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Exercise 2*. Which of the following statements are not correct and why?

1. In civil law countries, company law consists of statute law; in common law countries it consists partly of the ordinary rules of common law and equity and partly statute law. 2. Nearly all statutory rules are intended to protect either borrowers or taxpayers. 3. An agent is a person who is employed to bring his principal into contractual relations with third parties. 4. There are two principles that emerge in bankruptcy proceedings: to free the debtor from his debts, and to enquire into the reasons for his insolvency. 5. A contract is a legally binding agreement made by two or more persons, enforceable by the courts. 6. Business law, on national and international levels, is continually evolving with new areas of law developing in relation to consumer protection, competition, and computers. 7. Administrative law is made by local authorities that define the intent of the legislative body that passed the law. 8. In the United States, federal authority covers business association, contracts, and trade secrets. 9. In order for a court to have jurisdiction, it must have both subject matter jurisdiction and personal jurisdiction.

Exercise 3*. Find terms in the text that match definitions given below and make sentences of your own with each term.

1. That division of law of a particular state, city, or country dealing with the interpretation and preservation of private and civil rights: the system of jurisprudence which juridical principles have been derived from the Roman Law and which forms the basis of the law of European countries.

2. A wrong, other than a breach of contract, such as the law requires compensation for in damages.

3. Deceit or trickery deliberately practiced in order to gain some advantage dishonestly.

4. The legal means of enforcing a right, or preventing or redressing a wrong.

5. A public officer authorized to hear and determine causes in a court of law.

6. The answer of a defendant to the plaintiff’s declaration; an answer admitting the truth of the charges, but expressing special reasons or evidence for having the case dismissed or delayed.

7. A legal agent who represents a client in legal affairs.

8. An action or a prosecution of a claim in a court of justice.

9. To prohibit the liquidation, collection, or use of assets, loans, or funds by law.

Exercise 4*. Fill in the blanks using terms given below.

Choosing your Business Structure

One of the first decisions that you will have to make as a business ….. is how the company should be structured. This decision will have long-term implications, so consult with an accountant and …… to help you select the form of ownership that is right for you. In making a choice, you will want to take into account the following:

Your ……. regarding the size and nature of your business.

The level of ……. you wish to have.

The level of ……. you are willing to deal with.

The business' vulnerability to ………

……. implications of the different ownership structures.

Expected profit (or ……) of the business.

Whether or not you need to ……. earnings into the business.

Your need for access to ……. out of the business for yourself.

Sole Proprietorships

The vast majority of …… businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day ……… for running the business. Sole proprietors own all the ……. of the business and the profits generated by it. They also assume complete responsibility for any of its ……. or debts. In the eyes of the …… and the public, you are one and the same with the business.

Partnerships

In a partnership, two or more people …… ownership of a single business. Like ……… the law does not distinguish between the business and its owners. The partners should have a ……. agreement that sets forth how decisions will be made, profits will be shared, ……. will be resolved, how future partners will be admitted to the partnership, how partners can be …… out, and what steps will be taken to dissolve the partnership when needed. Yes, it’s hard to think about a ….. when the business is just getting started, but many partnerships split up at crisis times, and unless there is a defined process, there will be even greater problems. They also must decide up-front how much time and ……. each will contribute, etc.

Corporations

A corporation …… by the state in which it is headquartered is considered by law to be a unique ……., separate and apart from those who own it. A corporation can be taxed, it can be……, and it can enter into ……. agreements. The owners of a corporation are its …….. They elect a ……. to oversee the major ……. and decisions. The corporation has a life of its own and does not …… when ownership changes.

Subchapter S Corporations

A tax election only; this election enables the shareholder to treat the earnings and profits as …….. and have them pass through directly to their personal tax return. The catch here is that the shareholder, if working for the company, and if there is a profit, must pay him/herself wages, and must meet standards of «reasonable ……..». This can vary by geographical region as well as occupation, but the basic rule is to pay yourself what you would have to pay someone to do your job, as long as there is enough ……. If you do not do this, the …… can reclassify all of the earnings and profit as wages, and you will be liable for all of the payroll taxes on the total amount.

Limited Liability Company (LLC)

The LLC is a relatively new type of hybrid business structure that is now …….. in most states. It is designed to provide the …….. features of a corporation and the tax efficiencies and operational flexibility of a partnership. The owners are members, and the duration of the LLC is usually determined when the organization papers are ……. The time limit can be continued, if desired, by a vote of the members at the time of ……. LLCs must not have more than two of the four characteristics that define corporations: Limited liability to the extent of assets, ……. of life, centralization of management, and free …… of ownership interests.

Source: www.sba.gov .

Terms:

law, liabilities, transferability, IRS, profit, bought, sued, continuity, contractual, compensation, tax, breakup, limited liability, lawsuits, BoD, owner, attorney, filed, policies, tax, permissible, chartered, expiration, vision, control, structure, reinvest, cash, small, responsibilities, share, loss, proprietorships, legal, disputes, capital, entity, shareholders, dissolve, distributions, assets.

Exercise 5. You are an expert in business law and you are to advise an entrepreneur who wants to set up a software company on key legal issues of starting a new business. Invent a dialogue between these two individuals using briefing materials given below.

Four Paramount Legal Issues to Consider When Starting a Company

From business structure to taxes, there are numerous legal issues to address when starting a company, many of which can bring a promising start-up to a grinding halt if the proper steps are not taken. The following four issues most frequently cause problems.

1. Trademarks. Register your trademark. Simply reserving a domain name does not guarantee legal rights. Unregistered trademarks do not hold up well.

2. Deals with cofounders. Document all deals with cofounders in case disputes arise at a later date.

3. Employees. Consider legal issues of hiring employees. The largest area of potential liability for an entrepreneur often is employment law. Employees have many legal rights that must not be neglected.

4. Contract liability. Establish limits of liability in contracts by limiting the maximum liability to that of the contract and by excluding consequential damages.

Source: www.quickmba.com .

Exercise 6. Translate into English.

Организационные формы предпринимательской деятельности

Законодательство Соединенных Штатов Америки в части регистрации и функционирования предприятий представлено Законами о Компаниях (или их аналогами) соответствующих штатов. Основными формами ведения бизнеса являются партнерство, корпорация и компания с ограниченной ответственность (LLC).

Партнерство не является отдельным налогоплательщиком и предусматривает личную ответственность партнеров по обязательствам компании. Любые налоговые последствия переносятся на владельцев предприятия. Партнерство заполняет информационный отчет с расчетом прибылей и убытков, а затем распределяет приход, расход, доход, отчисления и т. д. в процентном соотношении между индивидуальными партнерами, которые должны включить эти статьи в свой индивидуальный налоговый отчет.

Корпорация же является юридическим лицом с ограниченной ответственностью, которое самостоятельно отвечает по своим обязательствам, а ответственность учредителей ограничена их вкладом в уставный фонд. Корпорация является самостоятельным налогоплательщиком, не зависящим от своих акционеров. При распределении дивидендов между акционерами корпоративный доход облагается повторно. Другими словами, доход корпорации подвергается федеральному налогообложению на двух уровнях: на корпоративном при взимании налога на доход корпорации, как юридического лица, и при распределении дивидендов.

LLC является смешанной формой. Так же, как и корпорация, LLC несет ответственность по своим обязательствам, ограниченную размером капитала, и управляется централизованно. От партнерства LLC получила ограниченное время жизни, передачу долей компании только при согласии других участников и, кроме того, компания не облагается федеральным налогом на прибыль корпораций. Вся полученная прибыль считается доходом учредителей, которые и платят подоходный налог по месту нахождения после распределения прибыли. Если учредителями LLC являются нерезиденты США, то подоходный налог платится только по доходам, полученным на территории США. Таким образом, LLC, зарегистрированная нерезидентами США, не должна платить налоги в США, если не извлекает доходов на их территории.

Налог на капитал взимается штатом при регистрации и в последствии – ежегодно. В каждом штате существует своя ставка налога и система расчета, основанная на минимальном размере капитала. Минимальный капитал компаний составляет, как правило, $100.00. Налог на прирост капитала отсутствует.

Выплаты в пользу данной компании со стороны американских резидентов, несмотря на то, что компания зарегистрирована в США. Что касается выплат компаниями других стран, то решение вопроса зависит от наличия договоров об избежании двойного налогообложения, их формулировок и процедуры освобождения от налога.

При регистрации LLC необходимо указать либо имена первоначальных участников (Initial Members), либо имена менеджеров компании (Members). И те, и другие могут быть как физическими лицами, так и компаниями. Все дальнейшие изменения в списке участников не регистрируются в официальных органах в большинстве штатов. В некоторых штатах имена менеджеров компании должны быть указаны в ежегодном отчете. Требуемое количество учредителей – один и более, в зависимости от штата. Учредители компании могут не назначать менеджера, а зарезервировать функции управления за собой.

Отчетность компании состоит из подачи ежегодного отчета в администрацию штата. Отчет не содержит информации о финансовой деятельности компании. Если компания пожелает стать на учет в налоговые органы США (Internal Revenue Service), то, помимо отчета штата, она должна будет ежегодно готовить отчет о полученных доходах. Постановка на учет в налоговых органах и подача отчета о доходах не меняют налогового статуса компании. Проводить ежегодный аудит не нужно.