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Resposibility Liability Form

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					         Unit 33

  Forms of Business
Organization in the USA
     Read the text page 151 and complete the
                  following table
FORM OF           Owner(s) /   Control over   Resposibility / Other
BUSINESS          Way of       the business / liability       features
ORGANIZ.          founding     profit

Sole
proprietorships

Partnerships



Corporations
                        Compare
SOLE                    TRGOVAC POJEDINAC
PROPRIETORSHIP
PARTNERSHIP            TRGOVAČKO DRUŠTVO
                       (društva osoba)
a) general p.          a) javno trgovačko društvo
b) limited p.          b) komanditno društvo

CORPORATION*           TRGOVAČKO DRUŠTVO
                       (društva kapitala)
a) C-corporation       a) dioničko društvo d.d. (AG)
b) S-corporation       b) d.o.o. (GmbH)

*Uniform Commercial Code (S-section / C-section)
 Zakon o trgovačkim društvima - ZTD
          Study the following collocations.
      Turn nominal phrases into verbal phrases.

1.    formation of a business → to form a business
2.    possibilities of growth and expansion
3.    financial responsibility
4.    responsibility for the losses, debts, etc.
5.    association of two or more persons as co-owners
6.    voluntary agreement of partners
7.    equal profit sharing
8.    combination and utilization of labour, capital, etc.
9.    transferability of shares
10.   professional management of a corporation
a) Find the nouns that collocate with the following
   verbs.
b) Which of the 3 forms of business organization does
   each of them refer to?
c) Write sentence examples.


 1.   to   enjoy...
 2.   to   incur...
 3.   to   share...
 4.   to   utilize...
 5.   to   carry on...
 Find the words of opposite meaning – antonyms.


1.   a retail store
2.   individual ownership
3.   full liability
4.   an artificial person
                    KEY – antonyms.

1.   a retail store ≠ wholesale (veletrgovina)
2.   individual ownership ≠ partnership (trgovačko
     društvo)
3.   full liability ≠ limited liability (ograničena
     odgovornost)
4.   an artificial / legal / juristic person ≠ natural
     person (fizička osoba)
 Read the following definition of a company
   and compare it with the definition of a
     corporation in your book, p. 151
A company* is a business association which has
  the character of a legal person, distinct from its
  officers and shareholders. This is significant, as it
  allows the company to own property in its own
  name, continue perpetually despite changes in
  ownership, and insulate the owners against
  personal liability. However, in some instances, for
  example when the company is used to perpetrate
  fraud..., the court may “lift the corporate veil” and
  subject the shareholders to personal liability.

* company = corporation in the USA
Make notes which will help you explain to an
  American business partner how Croatian
 Commercial Code (ZTD) defines the term:
            Javno trgovačko društvo
Pojam javnoga trgovačkoga društva – Članaka 68
(1) Javno trgovačko društvo je trgovačko društvo
    u koje se udružuju dvije ili više osoba zbog
    trajnog obavljanja djelatnosti pod zajedničkom
    tvrtkom, a svaki član društva odgovara
    vjerovnicima društva neograničeno solidarno
    cijelom svojom imovinom.
(2) Član društva može biti svaka fizička ili pravna
    osoba.
          Answer the following questions.
1.   Which forms of business organizations are there
     in the USA?
2.   Which criteria are normally taken into
     consideration when people consider formation of
     a new business? (5 criteria)
3.   Which are the examples of businesses that
     function as sole proprietorships?
4.   What are the adventages and disadventages of
     sole proprietorship?
5.   What is the main precondition for establishing a
     partnership?
              Questions – PART 2


6. What kind of equality is the basis for the
  functioning of a partnership?
7. What is the way to create a corporation?
8. What is the position of corporations in the USA
  considering the size or volume of business being
  done?
9. What are the main attributes of a corporation?
10. Which Croatian forms of business
  organizations are you familiar with?

				
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