Key terms: Roles in company management

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2 Some of the important roles in company management are discussed in Reading 1 above. Which roles are mentioned?

3 Here is a more comprehensive list of roles in company management. Match the roles (1-10) with their definitions (a-j).

1 auditor

2 company secretary

3 director

4 liquidator

5 managing director

6 official receiver

7 promoter

8 proxy

9 receiver

10 shareholder

a person appointed by a shareholder to attend and vote at a meeting in his/her place when the shareholder is unable to attend

b company director responsible for the day-to-day operation of the company

с person elected by the shareholders to manage the company and decide its general policy

d person engaged in developing or taking the initiative to form a company (arranging capital, obtaining personnel, making arrangements for filing corporate documentation)

e person appointed by the company to examine the company's accounts and to report to the shareholders annually on the accounts

f company's chief administrative officer, whose responsibilities include accounting and finance duties, personnel administration and compliance with employment legislation, security of documentation, insurance and intellectual property rights

g member of the company by virtue of an acquisition of shares in a company

h officer of the court who commonly acts as a liquidator of a company being wound up by the court

i person appointed by creditors to oversee the repayment of debts

j person appointed by a court, the company or its creditors to wind up the company's affairs

5 Company types (USA) Look at the following table, which provides information on the documents required to form and operate the different company types in the United States. Based on what you heard in Exercise 4, which type of business association was the lawyer discussing with her client?

US entities	Documents required for formation and operation
sole proprietorship	DBA filing
general partnership	General Partnership Agreement, local filings if partnership holds real estate
limited partnership	Limited Partnership Certificate, Limited Partnership Agreement
С corporation	Articles of Incorporation, Bylaws, Organisational Board Resolutions, Stock Certificates, Stock Ledger
S corporation	Articles of Incorporation, Bylaws, Organisational Board Resolutions, Stock Certificates, Stock Ledger, IRS & State S corporation election

6 Company types (UK) The table on page 23 contains information about five types of common UK business associations, covering the aspects of liability of owners, capital contributions and management. (In many jurisdictions in the world, there are entities which share some or all of these characteristics.) Look at the table and decide which entity (a-e) is being described in each row (1-5).

a private limited company (Ltd)

b general partnership

с public limited company (PLC)

d limited partnership

e sole proprietorship

Entity	- Liability of owners	Capital contributions	Management
1)...................	Unlimited personal liability for the obligations of the business	Capital needed is contributed by sole proprietor.	Business is managed by the sole proprietor.
2)....................	Generally no personal liability of the members for obligations of the business	No minimum share capital requirement. However, capital can be raised through the issuance of shares to members or through a guarantee.	Company is managed through its managing director or the board of directors acting as a whole.
3)....................	No personal liability; liability is generally limited to shareholder contributions (i.e. consideration for shares).	The minimum share capital of £50,000 is raised through issuance of shares to the public and/or existing members.	Company is managed by the board of directors; shareholders have no power to participate in management.
4)....................	Unlimited personal liability of the general partners for the obligations of the business	Partners contribute money or services to the partnership; they share profits and losses.	The partners have equal management rights, unless they agree otherwise.
5)....................	Unlimited personal liability of the general partners for the obligations of the business; limited partners generally have no personal liability.	General and limited partners contribute money or services to the limited partnership; they share profits and losses.	The general partner manages the business, subject to any limitations of the Limited Partnership Agreement.

Дата: 2019-02-02, просмотров: 427.

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