Chapter 1 Forms of Business Ownership
12级《商务英语》授课计划
西京学院授课计划
2013—2014学年第二学期
教研室:专业英语教研室课程名称: 商务英语编写教师: 职称: 讲师
教材名称:商务英语入门主编: 任书梅、王璐出版社:外语教学与研究出版社
总学时: 48 本学期学时: 48 其中理论学时： 40 实践学时： 8
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Forms of Business Ownership
Source: /businesses.htm
Forms of Ownership
Percentage of Business Sales
Limited Liability Companies 1.7%
Sole proprietorships 4.9%
Partnerships 8.8%
Limited partners
Cannot participate in the day-to-day management of a company. Have limited liability for the partnership’s debts.
Chapter 5: Forms of Ownership
Chapter 5: Forms of Ownership
11
Types of Partners
General partners
Take an active role in managing a business. Have unlimited liability for the partnership’s debts. Every partnership must have at least one general partner.
Chapter 5: Forms of Ownership
4
Forms of Business Ownership
Percentage of Businesses
Corporations 20.2%
Limited Liability Companies 2.9%
Partnerships 5.4% Sole proprietorships 71.6%
Unit+3+Forms+of+Business+Ownership
A joint limited venture is a partnership established for a specific project or for a limited time. （合资公司经常是在有限时间内为某个特殊项 目而成立的。）
1. Advantages of Partnerships（合营企 业的优点）
(1) Ease of Starting and Closing（ 成立和解散个体企业很简单）
Creating a sole proprietorship requires a licence, the cost of these permits is usually under $100. No lawyer need be hired to create the enterprise, and the owner can take care of the required paperwork.
(1) Ease of Organization（易于组织） Starting a partnership in the United States requires little more than drawing up articles of partnership. No legal charters have to be granted, but the name of the business should be registered with state. （在美国创立合营企业仅仅需要起草条款，注 册公司名称。）
It would be hard to raise the several million dollars needed to develop a new product, expand a new plant, or hire salespeople nationwide. （个体企业很难筹集足够企业发展的资金，如 开发新产品，扩张新企业或雇用销售人员等） (3) Limited Management and Employee Skills（有限的管理水平和员工技能）
企业产权形式 Forms of Business Ownership
情景欣赏1Is your company an SOE (State -Owned Enterprise) ?你们公司是国有企业吗？Yes, it is an export-oriented SOE.对,它是一家以出口为主的国有企业。
Oh, I see. What do you mainly deal in?喔，是这样。
你们主要经营什么？We mainly deal in import and export trade but we also do international transportation, ware-housing, hotel service, advertising，exhibition, labor export,telecommunications, real estate, etc..我们主要经营进出口贸易，但也经营国际运输、仓储业、酒店服务、广告、展览、劳务输出、电信、房地产等等。
That is great. Do you handle textiles?不错。
你们经营纺织品业务吗？Yes, that’s the main item we handle. We have been in this line since 1986, with more than 15 years，experience.对，那是我们的主要经营项目。
我们从1986年开始就干这一行，有15年多的经验了。
What about the size of your company?你们公司的规模有多大？Well, we have 20 special subsidiaries at home and 10 permanent representative offices abroad. We’ve also set up more than 20 jointventures in the home market.我们在国内有20家专业的子公司，在国外有10家常驻办事处，我们还在国内市场建立了20多家合资公司。
商务英语入门第一章_外教社修订版
Forms of Business Ownership
Sole Proprietorship
Advantages — Owner in direct control (you are your own boss). — Keeping the profits from the business — The easiest form of business to start — No double taxation
Forms of Business Ownership
Partnerships: Limited Partnership
Advantages — General partner maintains control of the business. — Limited partner can invest with a limit on
Forms of Business Ownership
Lead-in activities
How many Chinese and foreign companies can you name?
Do you know what forms of business ownership they are?
Forms of Business Ownership
Partnerships
Questions for discussion
商务英语
YANGTZE NORMAL UNIVERSITY
Key Terms
• • • • • • • • • • Sole proprietorship: 个人独资企业 Partnership: 合伙企业 Limited partnership: 有限合伙 Limited liability partnership: 有限责任合伙 Incorporated company: 股份有限公司 No-liability company: 无限责任公司 Joint venture: 合资企业 Legal Person: 法人 Joint and several liabilities连带责任 Several liability 个人责任
YANGTZE NORMAL UNIVERSITY
• Corporation refers to the legal body of enterprise that is established according to the law of corporation for profit. At present the most common form of corporations are limited liability companies and joint stock companies. A corporation has the following characteristics: 1.The establishment of corporation is according to the ordain of law or the permission of the government. 2.The purpose of a corporation is for profit. 3.A corporation is a legal body of enterprise.
Chapter 1 Forms of Business Ownership(企业产权形式)(briefing ed.)
Chapter1 Forms of Business Ownership（企业产权形式）Sole Proprietorships 个人企业Partnerships 合伙企业Joint Ventures 合资企业Corporations 公司Limited Liability Companies 有限责任公司Mergers & Acquisitions 企业兼并和收购Franchises 特许经营⒈ Sole ProprietorshipsAn organization that is owned, and usually managed, by one person is called a sole proprietorship.The sole proprietor is usually an active manager, working in the shop every day. He or she controls the operation of the business, supervises the employees, and makes the decisions. He or she also assumes complete responsibility for any of its liabilities or debts.Advantages(the sole proprietor’s)⑴you can be your own boss；⑵you can make business decisions without having to ask anyone else；⑶you also get to keep the profits from the business and have the freedom to wind up your business whenever you want；(4) A sole proprietorship is the easiest from of business to start;(5) There is nothing like the pleasure of knowing that you can earn as much as possible and donot have to share that money with anyone else.Disadvantages⑴It is often difficult for the owner to raise capital. The owner is personally responsible for all aspects of the business. He or she has unlimited liability.⑵The owner must spend long hours working.⑶It is also difficult to hire and keep high-achievement employees.⒉PartnershipsA partnership is a legal relationship between persons carrying on a profit-motivated business. The three key elements of any general partnership are:⑴common ownership;⑵shared profits and loses;⑶the right to participate in managing the operations of business.A general partnership is a business with at least one general partner who has unlimited liability for the debts of the business.A limited partnership is an arrangement where a person can contribute to a business without being involved in the affairs of the partnership.The general partners arrange and run the business, while the limited partners are investors only.Advantages(to form a partnership)① a partnership allows two or more people to work together and bring different skills andresources to the business;②when two or more people pool their money and credit, it is easier to pay the rent, utilities andother bills incurred by a business. A limited partnership is specially designed to help raise capital.Disadvantages①The partnership is not considered to be separate from its owners, the partners are personallyresponsible for liabilities of the partnership;②Three exists division of profits;③There may be disagreements among partners;④Tt is usually difficult to terminate.⒊ Joint VenturesA joint venture is the pooling of resources and expertise by two or more businesses, typically from different areas or countries to achieve a particular goal.The reasons behind the formation of a joint venture often include business expansion, development of new products or moving into new markets, particularly overseas.AdvantagesIf successful, a joint venture can offer:·access to new markets and distribution networks;·increased capacity;·the sharing of risks with a partner;·access to specialized staff and technology.It isn’t as final as a merger or takeover.Disadvantages·If the objectives of the venture are not 100 per cent clear, or not communicated to all the staff involved, problems are likely to arise;·There is an imbalance in levels of expertise, investment or assets brought into the venture by the different partners;·Different cultures and management styles result in poor integration and coo-operation between the partners;·The parent businesses don’t provide sufficient leadership and support in the early stages.Success in a joint venture depends on thorough research and analysis of aims and objectives. This should be followed up with effective communication of the business plan to everyone involved.4. corporationThe corporation is a legal entity(法人实体), allowed by legislation，which permits a group of people,as shareholders(股东)（for-profit companies）or members(non-profit companies), to create an organization,Corporations are owned by shareholders, each of whom owns a percentage of the entire corporation through their shares.Advantages(to incorporating a business)⑴Limited liability: a major advantage of corporations is the limited liability of owners. Limited liability means that the owners of business are responsible for losses only up to the amount they invest.⑵Skilled management team:The board of directors has the duty of hiring professional managers, and the owners delegate their power of operating the business to these managers.⑶Transfer of ownership: shareholders have the rights to sell their shares of a corporation’s stock to whomever they please, barring(不包括)a legal restriction on some closed corporations. Thus, shareholders can freely buy and sell shares of stock.⑷Greater capital base: The corporate from of business makes it easier for a business to grow and expand; easier to obtain loans since lenders find it easier to place a value on the company when they can review how the stock is trading.⑸Stability: A corporation has an unlimited life.Disadvantages(to incorporating a business)①.Multiple taxation(多重税收): The corporation has to pay taxes on its profits.②.Difficulty and expense of starting:③.Government involvement(干预):④.Lack of secrecy: a corporation must provide each shareholder with an annual report.⑤.Lack of personal interest: in most corporations except the smaller ones,management andownership are separate.⑥.Credit limitations(信用缺陷): banks and other lenders have to consider the limited liability ofcorporations.5. Limited liability companiesA limited liability company(LLC) is a type of business ownership combining several features of corporation and partnership structures.(But, it is not a corporation or a partnership.)Advantages①.Limited liability: owners of an LLC have the liability protection of a corporation.Flexible profit distribution(灵活的利益分配): Limited liability companies can select varying forms of distribution of profits.②.No minutes(会议纪要): Corporations are required to keep formal minutes, have meetings, andrecord resolutions.③.Flow-through taxation:all the business losses, profits, and expenses flow through thecompany to the individual members.Disadvantages①.Limited life:②.Going public(上市):③.Added complexity6. Mergers & Acquisitions(兼并和收购)A merger is the result of the combination of two companies to form a new company.An acquisition is one company buying the property and obligations of another company.A horizontal merger(横向) joins firms in the same industry and allows them to diversify or expand their products. in a horizontal merger, the acquisition of a competitor could increase market share.the business can now supply a variety of cycling products.A vertical merger(纵向) is the joining of two firms involved in different stages of related business —a manufacturer merging with a supplier of component products, or a manufacture merging with a distributor of its products.A potential competition merger(conglomerate)(混合兼并): unites firms in completely unrelated industries. the primary purpose of a conglomerate merger is to diversity business operations and investments.Mergers can lead to higher prices, reduced availability of goods or services, lower quality of products, and less innovation(创新).7.Franchises(特许经营)A franchises is the right to use a business name and sell products or services, usually in a specific geofraphical territory.A franchises can be formed as a sole proprietorship, partnership, or corporation.The method of doing business involves a standardized approach to delivering a product or service.AdvantagesBuying a franchises is a popular choice for starting a business. it is a way to reduce risk and receive support from a large network. The franchiser usually provides management assistance and training and may offer financial support. The failure rate for franchises has been lower than that of other business ventures.DisadvantagesA franchise offers less freedom than an independent business. The franchise may lose the spirit and incentive of being their own boss with own business. The owner cannot change products and services. Initial franchise fees may be expensive.The franchiser often demands a large share of the profits, referred to as royalty payments(专利权税).Many franchisees face restrictions in the reselling of their franchises with transfer of ownership possibly requiring approval of the franchiser.。
General Accounting ch01
Chapter 1-15
Forms of Business Ownership
SO 5 Explain the monetary unit assumption and the economic entity assumption.
Customers SEC
Labor Unions Creditors
External Users
Marketing
Chapter 1-7
SO 2 Identify the users and uses of accounting.
Who Uses Accounting Data?
Common Questions Asked
Congress passed Sarbanes-Oxley Act of 2002. Effective financial reporting depends on sound ethical behavior.
Chapter 1-10
SO 3 Understand why ethics is a fundamental business concept.
Chapter 1-5
SO 1 Explain what accounting is.
What is Accounting?
Three Activities
Illustration 1-1 Accounting process
The accounting process includes the bookkeeping function.
Economic Entity Assumption – requires that
Unit 2 Forms of Business Ownership
大连理工大学电子音像出版社
Sole Proprietorships
Sole Proprietor
1. Works in the shop everyday.
2. His or her managerial ability usually accounts for the success or failure of the business. 3. owns all the assets of the business and the profits generated by it. 4. assumes complete responsibility for any of its liabilities or debts.
Sole Proprietorships
Disadvantages
☆ It is often difficult for the owner to raise capital.
☆ The owner is personally responsible for all aspects of
the business. He / She has unlimited liability.
Sole Proprietorships
☆ An organization that is owned, and usually managed by
one person is called a sole proprietorship.
The sole owner, often aided by one or two employees, operates a small shop that frequently caters to a group of regular customers. The owner through personal wealth or borrowed money normally provides the capital needed to start and operate the business.
Chapter 02Forms of Business Ownership (1)
Chapter 2 Forms of Business Ownership (1)
Objectives
After studying this chapter you will be able to: Understand the nature of sole proprietorships and partnerships. Describe the advantages and disadvantages of sole proprietorships. Describe the advantages and disadvantages of partnerships.
Three types of partnership
1. General partnership
All partners have unlimited liability.
2. Limited partnership
at least 1 general partner + at least 1 limited partner (who does not participate in the management of the business)
Workshop
Presentation work
Tell people how you plan to start a small business after you graduate.
Discussion topic
Compare a sole proprietorship with a partnership and discuss their respective advantages and disadvantages.
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Disadvantages
Unclear objectives and not enough communication An imbalance in levels of expertise, investment or assets by the different partners Different cultures and management styles result in poor integration and co-operation between the partners Not sufficient leadership and support in the early stages.
Joint Venture 合资企业
A joint venture is the pooling of resources and expertise by two or more businesses, typically from different areas or countries to achieve a particular goal. The risks and rewards of the enterprise are also shared.
Sole Proprietorship
Advantages Can make decisions quickly Keeps all the rewards Easy to set up Privacy of business affairs
Disadvantages
Limited sources of finance (e. g. own funds) Unlimited liability, i.e. can lose personal assets Often has limited managerial skills No one to share workload and ideas with
Forms of Business Ownership
企业产权形式
☆How many Chinese and foreign companies can you name? ☆What is your most admired corporation? ☆What company do you wish to work for?
Why buy a franchise?
Existing, established product; already known, therefore, cheaper market research and promotional costs. May receive help and training from franchiser Can share marketing costs, research findings, new product development costs Lower start up costs
Disadvantages Usually unlimited liability Limited sources of finance Profits must be shared between partners Slower decision making than sole trader
Organizations of a Company
Shareholders
Elect
directors
oversees
managers
runs the company
Limited Liability Companies 有限责任公司
A Limited liability Company is a type of business ownership combining several features of corporation and partnership structures. 有限责任公司是新型的企业组织，它集合了 公司的一些特征和合伙企业的组织结构，股东 以其出资额为限对公司承担责任，公司以其全 部资产对公司的债务承担责任。
Business formats:
Sole Proprietorships Partnerships Corporations Limited Liability companies Joint Venture Mergers & Acquisitions Franchises Multinationals
How to Form a company
Memorandum of association
Includes:
Articles of association
Internal rules of company
Powers of directors Rights of shareholders Types of share
partnership源自 Advantages Share resources / ideas Can cover for each other. e.g. during holidays More sources of finance than sole trader Partners can specialize, e.g. one may specialize in company law, another may focus on criminal law
Three key elements of partnership:
Common
ownership Shared profits and losses The right to participate in managing the operations of the business
Disadvantages Multiple taxation Difficulty and expense of starting Government involvement Lack of secrecy Lack of personal interest Credit limitations
name of company Company objectives Location of registered office
Send the up said two documents to the Registrar of Companies who sends back a Certificate of incorporation
公司是依公司法的规定设立 的法人组织，具有独立的法 人资格，有权以自己的名义 拥有财产、享有权利和承担 义务。
Corporations
Advantages Limited liability Skilled management team Transfer of ownership Greater capital base Stability
Franchises
A franchise is the right to use a business name and sell products or services, usually in a specific geographical territory. 特许经营是指特许者将自己所拥有的商标、商号、 产品、专利和专有技术、经营模式等以特许经营 合同的形式授予被特许者使用；被特许者按合同 规定在特许者同意的业务模式下从事经营活动， 并向特许者支付相应费用。由于特许企业的存在 形式具有连锁经营、统一形象、统一管理等基本 特征，因此也称之为特许连锁。
Why sell a franchise?
Quicker growth; can cover a geographic area more quickly Provides funds Managers more motivated as they own the franchise
Disadvantage
Stock Limited Company
股份有限公司，简称股份公司，其全部资本分 为等额股份，股东以其所持股份为限对公司承 担责任，公司以其全部资产对公司的债务承担 责任。这类公司，根据公司法的规定，必须在 公司名称中标明“股份有限公司”或者“股份 公司”字样。
无论有限公司还是股份公司，他们最大的特点 就是股东对公司承担的责任是有限的，并以其 出资额为限。也就是说，当公司资产不足以偿 还其所欠债务时，股东无需承担连带清偿责任， 即不需股东替公司还债。
The following are some of China’s powerful brands. Can you name their Chinese version?
Haier Group TCL Corp., Ltd Lenovo Group ltd., Ltd Huawei technologies Co., Ltd The People’s Insurance Company of China (PICC)
Corporations 公司
The corporation is a legal entity（法人实体）, allowed by legislation, which permits a group of people, as shareholders (for-profit companies) or members (non-profit companies), to create an organization, which can then focus on pursuing set objectives, and empowered（授权与） with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money.