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UNIT 2. ECONOMIC SYSTEM Ex 1. Прочтите следующие слова: distribution, appearance, variety, structure, category, society, harvesting, procedure, affront, ancestors, rigidity, ancient, path, similar, solution, familiar Ex 2. Прочтите и переведите следующие группы слов: economic society, a mechanism of survival, the tasks of production and distribution, fairly recent times, in the distant past, the accepted ways, a long process of trial and error, working procedures, the same skills and tools, in a similar manner, equal pay, legal sanction Ex 3. Запомните следующие слова и словосочетания: according to (adv.) - согласно, в соответствии с appearance (я.) - появление argue (v.) - спорить, оспаривать arise (v.) - возникать broad (adj.) - широкий, обширный carry out (v.) - выполнять, осуществлять custom (n.) - обычай determine (v.) - определять develop (v.) - развивать, разрабатывать devise (v.) - придумывать, изобретать distant (adj.) - отдаленный distribution (л.) - распределение division (я.) - деление, разделение exist (v.) - существовать equal pay - равная оплата fairly (adv.) - довольно familiar (adv.) - знакомый fixed (adj.) - закрепленный, постоянный in spite of - несмотря на legal (adj.) - законный, юридический market (п.) - рынок obtain (v.) - получать present (v.) - представлять procedure (и.) - технологический процесс, образ действия; процедура process of trial and error - путь проб и ошибок recent (adj.) - недавний regard (v.) - считаться rigidity («.) - жесткость share (я.) - доля, акция share on (v.) - распределять similar (adj.) - подобный skill (и.) - умение, мастерство task (n.) - задача tool (n.) - инструмент trade (п.) - занятие, ремесло variety (я.) - разнообразие whereby (adv.) - посредством чего Ex 4. Определите, к какой части речи относятся следующие слова: legal, means, different, oldest, selection, ancestors, rigidity, footsteps, pastoral, sanction, able Ex 5. Образуйте существительные от следующих глаголов: present, produce, distribute, develop, group, describe, divide, select, change, discuss, decide, use Ex 6. Преобразуйте предложения в Past и Future Simple: 1. It presents the mechanism for survival. 2. They are able to carry out the task of production. 3. It is possible to group these structures into four broad categories. 4. These methods are based on tradition. 5. A son follows in the footsteps of his father and uses the same skills and tools. 6. The distribution problem is solved in a similar manner. 7. They receive shares according to an ancient custom. 8. Tradition plays some part in economical processes. TEXT A To an economist, economic society presents itself as a mechanism for survival - a means whereby people are able to carry out the tasks of production and distribution. If we look at the different political and social structures which exist in the world today, and the way in which those systems have developed over the years, we are tempted to say that people have made use of, and are making use of, a very great varieties of economic systems. In fact, in spite of the appearance of great variety, it is possible to group these different economic structures into four broad categories. These basic types of economic organisation are usually described as Traditional economies, Market economies, Command economies and Mixed economies. Traditional economies The oldest and until fairly recent times by far the most common way of solving economic problem was that of tradition. In traditional societies, people use methods of production and distribution that were devised in the distant past and which have become the accepted ways of doing things by a long process of trial and error. In these societies we find that the division of land among the families in the village or tribe, the methods and times of planting and harvesting, the selection of crops, and the way in which the produce is distributed among the different groups are all based upon tradition. Year by year, little is changed; indeed a change in working procedures may well be regarded as an affront to memory of one's ancestors or as an offence against the gods. The basic economic problems do not arise as problems to be discussed and argued about. They have all been decided long ago. One follows the path that one was born to follow; a son follows in the footsteps of his father and uses the same skills and tools. A caste system provides a good example of the rigidity of a traditional society. The production problems (i. e. What? and How?) are solved by using land as it has always been used and the worker carrying out the traditional skills according to his or her fixed place in social structure. The distribution problem (i. e. For whom?) is solved in a similar manner. There will be time-honoured methods of sharing out the produce of the harvest and hunt. The elders, the heads of families, the women and the children will receive shares according to ancient custom. Traditional solutions to the economic problems of production and distribution are encountered in primitive agricultural and pastoral communities. But, even in advanced countries, tradition still plays some part in determining how the economy works. We are familiar with industries in which it is customary, for the son to follow his father into a trade or profession, and in Britain equal pay for women did not obtain legal sanction until the 1970-s. Ex 1. Прочтите и переведите текст А. Ex 2. Заполните пропуски, используя следующие слова: land, long, path, presents, arise, solved, shares, similar, custom, distribution, tasks, used, as 1. Economic society ….. itself a means whereby people are able to carry out the ........ of production and ............ 2. The basic economic problems do not……. as problems to be discussed and argued about. 3. They have all been decided …... ago. 4. One follows the ….... that one was born to follow. 5. The production problems are ….. by using …... as it has always been…... 6. The distribution problem is ….... in a …….. manner. 7. The elders will receive ……... according to ancient……..... Ex 3. Найдите синонимы среди следующих слов: receive, fixed, different, broad, common, fairly, selection, error, choice, constant, mistake, rather, basic, produce, wide, get, general, make, various Ex 4. Найдите антонимы среди следующих слов: different, rigidity, broad, old, distant, long, receive, advanced, true, ancient, narrow, same, near, backward, false, lose, modern, young, short, flexibility Ex 5. Образуйте антонимы от следующих слов, используя нужные префиксы: appearance, usually, possible, common, legal, accepted, solved, familiar Ex 6. Переведите следующие словосочетания слов с русского языка на английский: механизм выживания, задачи производства и распределения, наиболее распространенный путь решения экономических проблем, в далеком прошлом, основные экономические проблемы, таким же путем, согласно древнему обычаю, в передовых странах, равная оплата труда женщин. Ex 7. Образуйте 3 формы от следующих глаголов: to present, to carry out, to look, to exist, to develop, to tempt, to change, to discuss, to decide, to follow, to group, to describe, to argue, to provide, to share, to make, to become, to do, to find, to arise Ex 8. Составьте предложения, используя следующие слова: 1. these, possible, to, group, is, different, structures, three, into, categories, broad, it, economic. 2. way, economic, the, oldest, solving, tradition, that, was, problems, of, of. 3. have, been, all, they, ago, decided, long. 4. in, son, footsteps, his, of, a, father, follows, the. 5. is, distribution, solved, problem, manner, in, similar, the, a. Ex 9. Заполните пропуски предлогами: I.... fact,... spite ... the appearance ... great variety, it is possible to group these structures ... four broad categories. 2. These types ... economic organization are usually described ... Traditional economies, Market economies, Command economies and Mixed economies. 3. The oldest and until fairly recent times... far the most common way in solving economic problems was that ... tradition. 4.... traditional societies, people use methods... production and distribution that were devised... the distant past. 5.... these societies we find that the division... land... the families ... the village or tribe, the methods and times ... planting and harvesting all all based ... tradition. 6. Year... year, little is changed. 7. The basic economic problems do not arise ... problems to be discussed and argued .... 8. There will be time-honoured methods ... sharing ... the produce ... the harvest and hunt. 9. ... Britain equal pay ... women did not obtain legal sanction... the 1970s. Ex 10. Поставьте вопросы к выделенным словам: 1. In traditional societies, people use methods of production that were devised in the distant past 2. They have all been decided long ago. 3. A son follows in the footsteps of his father. 4. He uses the same skills and tools. 5. A caste system provides a good example of the rigidity of a traditional society. 6. The distribution problem is solved in a similar manner. 7. The heads of families will receive shares according to ancient custom. 8. In Britain equal pay for women did not obtain legal sanction until the 1970s. Ex 11. Заполните пропуски, используя в нужной форме глаголы, данные в скобках: 1. Economic society... itself as a means whereby people are able to carry out the tasks of production and distribution (to present). 2. If we look at the very different political and social structures and the way in which these systems ... (to develop) over the years, we are tempted to say that people ... (to make) use of and ... (to make) use of, a very great varieties of economic systems. 3. These basic types of economic organization ... (to describe) as Traditional economies, Market economies, Command economies and Mixed economies. 4. In traditional societies, people ... (to use) methods of production and distribution that... (to devise) in the distant past and which ... (to become) the accepted ways of doing things by a long process of trial and error. 5. A change in working procedures may well ... (to regard) as an affront to memory of one's ancestors. 6. The basic economic problems do not... (to arise) as problems ... (to discuss) and ... (to argue) about. 7. Traditional solutions to the economic problems... (to encounter) in primitive agricultural and pastoral communities. Ex 12. Ответьте на следующие вопросы: 1. What does economic society present itself for an economist? 2. What broad categories can different economic systems be grouped into? 3. What methods of production and distribution do people in traditional societies use? 4. What example does a caste system provide? 5. How are the production problems (What? and How?) solved in traditional societies? 6. What part does tradition play in advanced countries? Give examples. Ex 13. Перескажите текст “Economic System”. Ex. 14. Прочтите текст В. Text В. Market economies A society may attempt to deal with the basic economic problems by allowing free play to what are known as market forces. The state plays little or no part in economic activity. Most of the people in the non-communist world earn and spend in societies which are still fundamentally market economies. The market system of economic organization is also commonly described as a free enterprise or capitalist system. We shall use all these terms to stand for a market economy. Strictly speaking the pure market of laissez-faire system has never existed. Whenever there has been some form of political organization, the political authority has exercised some economic functions (e.g. controlling prices or levying taxation). It is useful, however, to consider the way in which a true market system would operate because it provides us with a simplified model, and by making modifications to the model we can approach the more realistic situations step by step. The framework of a market or capitalist system contains six essential features. They are: 1. private property 2. freedom of choice and enterprise 3. self-interest as the dominating motive 4. competition 5. a reliance on the price system 6. a very limited role for government. 1. Private property. The institution of private property is a major feature of capitalism. It means that individuals have the right to own, control and dispose of land, buildings, machinery, and other natural and man-made resources. Man-made aids to production such as machines, factories, docks, oil refineries and road networks are known as capital. Private property not only confirms the right to own and dispose of real assets, it provides the owners of property with the right to income from that property in the form of rent, interest and profits. 2. Freedom of choice and enterprise. Freedom of enterprise means that individuals are free to buy and hire economic resources, to organize these resources for production, and to sell their products in the markets of their own choice. Persons who undertake these activities are known as e n t r e p r e n e u r s and such people are free to enter and leave the industry. Freedom of choice means that owners of land and capital may use these resources as they see fit. It also means that workers are free to enter (and leave) any occupations for which they are qualified. Finally it means that consumers are free to spend their incomes in any way they wish. The freedom of consumer choice is usually held to be the most important of these economic “freedoms”. In the models of capitalism, producers respond to consumers preferences — they produce whatever consumers demand. 3. Self-interest. Since capitalism is based on the principle that individuals should be free, to do as they wish, it is not surprising to find that the motive for economic activity is self-interest. Each unit in the economy attempts to do what is best for itself. Firms will act in ways which, they believe, will lead to maximum profits (or minimum losses). Owners of land and capital will employ these assets so as to obtain the highest possible rewards. Workers will tend to move to those occupations and locations which offer the highest wages. Consumers will spend their incomes on those things which yield the maximum satisfaction. 4. Competition. Economic rivalry or competition is another essential feature of a free enterprise economy. Competition, as economists see it, is essentially price competition. The model of the market economy envisages a situation where, in the market for each commodity, there are large numbers of buyers and sellers. Each buyer and seller accounts for an insignificant share of the business transacted and hence has an influence on the market demand or market supply. It is the forces of total demand and total supply which determine the market price, and each participant, whether buyer or seller, must take this price as given since it is beyond his or her influence or control. In theory at least, competition is the regulatory mechanism of capitalism. It limits the use of economic power since no single firm or individual is large enough or strong enough to control a market and exploit the other buyers or sellers. 5. Markets and Prices. Perhaps the most basic feature of the market economy is the use of the price mechanism for allocating resources to various uses. The price system is an elaborate system of communications in which innumerable free choices are aggregated and balanced against each other. The decisions of producers determine the supply of a commodity; the decisions of buyers determine the price. Changes in demand and supply cause changes in market prices and it is these movements in market prices which bring about the changes in the ways in which society uses its economic resources. Ex. 15. Подготовьте сообщения на одну из следующих тем: 1. Private property. 2. Freedom of choice and enterprise. 3. Self-interest. 4. Competition. 5. Markets and Prices. 6. The role of the government in a free market economy. Ex. 16. Прочтите текст С. Text С. Command Economies Another method of solving the economic problems is also one which has a long history. This is the method of economic command where the solutions to the economic problems are worked out by some all-powerful authority which imposes its solutions on the population. It is more usual to refer to the present-day command economies as p l a n n e d economies although, strictly speaking, leaving the economy to run itself (i.e. laissez-faire) may be described as a kind of economic 'plan'. Nevertheless, in line with general usage, we shall use the term 'planned economy' to refer to an economy which is subject to a high degree of direct centralized control. It is important to note that no modern economy is without some elements of command. In all developed and most underdeveloped countries, even those described as capitalist, there is a large measure of government control. In the UK, for example, the government is the biggest business in the country. Ownership and Control of Economic Resources Although economic planning may be employed in societies where property is privately owned, it seems realistic to assume that a fully planned economy means one in which all the important means of production are publicly owned. In socialist societies all land, housing, factories, power stations, transport systems and so on are usually owned by the state. The logic of public ownership in these societies is based upon the desire for a more equitable distribution of income and wealth. Private ownership of property leads to great inequalities of wealth, and this, in turn means that the wealthier groups are able to exercise great economic power. Such a situation implies great inequalities of opportunity. The better-off members of society are able to use their greater wealth to obtain superior education, better health services, more effective training, and better business opportunities. Although land and capital may be owned c o l l e c t i v e 1 у rather than individually, it does not follow that control of these resources must be centralized. In some planned economics the state keeps a tight control on the use of economic resources and all important economic decisions are taken by powerful central committees. This is described as b u r e a u c r a t i c organization, because the running of such an economy will require large numbers of planners and administrators to draw up and operate the national plan. Alternatively, although the ultimate ownership of resources may be vested in the state, the control and day-today running of the farms, factories and shops may be handed over to cooperative groups of w o r k e r s and c o n s u m e r s. These organizations are usually described as “workers” collectives, as opposed to the state enterprises which are controlled directly by the government. One important feature of a society in which property is publicly owned is that there will be no form of personal income which is derived from the ownership of property. In the capitalist system incomes take the form of wages, interest, rent, and profits - the latter three of which arise from the ownership of various types of property. Ex 17. Прочтите и переведите на русский язык текст D. Text D. Mixed Economies We have seen that there is some use of the market mechanism in planned economies. Likewise there is some measure of state control in free market economies. Here the term mixed economy is used; it describes most of the economies in the noncommunist world. These countries are basically market economies, but all contain elements of state enterprise and governments in all of them intervene to modify the operation of market forces. They are mixtures of command and market economies. In these mixed economies private property is an important institution. Supporters of the mixed system hold the view that private property provides an important incentive for people to work, save and invest. They oppose the abolition of private property and argue that it is possible to present great inequalities of wealth from arising by the appropriate government measures (e. g. heavy taxation of income and wealth). The mixed economy has come into being as a result of increasing government intervention and control in capitalist countries. This development has been particularly extensive during the 20th century. There are many reasons for this increasing ability of governments. Ex 18. Ответьте на следующие вопросы: 1. What are the major characteristics of free market, command and mixed economies? 2. To what extent do you agree with the view that the needs of consumers are more likely to be satisfied in a command than in a market economy? 3. How would you explain the increasing importance of mixed economies? 4. Why is it often difficult to obtain agreement about which type of economy is preferable? 5. Explain how an increased demand for a product is likely to affect (a) the price of that product, (b) the quantity produced, (c) the price of other products? UNIT 3. TYPES OF BUSINESS ORGANISATION Ex 1. Read these words: enterprise, responsible, alternatively, numerous, efficiency, ownership, incentive, disadvantage, liability, possession, involvement, since, entrepreneur, resources, security, prevalent, retailing, debts Ex 2. Give Russian equivalents for: sole proprietor, joint stock company, cooperative society, public corporation, one-person business, decision-taker, extremely flexible, easy adjustment, market conditions, repair and maintenance work, personal services Ex 3. Words and terms to be Remembered ability (п.) - способность acquire (v.) - приобретать adjustment (n.) - приспособление borrow (v.) - занимать bear (v.) - нести capable (adj.) - способный debt (п.) - долг decision (п.) - решение entrepreneur (n.) - предприниматель enterprise (п.) - предприятие event (п.) - случай, событие failure (п.) - неудача flexible (adj.) - гибкий Joint Stock Company - акционерная компания liability (п.) - ответственность loss (n.) - убыток, потеря maintenance (n.) - эксплуатация ownership (п.) - собственность partnership (п.) - товарищество possess (v.) - обладать profit (п.) - доход refer to (v.) - относиться; ссылаться repair (п.) - ремонт responsible (adj.) - ответственный restrict (v.) - ограничивать retail (adj.) - розничный seize (v.) - захватывать sole proprietor - единоличный собственник since (prep.) - поскольку; с strength (л.) - сильная сторона; сила success (n.) - успех therefore - поэтому value (и.) - способность Ex 4. Mark what parts of speech the following words are (n. – noun, v. – verb, adj. – adjective, adv. – adverb): simplest, solely, employment, responsibility, alternatively, unimportant, condition, disadvantage, liable, possession, insolvent, strict, prevalent Ex 5. Form nouns from the following verbs with the help of the appropriate suffix (-tion or -ment): organize, classify, decide, assume, lose, employ, compare, direct, control, consult, change, require, expect, adjust, possess, expand, restrict, provide Text A The different types of business organisation to be found in the UK and most other capitalist countries may be classified under five headings: the sole proprietor, the partnership, the joint stock company, the cooperative society, and the public corporation. The sole proprietor This is the simplest and the oldest form of business enterprise and often referred to as the one-person business. A single person provides the capital, takes the decisions, and assumes the risks. He or she is solely responsible for the success or failure of the business and has, therefore, the sole rights to such profits as may be made, or, alternatively, bears the sole responsibility for such losses as may accrue. The one-person business is still far more numerous than any other types of business organisation, but in terms of total output employment, value of capital employed, or value of total output, it is relatively unimportant compared with the joint stock company. The strength of this type of firm lies in the direct personal interest of the proprietor in the efficiency of his enterprise. Ownership and control are vested in one person who enjoys all the fruits of success and hence has a great incentive to run the firm efficiently. Since the proprietor is the sole decision - taker and has no need to consult colleagues when changes of policy are required we should expect this type of organisation to be extremely flexible and capable of quick and easy adjustment to changes in market conditions. The great disadvantage of the sole proprietor from an enterprise lies in the fact that the owner is personally liable for the debts incurred by his firm and his liability is unlimited. All his personal possessions are at risk and may be seized to meet creditors demands in the event of the business becoming insolvent. Another disadvantage of this type of firm is the strict limitation of its ability to acquire capital for expansion. Finance is restricted to the amounts which the entrepreneur is able to provide from his own resources and whatever sums he can borrow on his own security. We find the one-person business prevalent in farming, retailing, building, repair and maintenance work, and personal services such as hairdressing. TASKS Ex 1. Complete the sentences with the following words: possessions, adjustment, proprietor, failure, headings, enterprise, efficiency, ownership, conditions, flexible, failure, liability, debts, decisions, responsible 1. The different types of business organisation may be classified under five_______ . 2. This is the simplest and the oldest form of business______ . 3. A single person is solely______for the success or ______ of the business. 4. His ___ is unlimited. 5. _____ and control are vested in one person. 6. This type of organisation is extremely _____ and capable of quick _____to changes in market _____. 7. The owner is personally liable for the ____ incurred by his firm. 8. All his _____ are at risk. 9. A single person provides the capital, takes the ____, and assumes the risks. Ex 2. Find the synonyms among these words: enterprise, decision, acquire, business, obtain, need, event, proprietor, case, owner, responsible, solution, g liable, require Ex 3. Find the antonyms among these words: strength, profit, success, security, weakness, amount, failure, quantity, danger, loss Ex 4. Form antonyms from the following words with the help of the appropriate prefix: advantage, limited, able, employment, important, compared, personal, capable Ex 5. Give the English equivalents: эффективно руководить фирмой; единственный человек, принимающий решение; консультироваться с коллегами; необычайно гибкий; изменение рыночных условий; огромный недостаток; лично ответственный за; неограниченная ответственность; удовлетворить требования кредиторов Ex 6. Write down three forms of these verbs: to find, to classify, to refer, to take, to make, to bear, to lie, to enjoy, to run, to require, to meet, to borrow Ex 7. Make sentences using the following words: 1. are, control, and, in, ownership, person, one, vested. 2. organisation, of, is, this, flexible, type, extremely. 3. risk, all, at, possessions, his, personal, are. 4. as, the, often, referred, is, business, it, to, one-person. 5. relatively, joint stock company, is, compared, unimportant, it, the, with. Ex 8. Insert the correct prepositions: 1. The different types ... business organisation to be found ... the UK may be classified ... five headings. 2. This is the simplest form ... business enterprise and is often referred ... as the one-person business. 3. He is solely responsible ... the success... the business. 4. The strength ... this type ... firm lies... the direct personal interest... the proprietor in the efficiency... his business. 5. The owner is personally liable ... the debts incurred ... his firm. 6. All his personal possessions are ... risk. 7. Another disadvantage ... the type of firm is the strict limitation ... its ability to acquire capital ... expansion. 8. Finance is restricted ... the amounts which the entrepreneur is able to provide ... his own resources and whatever sums he can borrow ... his own security. Ex 9. Make questions to the words in italics: 1. The different types of business organisation may be classified under Jive headings. 2. The owner is personally liable for the debts incurred by his firm. 3. The one-person business is prevalent in farming, retailing, repair and maintenance work. 4. A single person provides the capital, takes the decisions, and assumes the risks. 5. The oldest form of business enterprise is often referred to as the one-person business. Ex 10. Open the brackets using the verbs in the correct forms: 1. The different types of business organisation... (to find) in the UK may... (to classify) under five headings. 2. He ... (to have) the sole rights to such profits as may ... (to accrue) or, alternatively, ... (to bear) the sole responsibility for such losses, 3. The one-person business ... (to be) still far more numerous than any other type of business organisation. 4. Ownership and control... (to vest) in one person who ... (to enjoy) all the fruits of success. 5. He ... (to have) no need ... (to consult) collegues when changes of policy... (to require). 6. We should ... (to expect) this type of organisation ... (to be) extremely flexible. 7. All his personal possessions may ... (to seize)... (to meet) creditors’ demand. 8. Finance ... (to restrict) to the amounts which the entrepreneur is able ... (to provide) from his own resources and whatever sums he can ... (to borrow) on his own security. Ex 11. Answer the following questions: 1. What are the types of business organisation to be found in the UK? 2. What is the simplest and oldest form of business enterprise? 3. What is the strength of the one-person business? 4. What are the disadvantages of this form of business organisation? 5. Why is the one-person business less important compared with the joint stock company? 6. Where is the one-person business prevalent? Ex 12. Retell the text “The sole proprietor”. Ex 13.Read and translate the text with the help of a dictionary. Make a list of new words and expressions while reading the texts. Text В The Partnership Partnerships are voluntary combinations of from 2 to 20 persons formed for the purpose of carrying on business with a view of profit. This type of organisation represents a logical development from the one-person business since the obvious method by which such a firm may acquire further capital is to form a partnership. The motive, however, may not be financial and partnerships are often formed in order to bring new ability and enterprise into the business. The partners usually share in the task of running the business, but a partner need not play an active role. A person who joins a partnership, supplying capital and sharing in the profits, but taking no part in the management is known as a dormant or sleeping partner. Partnerships are a common form of business organisation in such professions as law, accountancy, surveying, and medicine. The advantages of this type of firm are similar to those of the one-person business. It is a flexible organisation which allows a greater degree of specialisation than the one-person business. Partners usually specialize in one or more aspects of the business; one may be responsible for buying, one for selling, one for production, and so on. Since it has greater access to capital, it can achieve greater size than the sole proprietor. The great disadvantage, like that of the one-person business, is the fact that the liability of the partners is unlimited and they are all fully liable for the acts of the other partners. There are, however, some limited partnerships which have to be registered with the Registrar of Companies. In such firms some partners (e.g. dormant partners) may have their liability limited to some specified sum, but at least one of the partners must have unlimited liability. The survival of a partnership depends upon the continued harmonious relationship between a number of people in situations which often give much cause for disagreement. Thus, where trading risks are very great, the partnership is not a very stable type of organisation. Text С The 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 ail 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 а criminal offence to ask the public to subscribe to its shares. All соmpanies 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. |
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