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Business corporations (Listen and read)
1. Listen carefully:
2. Read and translate the text:
Сorporations
A corporation is a legal entity created in accordance with legislation, whose existence is recognized as independent from other institutional units that may be shareholders of this corporation. The existence, name and address of a corporation are usually reflected in a special register created for this purpose. It is usually considered that a corporation has a center of prevailing economic interest (that is, is a resident) in the country in which it is established and registered. The corporation, which was created to produce goods and services to sell them on the market, carries out these sales at economically significant prices. This means that the corporation is a market producer. The corporation is fully responsible and accountable to the law for its actions, obligations and contracts. A corporation is subject to a tax regime in the country of which it is a resident in relation to its production activities, income or assets. The property of the corporation belongs to the shareholders collectively. The amount of income distributed to shareholders as dividends during a single reporting period is determined by the directors of the corporation. Income is usually distributed to shareholders in proportion to the value or number of shares or other types of equity that they have. There may be different types of shares in the same corporation that provide different rights. In the event that a corporation collapses or is liquidated, shareholders have rights to a share in the net worth of a corporation remaining after all assets have been sold and liabilities are repaid. If a corporation is declared bankrupt due to the fact that its liabilities exceed the value of its assets, shareholders are not obliged to pay the remaining part of liabilities. Control over the activities of the corporation is ultimately carried out collectively by shareholders. A corporation has a board of directors who is responsible for the policies of the corporation and appoints the general managers of the corporation. The board of directors is usually appointed by collective vote of shareholders. In practice, however, some shareholders may have more influence and exercise greater control over the policies and operations of a corporation than other shareholders. Shareholder voting rights may not be equal. Some types of shares provide greater weight with respect to voting rights, while others may provide exclusive rights, such as the right to appoint the board of directors or the right to veto other appointments made by majority vote. Such exclusive rights may belong to the government if it is a shareholder of a corporation. 3. Answer the following questions: 1. What is a business corporation? 2. What is a stockholder? 3. What are the advantages of a corporation? 4. What are the disadvantages of a corporation? 5. What is «a governmental corporation»? 6. What are the differences between the partnership and the corporation?
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