BUSINESS ORGANISATIONS PROFESSIONAL ENGLISH IN USE FOR LAW

 

PROFESSIONAL ENGLISH IN USE FOR LAW 19. BUSINESS ORGANIZATIONS

 

A Sole trader Jamie Anderson, a partner in the commercial department of a law firm, is commenting on the choices for different trading vehicles for business. B Partnerships ‘A common form of structure for certain kinds of business, for example accountants, solicitors, and architects, is a partnership. This needs to have at least two members and normally a maximum of twenty. There is an exemption on size for some types of firm, such as solicitors, and accountants. All the partners may be jointly and severally liable for all the debts of the business. C Limited Companies ‘A Private Limited Company (Ltd) is a separate legal entity which can sue, and be sued, in its own right. The company is identified by its registered number, which will remain the same irrespective of any changes of name. a business can start life as a limited company and this may be particularly appropriate where high-risk projects are involved.   EXERCISES 19.1 Match the two parts of the sentences then replace the underlined words and phrases with alternative words and phrases from A and B opposite. There is more than one possibility for one of the underlined phrases. 1 Choosing an appropriate business medium depends on 2 An individual’s business will cease to trade if 3 A small enterprise where one person bears the responsibility and takes the profits 19.2 Make the combinations from C opposite using words from the box. Then use appropriate word combinations to answer the questions below. Register of Public authorised capital over personal assets minimum raise guarantee Companies security share capital the obligations entity legal Limited Company     1 In a private limited company, what guarantee may a director have to provide in order to borrow capital? 2 What type of business organisation must have £12,500 of shares paid up?

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