large company mainly owned by one person or family is a business empire.

There are various types of company that can be formed in different jurisdictions.

Limited company in the UK is a company whose owners have responsibility for paying only a limited amount of the company’s debt.

A registered company is the most common type of company. A company may be registered either as a public limited company or a private company.

Public companies are large British companies whose shares can be publicly traded, often (although not always) on a regulated stock exchange. A public limited company must have a name ending with the initials “Plc”. Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares.

In legal terms, the owners of a company are normally referred to as the “members.” In a company limited by shares, this will be the shareholders.

The people who work for a company, all the people on its payroll, are its employees, personnel, staff, workers or workforce. Those who lead and organize the work of the staff are referred to as management.

People in a company, its employees hold different positions. The relationship between those employees with different positions makes organization structure.

Vocabulary Notes:

1. precise definition [pri`saıs ֽdefə`nı∫^ən] – точне визначення;

2. to vary [`veəri] / [`veri] – різнитися, відрізнятися; розходитися; міняти(ся); змінювати(ся);

3. to trace (from) [treıs] – простежувати(ся); брати початок;

4. partnership [`pα:tnə∫ıp] – товариство, компанія; партнерство;

5. joint-stock company – акціонерна компанія; акціонерне товариство;

6. trust [trAst] – трест, концерн;

7. to emphasize [`em^pfəsaız] – робити наголос, підкреслювати; надавати особливого значення;

8. risk-taking nature [`neıt∫ə] – ризикована натура; ризикована природа;

9. business empire [`bıznəs `empa ı ə] – бізнес-імперія;

10. jurisdictions [ֽGuərıs`dık∫^ənz] – юрисдикція; влада; повноваження; сфера повноважень;

11. debt [det] – борг; заборгованість; боргове зобов’язання; борговий інструмент; зобов’язання;

12. registered company [`reGıstəd `kAmp ə ni] – зареєстрована компанія;

13. public limited company [`pAblık `lımıtıd `kAmp ə ni] – відкрите акціонерне товариство з обмеженою відповідальністю; акціонерна компанія відкритого типу з обмеженою відповідальністю; товариство з обмеженою відповідальністю (АТОВ); публічна компанія з обмеженою відповідальністю;

14. stock exchange [ֽstOk ıks`t∫eın G ] – фондова біржа; біржа цінних паперів;

15. restriction [ri`strık∫^ən] – обмеження; перешкода;

16. transfers of shares [`træn<sup>t</sup>sfə:z əv `∫eəz] – передача акцій (передача прав власності на акції іншому власнику);

17. shareholder [`∫eəֽhəuldə] – акціонер (акціонерного товариства); пайовик; учасник (товариства з обмеженою відповідальністю);

18. payroll [`peırəul ] – фонд заробітної плати; платіжна відомість.

Task 13. Tick the correct sentence.

1.The word company is traced from 1150 A.D. The word company is traced from 1150 B.C.	____ ____
2.The abbreviation co. dates from 1769. The abbreviation co. dates from 1679.	____ ____
3.The terms “company” and “enterprise” cannot be used interchangeably. A company may be called an enterprise, especially to emphasize its risk-taking nature.	____   ____
4.A large company mainly owned by one person or family is a business monarchy. A large company mainly owned by one person or family is a business empire.	____   ____
5.A registered company is the most common type of company. A registered company is the least common type of company.	____ ____
6.A company may be registered either as a public limited company or a state-owned company. A company may be registered either as a public limited company or a private company.	____   ____
7.Public companies are large British companies whose shares can be publicly traded. Public companies are large American companies whose shares can be publicly traded.	____   ____
8.A public limited company must have a name ending with the initials “Plc”. A private company must have a name ending with the initials “Plc”.	____ ____
9.Private companies sell their shares to the general public, and have few restrictions on transfers of shares. Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares.	____   ____
10.In legal terms, the owners of a company are normally referred to as the “members.” In legal terms, the owners of a company are normally referred to as the “masters.”	____   ____

Task 14. Match the words in column A with their synonyms in column B.

A	B
1.to emphasise 2.to form 3.amount 4.precise 5.to vary 6.sense	a)sum; b)exact; c)to differ; d)to stress; e)to create; f)meaning;

Task 15. In the text “Talking about Companies” (Task) find antonyms of the following words.

1.credit;	4.unregulated;	7.unadventurous; risk-free;
2.unlimited;	5.privately; in private;	8.to conform; to standardize;
3.inaccurate;	6.special; rare; unusual;	9.unlisted; undocumented; unregistered.

Task 16. a) Fill in the blanks with noun or verb forms. Use your dictionary if necessary.

NOUN	VERB
1.-----------	to define;
2.association	-----------
3.-----------	to abbreviate
4.corporation	-----------
5.-----------	to regulate
6.restriction	-----------
7.-----------	to organize
8.position	-----------

b) Use the correct noun or verb forms in the sentences. Change the grammatical form of the words if necessary.

Define

a) There is no general agreement on a standard _____ of management.

b) In the contract agreed between the union and the employers, overtime is _____ as work after 6 p.m. on weekdays, and anytime on Saturdays, Sundays, and public holidays.