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REVISE: Use Croatian expressions to create word partnerships about taxation

REVISE: Use Croatian expressions to create word partnerships about taxation. porezni razred porezni prag porezna olakšica utaja poreza oslobođenje od poreza povrat poreza dio prihoda koji je oslobođen od plaćanja poreza You can use the same word more than once:

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REVISE: Use Croatian expressions to create word partnerships about taxation

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  1. REVISE: Use Croatian expressions to create word partnerships about taxation porezni razred porezni prag porezna olakšica utaja poreza oslobođenje od poreza povrat poreza dio prihoda koji je oslobođen od plaćanja poreza You can use the same word more than once: relief / break allowance tax exemption return evasion class / band / bracket threshold porezni razred  tax + porezni prag  tax + porezna olakšica  tax + ...

  2. REVISE: Word partnerships about taxation porezni razred porezni prag porezna olakšica utaja poreza oslobođenje od poreza povrat poreza dio prihoda koji je oslobođen od plaćanja poreza relief / break allowance tax exemption return evasion class / band / bracket threshold Porezni razred tax class / band / bracket Porezni prag tax threshold Porezna olakšica tax break / relief Utaja poreza tax evasion Oslobođenje od poreza tax exemption Dio prihoda oslobođen od poreza tax allowance Povrat poreza tax return

  3. HW check NOTE-MAKING Notes comparing the different views on the role of government (Galbraith vs. the Friedmans) Speaking practice Talk from your notes! Hand in your notes! HANDOUT: Creating rapport → MK p 113

  4. TAXATION, MK p 113 • Which of the statements you find the most convincing and why? • Discuss in pairs – try using some strategies for creating rapport: • we (all), us, our, ours, ourselves • question tags: e.g. aren’t we; haven’t you... • negative questions: Isn’t it true that... • Don’t we all...

  5. Private sector

  6. Public vs. private sector Classify the following: the army, private ownership, profit, public utilities, public goods, businesses, organisations, need, municipal enterprises, government agencies, merit goods, entrepreneurs, public corporations, ... GO ON TO ADD ANY WORDS YOU ASSOCIATE WITH EITHER SECTOR Talk about them using the words listed!

  7. Reader, p. 22, Task I

  8. Reader, p. 22, Task I incorporate-d businesses vs. un-incorporate-d businesses What is the main difference between an unincorporated and an incorporated business?

  9. unincorporated vs. incorporated businesses GLOSSARY legal identity identity recognized by the law legal entity an organization considered as separate, independent unit for legal purposes limited liability [liability = uncountable noun, no plural] the legal position of being responsible for paying only a limited amount of the company’s debt if it goes out of business – you and your business are two separate entities unlimited liability the owner is responsible for any debts the business runs up (owner’s personal wealth may be claimed) – you and your business are legally one and the same entity Careful! Very similar! →UNINCORPORATED BUSINESS

  10. Reader, p. 22, Task I • unincorporated vs. incorporated businesses GLOSSARY legal identity identity recognized by the law legal entity an organization considered as separate, independent unit for legal purposes INCORPORATED BUSINESS→ limited liability the legal position of being responsible for paying only a limited amount of the company’s debt if it goes out of business – you and your business are two separate entities UNINCORPORATED BUSINESS→ unlimited liability the owner is responsible for any debts the business runs up (owner’s personal wealth may be claimed) – you and your business are legally one and the same entity

  11. …WITH UNLIMITED LIABILITY sole proprietorship OR sole trader partnership (unincorporated) →RB, p 25 A contrastive view …WITH LIMITED LIABILITY private limited company (Ltd.) public limited company (PLC) (incorporated) BUSINESS ORGANISATIONS IN THE PRIVATE SECTOR…

  12. Revision: Private sector Vocabulary focus

  13. Privately-held companies Limited liability Incorporated business Legal entity (legal person) Publicly-held companies Unlimited liability Unincorporated business Natural person (physical person) Opposites

  14. HW check • Handout – PRIVATE SECTOR (match) 1) overdraft 2) liable 3) general public 4) creditor / lender 5) share 6) access to capital 7) liquidate 8) bankrupt 9) corporation 10) issue 11) register 12) premises 13) prospectus 14) incentive 15) unlimited liability 16) disclosure of accounts 17) dividends

  15. HW check • Fill in: • liquidate 2) premises 3) unlimited liability 4)incentive 5) corporation 6) dividends 7) liable 8) disclosure of accounts 9) issue 10) general public 11) shares 12) access

  16. Set up Be liable Make Make Claim Issue Elect Disclose Take over a profit the Board a loss a company shares a business accounts for debts profits Match the two columns:

  17. Set up Be liable Make Make Claim Issue Elect Disclose Take over a business for debts a profit a loss the profits shares the Board accounts a company ??? Key:

  18. R, p 22, Vocabulary task II 1 overdraft 2 unlimited liability 3 incentive 4 disclosure of accounts 5 general public 6 share 7 access to capital 8 liquidate 9 liability

  19. →RB, p 22, task III - study

  20. SOLE PROPRIETORSHIP, PARTNERSHIP OR BOTH? • owned byone person only (may employ other workers) • medicine, accountancy, law • farmers, small scale manufacturers, retailers, hairdressers… • owned by 2 -20 partners • unlimited liability • possibilityof specialisation • profits and losses shared equally • direct control of business • sole claim on profits

  21. SOLE PROPRIETORSHIP, PARTNERSHIP OR BOTH? • owned byone person only (may employ other workers) - SP • medicine, accountancy, law - P • farmers, small scale manufacturers, retailers, hairdressers…- SP • owned by 2 -20 partners - P • unlimited liability – SP, P • possibilityof specialisation, P • profits and losses shared equally, P • direct control of business, SP • sole claim on profits SP

  22. PRIVATE LIMITED COMPANY, PUBLIC LIMITED COMPANY OR BOTH? • limited liablity for debts • profits paid as dividend payments • shareholders • shares available to general public • disclosure of accounts • more difficult to sell shares • possibility of takeovers • finance easily available

  23. PRIVATE LIMITED COMPANY (Ltd.), PUBLIC LIMITED COMPANY (PLC) OR BOTH? • limited liablity for debts – Ltd., PLC • profits paid as dividend payments – Ltd., PLC • shareholders – Ltd., PLC • shares available to general public - PLC • disclosure of accounts - PLC • more difficult to sell shares – Ltd. • possibility of takeovers - PLC • finance easily available – Ltd., PLC

  24. COMPANY LAWCompanies Act (RB, p 22) • Who o_ _ _the business? • Who r _ _ _ _ _ start-up capital? • Who c_ _ _ _ _ _ _ the business? • Who m _ _ _ _ _ _ it? • Who c _ _ _ _ _the profits? • Are the owners personally l _ _ _ _ _ _ _ _ losses? • Does the business need to p _ _ _ _ _ _(d_ _ _ _ _ _ _ _ , u_ _ _ _ _) its accounts? • ...

  25. COMPANY LAW, Companies Act • Who owns the business? • Who raises start-up capital? • Who controlsthe business? • Who manages it? • Who claimsthe profits? • Are the owners personally liable for losses? • Does the business need to publish(disclose, unveil) its accounts? • ... takeovers, liquidation, law suits? • Advantages and disadvantages • DESCRIBE the four types along these lines

  26. Reader, p. 22 (task III)Describing UK businesses Get ready to describe one type... Use sentences! (SP, P, Ltd., PLC) • ...is a type of business which ... • It is controlled by ... and managed by... • This business is financed by ... • Business decisions are made by ... • ... has/have a claim on profits. • ... is (are) /is not(are not) personally liable for ... because this business has limited (unlimited) liability. • The advantages of SP / P / Ltd / PLC are numerous. For example, … • There are also some disadvantages...

  27. HOMEWORK: Study the chart and write about the advantages of: 1 Partnership and sole proprietorship 2 PLC over Ltd. 3 PLC and Ltd. over sole proprietorship and partnership 4 Ltd. over PLC Use sentences, not bullets! Remember to use the linking words for contrast / concession and addition (next slide).

  28. LINKING WORDS: Additional information: and, furthermore, moreover, in addition to, next, then, besides Reason: because, because of, due to, owing to, as, since, therefore, that’s why Contrast: on the other hand, on the contrary, in contrast, although, yet, but, while, whereas Concession: (even)though, anyway, however, nevertheless, in any case, in spite of that, despite Purpose: in order to, so that Result/Consequence: consequently, as a result, therefore, so, thus Giving example: for example, for instance

  29. HOMEWORK: HAND IN ON WEDNESDAY: 1) Describe and compare the 4 types of businesses in the private sector (all four tasks from the PPT – above) GET READY FOR WEDNESDAY: 2) RB, p. 23, task V (read carefully, fill in, look up new words) 3) p. 24: - read & look up new words - make a list of new words with explanations, examples - answer the questions

  30. Progress test 1: Wed, 20 November, 2013, LH 10 Two groups: 3_1 12.00 3_2 13.00

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