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Limited companiesAs the size of business enterprises increased in the nineteenth century, the amount of capital required increased and the ability of sole traders and partners to accumulate the necessary finance declined. Many people were willing to lend small amounts of money to a business but they had no control over the way in which it was used. They were at the mercy of the owners of the business. The solution to this problem was sought in law.
1 Companies – that is groups of people who collectively own a business under certain legal conditions – were established as separate legal entities from the people who owned them. This meant that the company would be treated as a separate person in law from its owners. The company could sue and be sued, own property and survive the death of its owners.
2 The company was granted limited liability. This can be seen as a logical extension of the fact that the company is a separate legal entity. The company is responsible for its own debts and conduct of business. If, at any time, the company cannot pay its debts it may be forced to sell all its assets in order to do so. The company goes into involuntary liquidation. This process is also known as winding up. Shareholders will lose the money they have invested in the business but other assets they possess cannot be touched.
3 Legal restrictions were placed on the formation of companies to ensure that the privileges given above were not abused. The first instance of limited liability being granted to a restricted range of businesses was in 1662. General limited liability was extended to all registered companies by the Limited Liability Act of 1885. The conditions under which a company can register with the registrar of companies (a civil service function) are defined by the Companies Acts. The first of these Acts was passed in 1844. 1. Formulate the main idea of the text.
2. Find in the text English equivalents of these words and phrases.
3. Are these statements true or false? Correct the false ones.
a) One can easily estimate the effect of the cutback in Government spending. b) A sole proprietorship is an individual in business for himself or herself. c) The proprietor owns or obtains the materials and equipment needed by the business and personally supervises its operation. d) A sole proprietorship is easy to organize. e) A proprietor must take decisions concerning buying, selling, and the hiring and training of the personnel. f) In terms of ownership both the public and the private sectors of economy are homogeneous. g) Businesses owned by one person are always small. h) Sole trader is personally liable for all business debts. i) Sole trader carries an unlimited liability. j) It is easy to start a sole trader’s business at any time. k) In a partnership there are two or more partners. l) If an entrepreneur has debts, he ought to sell his business in order to pay the debts. m) The owner of a business can be declared bankrupt through legal process. n) Sole traders and partnerships are dominant forms in the small business segment. o) The partnership is a firm where there are a few partners. p) Partnership is easy to organize. q) All partners are liable for debts and they share in the profit. r) Partners jointly own a business and each partner is personally liable for the firm’s debt. s) To prevent possible future discord among partners, it is usual practice to draw up an agreement. t) Limited companies are separate legal entities. u) Shareholders of limited companies don’t enjoy limited liability.
4. Answer the questions.
a) What are the major legal forms of business organisation? b) What is the major distinction between the public and the private sectors of the economy? c) What is a sole trader? d) What does the term ‘unlimited liability’ mean? e) What two types of business organisation does it apply to? f) What is a partnership?
5. Write key words and phrases to each paragraph of the text.
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