ownership
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• The arrangement for the class: 1)Basic business knowledge: ownership, marketing 2) Practical skills: business letter, application, resume, 3) Tests for exams
Advantages: a) Being your own boss b) Easy to start Disadvantages: a) hard to raise capital b) Unlimited liability c) long working time
2. Partnership Features: a) common ownership b) shared profits and loses c) the right to participate in managing the operation
Chapter 1 Basic Knowledge about Business English
• Objectives: To know the forms of business ownership To practice reading for specific information
Lead-in Activity: How many Chinese and foreign companies can you name?
Group Discussion: Let’s assume you want to open one of the following new businesses. What form of business ownership would you choose for each business? Why? A. Video game rental store B. Wedding planning service C. Software development firm D. Computer hardware manufacturing company
Advantages:
a) limited liability b) skilled management team c) transfer of ownership d) Greater capital base e) stability a) multiple taxation b) difficulty and expense of starting c) government involvement d) lack of secrecy e) lack of personal interest f) credit limitations
Disadvantage:
5. Limited Liability Companies Definition: LLC, combining several features of corporation and partnership structure. Advantages: a) Limited liability b) Flexible profit distribution c) No minutes d) Flow through taxation
Type: general/limited Advantages: a) different skills or resources b) capital raising Disadvantages: a) liable for other’s mistakes b) exist division for profits c) more disagreements d) difficult to terminate
Gome Electrical Appliances Haier Group TCL Corp. Lenovo Group Ltd. Geely Auto Huawei Technologies Co. Tsingdao Beer Glanz Group Co. Ltd. of Guangdong Panda Electronics Group Company, Ltd Guangzhou-Honda Shanghai-Volkswagen
Which is your most admired company? What company do you wish to work for?
I. Form of Business Ownership
Sole Proprietorship Partnership Joint Ventures Corporation
Types:
Type Private Public Closes Open Municipal Domestic Foreign Alien Nonprofit
Description Attempt to earn a satisfactory profit Owned and run by the government Stock held by only a few owners and not actively sold on the stock market Stock held by numerous people and actively sold on stock market Cities and townships that carry out business Incorporated in one province or country and doing business within that province or country Incorporated in one province or country and doing business in another province or country Incorporated in one nation and operating in another nations Service organization incorporated for limited-liability status
3. Joint Ventures
Features:
a) two oFra Baidu bibliotek more business b) shared risks and rewards
Advantages: a) access to new markets and distribution networks b) increased capacity c) the sharing of risks with partner d) access to specialized staff and technology Disadvantages:a) with unclear objective, easy problem raising b) imbalance c) poor cooperation d) insufficient support and leadership
4. Corporations Definition: Legal entity, allowed by legislation, which permits a group of people, as shareholders or members , to create an organization, which can then focus on pursuing set objectives, and empowered with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money.
Case Study: Esprit is No Longer “Little Utopia”
个人企业 合伙企业 合资企业 公司
Limited Liability Company 有限责任公司 Franchises 特许经营
1. Sole Proprietorship Features: a) small, only a few members b) complete responsibility
Disadvantages: a) Limited Life b) Going public risk c) Added complexity
6. Franchising
Definition: A franchise is the right to use a business name and sell products or services, usually in a specific geographical territory. Advantages: a) Low failure rate b) Support from larger network Disadvantages: a) Less freedom b) High initial franchise fees
Advantages: a) Being your own boss b) Easy to start Disadvantages: a) hard to raise capital b) Unlimited liability c) long working time
2. Partnership Features: a) common ownership b) shared profits and loses c) the right to participate in managing the operation
Chapter 1 Basic Knowledge about Business English
• Objectives: To know the forms of business ownership To practice reading for specific information
Lead-in Activity: How many Chinese and foreign companies can you name?
Group Discussion: Let’s assume you want to open one of the following new businesses. What form of business ownership would you choose for each business? Why? A. Video game rental store B. Wedding planning service C. Software development firm D. Computer hardware manufacturing company
Advantages:
a) limited liability b) skilled management team c) transfer of ownership d) Greater capital base e) stability a) multiple taxation b) difficulty and expense of starting c) government involvement d) lack of secrecy e) lack of personal interest f) credit limitations
Disadvantage:
5. Limited Liability Companies Definition: LLC, combining several features of corporation and partnership structure. Advantages: a) Limited liability b) Flexible profit distribution c) No minutes d) Flow through taxation
Type: general/limited Advantages: a) different skills or resources b) capital raising Disadvantages: a) liable for other’s mistakes b) exist division for profits c) more disagreements d) difficult to terminate
Gome Electrical Appliances Haier Group TCL Corp. Lenovo Group Ltd. Geely Auto Huawei Technologies Co. Tsingdao Beer Glanz Group Co. Ltd. of Guangdong Panda Electronics Group Company, Ltd Guangzhou-Honda Shanghai-Volkswagen
Which is your most admired company? What company do you wish to work for?
I. Form of Business Ownership
Sole Proprietorship Partnership Joint Ventures Corporation
Types:
Type Private Public Closes Open Municipal Domestic Foreign Alien Nonprofit
Description Attempt to earn a satisfactory profit Owned and run by the government Stock held by only a few owners and not actively sold on the stock market Stock held by numerous people and actively sold on stock market Cities and townships that carry out business Incorporated in one province or country and doing business within that province or country Incorporated in one province or country and doing business in another province or country Incorporated in one nation and operating in another nations Service organization incorporated for limited-liability status
3. Joint Ventures
Features:
a) two oFra Baidu bibliotek more business b) shared risks and rewards
Advantages: a) access to new markets and distribution networks b) increased capacity c) the sharing of risks with partner d) access to specialized staff and technology Disadvantages:a) with unclear objective, easy problem raising b) imbalance c) poor cooperation d) insufficient support and leadership
4. Corporations Definition: Legal entity, allowed by legislation, which permits a group of people, as shareholders or members , to create an organization, which can then focus on pursuing set objectives, and empowered with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money.
Case Study: Esprit is No Longer “Little Utopia”
个人企业 合伙企业 合资企业 公司
Limited Liability Company 有限责任公司 Franchises 特许经营
1. Sole Proprietorship Features: a) small, only a few members b) complete responsibility
Disadvantages: a) Limited Life b) Going public risk c) Added complexity
6. Franchising
Definition: A franchise is the right to use a business name and sell products or services, usually in a specific geographical territory. Advantages: a) Low failure rate b) Support from larger network Disadvantages: a) Less freedom b) High initial franchise fees