This type of company is not wide spread nowadays. These are usually barrister offices, consulting firms or family enterprises. The name of such company usually includes surnames of the partners, for example Wilson & Sons, Smith, Johnson & Brown.
Unlimited partnership is an association of two or more people (up to twenty) doing business in this or that field with the purpose of getting profit. The partners of such company bear unlimited responsibility by their partnership agreement.
Limited partnership includes full partners, who manage the business, and limited partners, who do not take an active part in it. Full partners bear complete responsibility, while the responsibility of limited partners corresponds to their shares.
2. Limited Companies & Joint Ventures.
Mostly widespread type of companies is the registered company, i.e. the company registered by the Companies Law. It can be a Public Limited Company or a Private Company.
Public Limited Company (Plc.) is the company, which has the right to sell its shares to the people, and must publish information about its activity.
Private Limited Company(Ltd.) cannot sell its stocks to the public.
In the USA limited companies are called corporations. They have letters Inc. in their names, which mean that this company is incorporated-registered as a corporation. A private limited company is called Close Corporation – C-Corporation – in the USA. But the difference between public and private companies is very small here, and most of the companies have just ‘Inc.’ in their names.
If two or more companies realize one project together they create a Joint Venture. It is not only a company having foreign investments, but also the unit of two or more firms. Usually joint ventures fall apart after the project is fulfilled.
From English for Business
II. What are the Russian equivalents for the following words:
Unlimited partnership ___________________________________
Registered companies ___________________________________
Public Limited Company ________________________________
Private Limited Company________________________________
III. Answer the questions:
1) What are the two types of companies in the USA and Great Britain? What is the main difference between them?
2) What does a partnership’s name usually consist of?
3) What is the difference between unlimited and limited partnership?
4) What is the mostly wide spread type of companies in Great Britain? Why are they called ‘registered’?
5) What is the difference between the public and private limited companies?
6) What does the abbreviation ‘Plc’ stand for? ‘Ltd’? ‘Inc’?
7) Joint venture is the company, which has foreign investments, isn’t it?
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