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I. Types of Businesses in the UK

Vocabulary | Oxford University | Vocabulary | Moscow Finance-Law University. Kaliningrad Branch | Vocabulary | What is Business | Vocabulary | Partnership | Setting up a Small Business | Public and Private Companies |


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Most businesses in the United Kingdom operate in one of the following ways: sole trader, partnership, limited and Liability Company, branch of a foreign company.

The sole trader is the oldest form of business. There are many one-man owners, for example: a farmer, doctor, solicitor, estate agent, garage man, jobber, builder, hairdresser etc.

The partnership is a firm where there are a few partners. They are firms of solicitors, architects, auditors, management consultants etc. The names of all the partners of the firm are printed on the stationery (бланки, канцелярские принадлежности) of a partnership.

The most common type of company in the UK is the limited liability company. At the name of such company the word Ltd. is used. For example: Wilson and Son Ltd.

Many of such companies are joint-stock companies owned by shareholders.

Limited liability companies are divided into public and private ones. Only public companies may offer shares to the public at the stock exchange. The names of such companies end in p.l.c. which stands for public limited company. For instance: John and Michael p.l.c.

Private limited companies may not offer shares to the public. The names of such companies end simply in Ltd.

A branch of a foreign company is a part of a company incorporated outside Great Britain but acting under the law of the UK. Usually these companies act in the UK under their normal foreign names.

 

Notes:

1. liability – ответственность

2. solicitor – адвокат

3. estate – недвижимое имущество

4. jobber – маклер

5. stationary – канцелярские бланки

6. joint stock company – акционерная компания

7. stock exchange - фондовая биржа

 

Answer the questions:

1. What is the most common type of company in the UK?

2. Are all limited liability companies join-stock companies?

3. To what sector of economy do all these companies and sole traders belong?

4. What two other sectors of economy does the figure show?

5. What can you say about the types of the following companies:

- Fine Furniture Ltd.

- General Foods p.l.c?

 

 

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