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ТЕМА 3

CORPORATION

Text

A business corporations an institution established for the purpose of making profit. It is operated by individuals. Their shares of ownership are represented by stock certificates. Л person who owns a stock certificate is called a stock-holder.

There are several advantages of the corporate form of ownership. The first is the ability to attract financial resources. The next advantage is the corporation attracts a large amount of capital it can invest it in plants, equipment and research. And the third advantage is that a corporation can often higher salaries and thus attract talented managers and specialists.

The privately owned business corporation is one type of corporation. There are some other types too. Educational, religious, charitable institutions can also incorporate. Usually such corporation does not issue stock and is nonprofit. If there is a profit it is reinvested in the institution father than distributed to private stockholders.

In some western countries, cities, states, federal government and special agencies can establish governmental corporations. A few examples of these governmental corporations are state universities, state hospitals and city owned utilities. Governmental corporations are non-profit as a rule and usually they do not issue stock certificates.
Active Vocabulary
corporation корпорация

to establish учреждать

stock certificate акция

stockholder (shareholder) акционер, держатель акций

to attract financial resources привлекать финансовые ресурсы

to offer high salaries предлагать высокие зарплаты

to attract a large amount привлекать большой капитал

of capital

educational, religious, образовательные, религиозные,

charitable institutions благотворительные учреждения

to issue stock выпускать акции

nonprofit неприбыльный

to reinvest вкладывать еще раз

Comprehension Questions

1. Who can own a corporation?

2. Is a corporation necessarily larger than a sole proprietorship?

What are the advantages of the corporate form of ownership?
What can you say about the disadvantages of the
corporate form of ownership?
Do the corporations issue stock to stockholder?
What kind of corporations usually don't issue the stock?
What world-known corporations do you know?

8. What types of business usually take the corporate form of ownership?
Exercise 18. Give extensive answers to the following questions:

Sure!

Of course!

That s not quite right.

I can’t agree with you.
1. A business corporation is an institution established for the purpose of

making profit, isn’t it?

2. The corporate form of ownership has several advantages, hasn’t it?

3. Educational, religious, charitable institutions usually don’t issue

stock, do they?

4. Governmental corporations are non-profit, are they?

Dialogue

Secretary Good afternoon.

Steve Good afternoon. I'd like lo see Mr. Jackson. We

have an arrangement with him. My name is

Mr. Watson.

Secretary Just a minute, please. I'll let him know you are

here.

Steve Thanks.

Secretary Mr Jackson is waiting for you. Do you know where

his office is?

Steve Oh sure, thank you.

Jackson Hello, Steve, it's so nice to see you. Sit down,

please.

Steve Thanks, Nick. How are you getting on?

Jackson Quite all right, thanks. And what about you?

Steve Everything is all right too. In fact I want to talk to

you about my business.

Jackson Oh, I'll be glad to do something for you.

Steve Well, Nick. I need some legal advice. John and I are

thinking of incorporating.

Jackson You are going to expand, aren't you? It seems that

your partnership has been doing very well.

Steve Oh, yes. We have a success. Now some businessmen

are interested in investing with us. So could you

explain me what sort of legal procedure I have

to follow to form a corporation?

Jackson At first you have to apply for a corporate charter. Steve Well?

Jackson Let me get this straight You want to issue and sell

stock in exchange for investment capital, don't you? Steve Exactly.

Jackson After you obtain the charter the stockholders, as

owners, hold a meeting to organize the corporation. Steve Does that mean we elect our Board of Directors,

adopt bylaws and choose the company's officers? Jackson That's what I mean. Though the officers of the company supervise daily management, the stockholders always have final authority. They vote al annual meetings.

Steve Yes, I see it. By the way, does a corporation have

limited liability?

Jackson It does. It also has the right to own property, to

buy and sell and right to sue and be sued.

Steve I see. The corporation acts like a person. It has the

right of an individual.

Jackson You are right.

Steve O.K. Why don't we get together for a game of golf

one day next week?

Vocabulary exercises

Exercise 29. Transform the sentences according to the model.

M o d e l: I’m accustomed to setting objectives.

I’m used to setting objectives.

We are accustomed to having unlimited liability.
He is accustomed to delegating authority.
They are accustomed to firing and hiring people.
She is accustomed to working as a head of the department.
You are accustomed to working under pressure.
The executive is accustomed to making decisions.

Exercise 30. Change the modal verb according to the model.

M o d e l: We ought to set objectives this month.

We should set objectives this month.

They ought to talk about the functions of an executive.
A manager ought to make careful decisions.
An executive ought to be very competent.
A vice president ought to decide on hiring, firing, vacation, hours.
The board of directors ought to plan objectives and changes.
They ought to have a meeting with a head of the department.

Exercise 31. Your executive is a very tough man. What should his staff do

to please him?

For ideas:

to be creative – быть с творческим отношением к делу

to be well-organized – быть хорошо организованным

to keep fit – держать себя в форме

to be punctual – быть пунктуальным

to be enthusiastic – быть энтузиастом

to obey the rules – подчиняться правилам
Exercise 32. Begin with:

I know that…

And what is more…

Grammar Exercises

Exercise20. Make the sentences negative.

M o d e l: They have held a meeting.

They haven't held a meeting.

The stockholders have elected the Board of Directors.
This corporation has issued the stock.
The Board of Directors has chosen the company officers.
This company has greatly expanded,
We have already applied for a corporate charter.

Exercise 21. Put up 4 questions of 4 types (general, special, disjunctive, alternative) to each sentence.

M o d e l: The stockholders have held the annual meeting.

Have the stockholders held the annual meeting?
What have the stockholders done?
The stockholders have held the annual meeting, haven't they?

4. Have the stockholders held я meeting or a conference?

The partners have applied for a corporate charter.
The stockholders have voted at the annual meeting.
The company has issued the additional stock.
They have invested all their money in this company.

Vocabulary Practice

Exercise 18. Choose the necessary word and put it in the sentence.

What kind of... is better: buying stock or buying real estate?
To attract greater financial... the company issues the stock.
A university can be... corporation.
The partners didn't put the same... into business.
The group of people from different countries are going to... a corporation.
The Red Cross is an international... organization.

7. I want lo buy some ... in IBM and General Motors.

8. An educational... usually reinvests all its money.
(charitable, stock, resources, institution, investment, nonprofit, amount, of capital, to establish)

Тема 4.

Text.

FUNCTIONS OF AN EXECUTIVE

An employer has several, options to consider when he
wants to hire a new employee. First of all he may look
within his own company. But if he can't find anybody
suitable for the position he will have to look outside the
company. If there is a personnel office in the company he
can ask them to help him to find a qualified applicant. The
employer can also use another valuable source for example
employment agencies, consulting firms, placement offices
and professional societies. He can also advertise via a news
paper or in a magazine and request candidates to send in
resumes.

The employer has two sets of qualifications to consider if he wants to choose from among the applicants. He must consider both professional qualifications and characteristic. A candidate's education, experience and skills are included in his professional qualifications. This can be listed on a resume. Personal characteristics or personality traits must be evaluated through interviews.

1. EXECUTIVE - РУКОВОДИТЕЛЬ,

АДМИНИСТРАТОР

2. FOREMAN - MACTEP,

РУКОВОДИТЕЛЬ

3 TO SET OBJECTIVES - СТАВИТЬ ЦЕЛИ
4. TO DELEGATE - РАСПРЕДЕЛЯТЬ

AUTHORITY ОБЯЗАННОСТИ
5 RED-TAPE - (здесь) БЮРОКРАТИЧЕСКАЯ,

КАНЦЕЛЯРСКАЯ РАБОТА
6. OPTION - ВЫБОР

7 EMPLOYER -НАНИМАТЕЛЬ,

РАБОТОДАТЕЛЬ

8 EMPLOYEE - СЛУЖАЩИЙ, РАБО-

ТАЮЩИЙ ПО НАЙМУ

PERSONNEL OFFICE - ОТДЕЛ КАДРОВ
APPLICANT - КАНДИДАТ НА

ДОЛЖНОСТЬ

11.А RESUME - РЕЗЮМЕ

12.AN EXPERIENCE - РАБОЧИЙ ОПЫТ

13. VIA - ЧЕРЕЗ

THE FUNCTIONS OF AN EXECUTIVE Dialogue

Anna is having lunch with her sister Barbara. Anna has just

accepted a position as an Administrative Assistant. Ho boss is an executive with a firm that manufactures heavy machinery used in construction.

Barbara You've got a new job, Anna. My congratulations.

Anna Thanks, Barbara.

Barbara Tell me a few words about your boss. What does he

do?

Anna Well, he is one of the vice presidents of the company, so he's rather important. He is an executive.

Barbara Do you know the difference between an executive, a

manager and an administrator?

Anna I am afraid I can hardly tell you the difference. I

think these words are interchangeable and they

really aren't different in many companies. Barbara What about your company?

Anna In our company the top officers are called

administrators. The next highest group - the vice

presidents, the heads of major departments and

branch plant managers - are executives like my boss. Barbara Is that all?

Anna The group below consists of managers, they are

general managers and foremen.

Barbara So I see that an organization has a number of

positions and some people have more authority

than others.

Anna You are right.

Barbara But it would be interesting to know more about the

functions of an executive like your boss.

Anna I'd say he makes a lot of important decisions. He

sets objectives, coordinates work, delegates

authority, makes hiring, firing, evaluating

and just general leading.

Barbara It seems to be important.

Anna It is important. It's evident that making careful

decisions is the basis of good management.

Barbara But do you work under much pressure?

Anna Barbara, you know I am quite used to working under

pressure from my last job. I am also accustomed to

lots of paper work and red tape.

Barbara Good for you.

Anna And what's more important I feel that 1 can learn a

lot because my boss is very competent.

Barbara Good, I think we'd be in a hurry not to get late for

the work.

Vocabulary Practice

Exercise 29. Choose the necessary word and put it in the sentence.

1. Federal government and all national banks.

2. International cooperation between banks makes it possible imports and

exports.

3. It is possible to convert American dollars to Swiss francs in….. department.

The of Germany is the mark.
All banks make loans to borrower.
If the importer buys ..... from another country he will pay for it in the currency of this country.

(merchandise, currency, commercial, foreign exchange, to finance, to supervise,

to charter.

Vocabulary Practice.

Exercise 30. Choose the necessary word and put it in the sentence.

Organization structure shows … between each position and positions

above and below.

A sales manager has direct … over a salesman.
As a rule a … usually does not give orders to other departments.
When the business gets more … there is a need for staff departments.
My friend … … of sales manager.
The … of staff departments is to do different services.
My friend works in a … … , he is responsible for the company product.

(relationships, to hold a position, authority, complex, task, a line department,

a staff, department)

Grammar Exercises

Exercise 31. Transfer the sentences from Active into Passive.

M o d e l: The manager examines organizational structure of the firm. Organizational structure of the firm is examined by the manager.

1. Vice-president gives orders to his employees.

2. I receive orders from the sales-manager.

3. My friend holds a position of general manager.

Personnel office receives resumes from prospective candidates.
Staff departments do different services to line departments.
He takes the orders and fulfils the task very quickly usually.

Exercise 32.

M o d e l: My friend is examining the organizational chart.

The organizational chart is being examined by my friend.

1. I am sending my annual report to my immediate superior.

The foreman is firing his immediate subordinate.
Comptroller is giving the orders to his employees.
We are changing the organizational structure of our company.
The board of directors is enlarging the staff of the company.

■

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1 1: Text. Types of Proprietorship

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