English for Accounting

Brief course for beginners

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 LESSON 1

TYPES OF BUSINESS
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Words
NEW

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Employee /ɪmˈplɔɪiː/

● a person who is paid to work for somebody

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“ Small company usually has from 5 to
200 employees which are flexible
people to take on different roles. So
they need people who have a good
sense of responsibility, who feel they
have overall view of things and can
dig deep as needed.

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“
Small company usually has from 5 to 200 employees
which are flexible people to take on different roles. So
they need people who have a good sense of
responsibility, who feel they have overall view of
things and can dig deep as needed.

Công ty quy mô nhỏ thường có từ 5 đến 200 nhân viên, là

những người làm việc linh động có thể đảm nhận nhiều
vai trò khác nhau. Vì thế công ty cần những người có khả
năng kiêm nhiệm tốt, có sự bao quát và khi cần thiết có
thể suy nghĩ thấu đáo một cách nhanh chóng.
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Sole Proprietorship
Sole trader /səʊl prə'praɪətəʃɪp /
● Owned by one person
● No legal or financial distinction between business and
business owners

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“ Sole Proprietorship is the simplest
type of business which means self-
employed (this type of business
accounts for two-thirds of businesses
in the US ), so it is easy to establish
for those who have capital and
business mindset.

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“ Sole Proprietorship is the simplest type of business
which means self-employed (this type of business
accounts for two-thirds of businesses in the US ), so it
is easy to establish for those who have capital and
business mindset

Cá nhân tự kinh doanh là hình thức kinh doanh đơn giản

nhất, do tự mình làm chủ (tại Mỹ loại hình này chiếm tới
2/3 số đơn vị kinh doanh), loại hình này rất dễ thành lập,
chỉ cần có vốn và có đầu óc kinh doanh là đăng ký được
doanh nghiệp tư nhân.
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Partnership /'pɑːtnəʃɪp/

● Business, financial and legal responsibilities

are equally divided
● Two or more partners contribute the capital

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“ In most countries, partnerships
are established from
cooperation contract between
a

individuals, who are in a spirit of

cooperation, agreeing to
establish a business, contributing
with property, knowledge and
experiences and sharing profits.
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“
In most countries, partnerships are established from a
cooperation contract between individuals, who are in a
spirit of cooperation, agreeing to establish a business,
contributing with property, knowledge and experiences
and sharing profits.

Tại hầu hết các nước, tổ chức hợp danh được tạo nên từ
một hợp đồng hợp tác giữa các cá nhân, những người với
tinh thần hợp tác, đồng ý thành lập nên một tổ chức kinh
doanh, đóng góp bằng tài sản, kinh nghiệm, điều hành hoạt
động và cùng chia sẻ lợi nhuận.
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Limited liability
company /ˌlɪmɪtɪd laɪəˈbɪləti ˈkʌmpəni/

● Mixture of partnership and corporation

● No personal property at risk
● Under some regulation but less than public listed company

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“ Forming your business as a limited
liability company helps to protect you
against lawsuits, significantly cuts down
on paperwork compared to corporations
and other legal entity types, prevents
your company from being taxed twice,
and helps to present your business as
more credible.

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“
Forming your business as a limited liability company helps to
protect you against lawsuits, significantly cuts down on paperwork
compared to corporations and other legal entity types, prevents
your company from being taxed twice, and helps to present your
business as more credible.
Thành lập doanh nghiệp dưới dạng công ty trách nhiệm
hữu hạn giúp bảo vệ bạn trước các vụ kiện tụng đồng thời
cắt giảm đáng kể thủ tục giấy tờ so với các loại hình doanh
nghiệp khác, và đặc biệt ngăn công ty của bạn bị đánh thuế
hai lần và giúp doanh nghiệp của bạn đáng tin cậy hơn.

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Public listed
company /ˈpʌblɪk lɪstid ˈkʌmpəni/

● issued securities through an initial public offering (IPO)

● public business activities

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“ Public companies are joint-stock
companies that have issued securities to
the public. After issuing securities to the
public, organizations become public
companies (with registration). Public
companies are obliged to disclose
information about their activities in
accordance with law.

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“
Public companies are joint-stock companies that have issued
securities to the public. After issuing securities to the public,
organizations become public companies (with registration). Public
companies are obliged to disclose information about their activities
in accordance with law.

Công ty đại chúng là công ty cổ phần đã phát hành chứng khoán ra

công chúng. Sau khi phát hành chứng khoán ra công chúng, tổ chức
phát hành trở thành công ty đại chúng (có đăng ký). Công ty đại chúng
có nghĩa vụ phải công khai thông tin về hoạt động của mình theo quy
định của pháp luật.

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Not for profit
organization
● Earnings pay expenses of company
● Can apply for “tax exempt” status

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What kind of business is BEST described by
these statements?
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• I am the only owner of my business.
• I take all the risks of doing business.
• I keep all the profits.

A. Proprietorship B. Corporation
C. Partnership D. Cooperative

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In a corporation, owners share profit, but
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liability is limited to ……………

A. investment B. distribution
C. theft D. production

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 3
Which is NOT a basic type of business ownership?

A. Proprietorship B. Corporation
C. Partnership D. Retail

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Which of the following would generally
have unlimited liability?
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A. A limited partner in a partnership.
B. A shareholder in a corporation.
C. The owner of a sole proprietorship.
D. A member in a limited liability company (LLC).

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Listening practice
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Fill in the blank 6
Corporation: A business corporation is a for-profit,
limited liability entity that has a separate legal
…………………..
personality from its members. A corporation is
shareholders and is overseen
owned by multiple ……………….
by a board of directors, which hires the business's
managerial staff.

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 Fill in the blank

Partnership: A partnership is a form of business in which

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two or more people operate for the common goal of
making profit Each partner has total and unlimited
………………….
personal liability of the debts incurred by the
……………………..
partnership. There are three typical classifications of
partnerships: general partnerships, limited partnerships,
and limited liability partnerships.
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Fill in the blank 8
Sole proprietorship: A sole proprietorship is a
owned by one person. The owner may
business ………….
employ others.
operate on his or her own or may …………
The owner of the business has total and unlimited
debts incurred by the
personal liability of the ……….
business.

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Fill in the blank
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traded within the
Public companies are publicly ……….
open market, and a variety of investors buy the
shares . Most public companies were once private
………..
companies that, after meeting all regulatory
requirements, opted to become public to raise
capital .
………..

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