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CHALLENGE!

Open to: ALL TEAMS Task: MIND MAP one of the following topics: Types of economic systems Economic sectors & employment Public and private sector Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: 26 November. CHALLENGE!. CHALLENGE – cont.

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CHALLENGE!

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  1. Open to: ALL TEAMS Task: MIND MAP one of the following topics: Types of economic systems Economic sectors & employment Public and private sector Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: 26 November CHALLENGE!

  2. CHALLENGE – cont. Prizes: 1 Opportunity to meet a HR specialist (1) (Coca-cola,RTL) + exhibition (web & Otvoreni dani) 2 Huge chocolate bar + exhibition (1 ) 3 Chocolate bar + exhibition (a.m.a.n. ) Help: Contact my “demosica” Željka ASAP

  3. 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, ... Talk about them using the words listed!

  4. 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 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

  5. 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 Careful! Very similar!

  6. R, p 22, Vocabulary task II overdraft unlimited liability incentive disclosure of accounts general public share access to capital liquidate liability

  7. …WITH UNLIMITED LIABILITY sole proprietorship OR sole trader partnership → R, III …WITH LIMITED LIABILITY private limited company (Ltd.) public limited company (PLC) BUSINESS ORGANISATIONS IN THE PRIVATE SECTOR…

  8. 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

  9. 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

  10. 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

  11. 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

  12. Check this out! • http://www.bbc.co.uk/schools/gcsebitesize/business/aims/limitedcompaniesrev_print.shtml

  13. Reader, p. 22 (task III)Describing UK businesses • ...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. Pick one and practice describing it! Next! R, p 25 – check it out! A contrastive view Eng. vs. Cro.

  14. Reader, p. 23, task IVPublic limited company ≠ Public corporation HOMEWORK: Reader, p. 23, task V (read carefully, fill in, look up new words) p. 24 (read, look up new words, make a list of new words with explanations, examples)

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