REVISE: Use Croatian expressions to create word partnerships about taxation

porezni razred porezni prag porezna olakšica

utaja poreza oslobođenje od poreza povrat poreza

dio prihoda koji je oslobođen od plaćanja poreza

You can use the same word more than once:

relief / break allowance tax exemption

return evasion class / band / bracket threshold

porezni razred tax +

porezni prag tax +

porezna olakšica tax +

...

REVISE: Word partnerships about taxation

porezni razred porezni prag porezna olakšicautaja poreza oslobođenje od poreza povrat porezadio prihoda koji je oslobođen od plaćanja poreza

relief / break allowance tax exemptionreturn evasion class / band / bracket threshold

Porezni razred tax class / band / bracketPorezni prag tax thresholdPorezna olakšica tax break / reliefUtaja poreza tax evasionOslobođenje od poreza tax exemptionDio prihoda oslobođen od porezatax allowancePovrat poreza tax return

HW checkNOTE-MAKING

Notes comparing the different views on the role of government (Galbraith vs. the Friedmans)

Speaking practice

Talk from your notes!

Hand in your notes!

HANDOUT: Creating rapport

→ MK p 113

TAXATION, MK p 113

In favour 1 3 6 7 10 12 13

Against 2 4 5 8 9 11

Which of the statements you find the most convincing and why?

Discuss in pairs – try using some strategies for creating rapport:- we (all), us, our, ours, ourselves- question tags: e.g. aren’t we; haven’t you...- negative questions: Isn’t it true that...

Don’t we all...

Private sector

Public vs. private sectorClassify the following:the army, private ownership, profit, public utilities, public goods, businesses, organisations, need,municipal enterprises, government agencies, merit goods, entrepreneurs, public corporations, ... GO ON TO ADD ANY WORDS YOU ASSOCIATEWITH EITHER SECTOR

Public sector Private sector

Talk about them using the words listed!

• Reader, p. 22, Task I

• Reader, p. 22, Task I

incorporate-d businesses

vs.

un-incorporate-d businesses

What is the main difference between an

unincorporated and an incorporated business?

• unincorporated vs. incorporated businessesGLOSSARYlegal identity

identity recognized by the lawlegal entity an organization considered as separate, independent unit

for legal purposeslimited liability [liability = uncountable noun, no plural] the legal position of being responsible for paying only a

limited amount of the company’s debt if it goes out of business – you and your business are two separate entities

unlimited liability the owner is responsible for any debts the business runs up

(owner’s personal wealth may be claimed) – you and your business are legally one and the same entity

Careful! Very similar!

→UNINCORPORATED BUSINESS

• Reader, p. 22, Task I• unincorporated vs. incorporated businessesGLOSSARYlegal identity

identity recognized by the lawlegal entity an organization considered as separate, independent unit

for legal purposesINCORPORATED BUSINESS → limited liability the legal position of being responsible for paying only a

limited amount of the company’s debt if it goes out of business – you and your business are two separate entities

UNINCORPORATED BUSINESS → unlimited liability the owner is responsible for any debts the business runs up

(owner’s personal wealth may be claimed) – you and your business are legally one and the same entity

BUSINESS ORGANISATIONS IN THE PRIVATE SECTOR…

…WITH UNLIMITED LIABILITY

• sole proprietorship OR sole trader

• partnership

(unincorporated)

→ RB, p 25 A contrastive view

…WITH LIMITED LIABILITY

• private limited company (Ltd.)

• public limited company (PLC)

(incorporated)

Revision: Private sector

Vocabulary focus

Opposites

• Privately-held companies

• Limited liability

• Incorporated business

• Legal entity (legal person)

• Publicly-held companies

• Unlimited liability• Unincorporated

business• Natural person

(physical person)

HW check• Handout – PRIVATE SECTOR (match)1) overdraft 2) liable 3) general public

4) creditor / lender 5) share

6) access to capital 7) liquidate

8) bankrupt 9) corporation

10) issue 11) register

12) premises 13) prospectus

14) incentive 15) unlimited liability

16) disclosure of accounts 17) dividends

HW check• Fill in:1)liquidate 2) premises

3) unlimited liability 4)incentive

5) corporation 6) dividends

7) liable 8) disclosure of accounts

9) issue 10) general public

11) shares 12) access

Match the two columns:

• Set up• Be liable• Make • Make• Claim• Issue • Elect • Disclose • Take over

• a profit• the Board• a loss• a company• shares• a business• accounts• for debts• profits

Key:

• Set up• Be liable• Make • Make• Claim• Issue • Elect • Disclose • Take over

a businessfor debtsa profita lossthe profitssharesthe Boardaccountsa company ???

• R, p 22, Vocabulary task II

1 overdraft

2 unlimited liability

3 incentive

4 disclosure of accounts

5 general public

6 share

7 access to capital

8 liquidate

9 liability

• → RB, p 22, task III - study

SOLE PROPRIETORSHIP,

PARTNERSHIP OR BOTH?

• owned by one person only (may employ other workers)

• medicine, accountancy, law

• farmers, small scale manufacturers, retailers, hairdressers…

• owned by 2 -20 partners

• unlimited liability

• possibility of specialisation

• profits and losses shared equally

• direct control of business

• sole claim on profits

SOLE PROPRIETORSHIP,

PARTNERSHIP OR BOTH?

• owned by one person only (may employ other workers) - SP

• medicine, accountancy, law - P

• farmers, small scale manufacturers, retailers, hairdressers…- SP

• owned by 2 -20 partners - P

• unlimited liability – SP, P

• possibility of specialisation, P

• profits and losses shared equally, P

• direct control of business, SP

• sole claim on profits SP

PRIVATE LIMITED COMPANY, PUBLIC LIMITED COMPANY OR BOTH?

• limited liablity for debts• profits paid as dividend payments• shareholders• shares available to general public• disclosure of accounts• more difficult to sell shares• possibility of takeovers• finance easily available

PRIVATE LIMITED COMPANY (Ltd.), PUBLIC LIMITED COMPANY (PLC) OR BOTH?

• limited liablity for debts – Ltd., PLC• profits paid as dividend payments – Ltd., PLC• shareholders – Ltd., PLC• shares available to general public - PLC• disclosure of accounts - PLC• more difficult to sell shares – Ltd.• possibility of takeovers - PLC• finance easily available – Ltd., PLC

COMPANY LAWCompanies Act (RB, p 22)

• Who o_ _ _ the business?• Who r _ _ _ _ _ start-up capital?• Who c_ _ _ _ _ _ _ the business? • Who m _ _ _ _ _ _ it?• Who c _ _ _ _ _ the profits?• Are the owners personally l _ _ _ _ _ _ _ _

losses?• Does the business need to p _ _ _ _ _ _

(d_ _ _ _ _ _ _ _ , u_ _ _ _ _) its accounts?• ...

COMPANY LAW, Companies Act• Who owns the business?• Who raises start-up capital?• Who controls the business? • Who manages it?• Who claims the profits?• Are the owners personally liable for losses?• Does the business need to publish (disclose,

unveil) its accounts?• ... takeovers, liquidation, law suits?• Advantages and disadvantages

• DESCRIBE the four types along these lines

Reader, p. 22 (task III)Describing UK businesses

Get ready to describe one type... Use sentences! (SP, P, Ltd., PLC)

• ...is a type of business which ...• It is controlled by ... and managed by...• This business is financed by ...• Business decisions are made by ...• ... has/have a claim on profits.• ... is (are) /is not(are not) personally liable for ...

because this business has limited (unlimited) liability.

• The advantages of SP / P / Ltd / PLC are numerous. For example, …

• There are also some disadvantages...

HOMEWORK: Study the chart and write about the advantages of:

1 Partnership and sole proprietorship2 PLC over Ltd.3 PLC and Ltd. over sole proprietorship and

partnership4 Ltd. over PLC

Use sentences, not bullets!Remember to use the linking words for contrast / concession and addition (next slide).

Additional information: and, furthermore, moreover, in addition to, next, then, besides

Reason: because, because of, due to, owing to, as, since, therefore, that’s why

Contrast: on the other hand, on the contrary, in contrast, although, yet, but, while, whereas

Concession: (even) though, anyway, however, nevertheless, in any case, in spite of that, despite

Purpose: in order to, so that

Result/Consequence: consequently, as a result, therefore, so, thus

Giving example: for example, for instance

LINKING WORDS:

HOMEWORK:

HAND IN ON WEDNESDAY:

1) Describe and compare the 4 types of

businesses in the private sector

(all four tasks from the PPT – above)

GET READY FOR WEDNESDAY:

2) RB, p. 23, task V (read carefully, fill in,

look up new words) 3) p. 24: - read & look up new words

- make a list of new words with explanations, examples

- answer the questions

Progress test 1:

Wed, 20 November, 2013, LH 10

Two groups: 3_1 12.00

3_2 13.00