Part 1
Vocabulary revision
Article of association= statuto della società
Memorandum of association = atto costitutivo
Asset = disponibilità finanziaria
Public limited compagnie = società per pubblica sottoscrizione
Deed of partnership = atto costitutivo
Partnership agreement = contratto di società
Limited liability partnership = società in accomandita semplice
Debenture= obbligazione
Liability = responsabilità
Liabilities = passività (assets and liabilities)
Dividend = dividendo
Sole traders/sole proprietor: in proprio/autonomo
- One owner
- Owns the business
- Makes all the decisions
- Is responsible for all debts
- Receives all the profits
- Often lacks capital
Partnership in general - Up to 20 partners
- partners own the business
- partners make all the decisions
- partners are responsible for all debts
- partners share the profits
- partners often lack capital
Private limited Company = società a responsabilità limitata - Minimum of 2 shareholders
- Shareholders own the business
- Shareholders have limited liability
- Shareholders share the profits
- Shares are sold privately
- Companies must publish accounts and hold AGMs
- Directors are elected to run the company
Activity: Private limited companies
1. Raise capital from sale of _____________
2. ___________ liability for shareholders
3. Shareholders are not involved in the _____________ of the company
4 . ____________ sell shares to public
5. must hold an ___________
6. must ___________ accounts
Public Limited Company
- Minimum of 2 shareholders
- Shareholders own the business
- Shareholders have limited liability
- Shareholders share the profits
- Shares can be sold on the stock market
- Companies must publish accounts and hold AGMs
- Directors are elected to run the company
- Check the reading pp. 23-24
- Languag focus: use of shall
- Reading pp 26-27 (ex. 16,17)
- Practice: pag. 25 ex. 13; pp. 32-33
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