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A
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Partnership
A partnership
is a business arrangement in which several people work together, and share
the risks and profits. In Britain and the US, partnerships do not have
limited liability for
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B
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Limited
liability
A company is
a business that is legal entity. In other words, it has a separate legal existence
from its owners, the shareholders. It can enter into contracts, and can be
sued.
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C
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Founding companies
When people found or start
companies, they draw up or prepare Articles of Association and a Memorandum
of Association. The Articles of Association state:
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EXERCISES
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5.1
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Are the
following statements true or false? Find reasons for your answers in A and
B opposite.
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1
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In case of a legal dispute, people can take a company’s shareholders
to court.
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2
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The owners of limited companies have to pay all the company’s
debts.
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5.2
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Make words
combinations using a word from each box. Then match the word combinations
to the definitions below. Look at A opposite to help you.
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1
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___________ ___________: a group of directors to whom the external
auditors present their report.
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2
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___________ ___________: members of a board of directors who are
not full-time managers of the company.
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5.3
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Complete the document. Look at
C opposite to help you.
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.
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