Actividad de aprendizaje 15

Evidencia 5: Summary “Export-import theory”

Aprendiz

Duvan Andrey Bentancourt

Instructor

Sofia Morales

tecnólogo en gestión logística

Tuluá – Valle del Cauca

2022
 Contar con los conocimientos necesarios para realizar un proceso de
exportación, requiere no solo de manejar habilidades lectoras para apropiar las
normas y pasos a seguir, sino también comprender y extraer los aspectos más
importantes de cada texto. Existen gran cantidad de textos referentes
exportación e importación en inglés, por lo cual es necesario fortalecer las
competencias en dicha lengua.

Para reforzar lo mencionado, realice las siguientes actividades:

1. Lea el siguiente texto:

Export-Import
Theory1

Setting up the business

Whether it is a new or existing export-import business, the legal form, or

structure, will determine how the business is to be conducted, its tax
liability, and other important considerations. Each form of business
organization has its own advantages and disadvantages, and the
entrepreneur has to select the one that best fulfills the goals of the
entrepreneur and the business. Selection of an appropriate business
organization is a task that requires accounting and legal expertise and
should be done with the advice of a competent attorney or accountant.

Ownership structure
 In this section, we examine different forms of business
organizations: sole proprietorships, partnerships, corporations,
and limited liability companies.

Sole proprietorships

A sole proprietorship is a firm owned and operated by one

individual. No separate legal entity exists. There is one principal
in the business who has total control over all export-import
operations and who can make decisions without consulting
anyone. The major advantages of sole proprietorships are as
follows:

1. They are easy to organize and simple to control. Establishing

an export- import business as sole proprietorship is simple and
inexpensive and requires little or no government approval. At the
state level, registration of the business name is required, while at
the federal level, sole proprietors need to keep accurate
accounting records and attach a profit or loss statement for the
business when filing individual tax returns (Schedule C, Internal
Revenue Service Form 1040). They must operate on a calendar
year and can use the cash or accrual method of accounting.
2. They are more flexible to manage than partnerships or
corporations. The owner makes all operational and management
decisions concerning the business. The owner can remove money
or other assets of the business without legal or tax consequences.
He or she can also easily transfer or terminate the business.

3. Sole proprietorships are subject to minimal government

regulations versus other business concerns.

4. The owner of a sole proprietorship is taxed as an individual, at

a rate lower than the corporate income tax rate. Losses from the
export import business can be applied by the owner to offset
taxable income from other sources. Sole proprietors are also
allowed to establish tax exempt retirement accounts. (Harper,
1991; Cheeseman, 2006a)

The major disadvantage of running an export-import concern as a

sole proprietorship is the risk of unlimited liability. The owner is
personally liable for the debts and other liabilities of the
business. Insurance can be bought to protect against these
liabilities; however, if insurance protection is not sufficient to
cover legal liability for defective products or debts, judgment
creditors’ next recourse is the personal assets of the owner.
Another disadvantage is that the proprietor’s access to capital is
limited to personal funds plus any loans that can be obtained. In
addition, very few individuals have all the necessary skills to run
an export-import business, and the owner may lack certain skills.
The business may also terminate upon the death or disability of
the owner.

Establishing an appropriate business organization: pointers

 Does the entrepreneur intend to be the sole owner of the

export-import business? If not, how many people have an
ownership interest?

 Does the entrepreneur need additional capital and/or expertise?

 What legal form provides the greatest flexibility for management?

 What legal form affords the most advantageous tax

treatment for the business concern and individual
entrepreneurs?

 Which legal structure is easy and less expensive to establish

and subject to a low degree of government regulation?

 How important is it to limit personal liability of owners?

 o Which legal structure is the most appropriate in light of the goals
and objectives of the export-import business? (Belay, 2009).

2. Elabore una lista de vocabulario sobre el texto, mínimo de 15 palabras y

escriba su respectivo significado en inglés.

Entrepreneur: Is a person who designs, launches and starts a business, based

on an innovation

Entrepreneur:
Is a person who designs, launches and starts a business, based on an innovation
Empresario:
Es una persona que diseña, lanza y pone en marcha un negocio, basado en una
innovación

Business: It is an economic activity that seeks to obtain profits mainly through the
sale or exchange of products or services that meet the needs of customers.
Negocios: Es una actividad económica que busca obtener ganancias
principalmente a través de la
venta o intercambio de productos o servicios que satisfagan las necesidades de los
clientes.
Attorney: Is a professional who bases his training on the study of the norms or
precepts that guide the citizen behavior of any nation. Its main function is to offer
legal advice to its clients and serve as legal representative in cases of litigation.
Abogado: Es un profesional que basa su formación en el estudio de las normas o
preceptos que guían la conducta ciudadana de cualquier nación. Su función
principal es ofrecer
asesorar legalmente a sus clientes y servir como representante legal en casos de
litigios.
Accountant: Is the professional dedicated to applying, managing and interpreting
the accounting of an organization or person, with the proposal of producing reports
for management and for third parties that serve to make decisions .
Contador: Es el profesional que se dedica a aplicar, administrar e interpretar
la contabilidad de una organización o persona, con la propuesta de producir
informes para la gestión y para terceros que sirven para la toma de decisiones.
Sole proprietorships: The owner and the company are the same entity in the
payment of taxes. Company earnings are personal earnings and will be taxed as
personal income. The owner is financially responsible for his business
and personal property will be used to cover losses or debts incurred by the
business.
Empresas unipersonales: El propietario y la empresa son la misma entidad en el
pago de impuestos Las ganancias de la empresa son ganancias personales y serán
gravadas como renta personal. El propietario es financieramente responsable de su
negocio y la propiedad personal se utilizará para cubrir pérdidas o deudas
contraídas por el negocio.

Partnerships: This type of structure is very similar to a sole proprietorship - all

partners are financially responsible for the company's debts and the partners will
bear the tax burden on a proportional

Sociedades: Este tipo de estructura es muy similar a una empresa unipersonal:

todas los socios son financieramente responsables de las deudas de la empresa y
los socios soportar la carga fiscal en forma proporcional
Limited liability companies: Is a separate legal entity. Different from both
its shareholders and its directors and managers. The liability of the shareholders is
limited to the amount contributed or the issued share capital.
Sociedades de responsabilidad limitada: Es una entidad legal separada. Diferente
tanto de sus accionistas como de sus directores y gerentes. La responsabilidad de
los accionistas es limitada a la cantidad aportada o al capital social emitido.
Government approval: To establish a commercial structure, the current
legal framework in each country must be considered for approval by
the local government.
Aprobación del gobierno: Para establecer una estructura comercial, se debe
considerar el marco legal vigente en cada país para su aprobación por parte del
gobierno local.
Tax returns: Is a form or document that is presented to the government collection
institutions. This document must reflect the amount of income earned in a specific
year
Declaraciones de impuestos: Es un formulario o documento que se presenta al
cobro del gobierno instituciones Este documento debe reflejar la cantidad de
ingresos obtenidos en un determinado
año
Accounting records: In these records, all accounting movements of the economic
entity are reflected in order to provide financial information about it. They are the
physical documents of all operations within a company.
Registros contables: En estos registros se consignan todos los movimientos
contables de la entidad se reflejan con el fin de proporcionar información
financiera sobre la misma. Ellos son las documentos físicos de todas las
operaciones dentro de una empresa.
Business name: Is the sign or denomination that identifies a company
in commercial traffic and that serves to identify, individualize and distinguish
from other companies that carry out identical or similar activities.
Razón social: Es el signo o denominación que identifica a una empresa en el
tráfico comercial y que sirve para identificar, individualizar y distinguir de otras
empresas que realizan actividades idénticas o similares.

Calendar year: A calendar year is one that coincides with the solar
calendar, beginning on January 1 and ending on December 31 of the
same year. This organization of time arises from the so-called Gregorian
calendar, promoted by
Pope Gregory XIII.
Año calendario: Un año calendario es aquel que coincide con el calendario solar,
comenzando el 1 de enero y terminando el 31 de diciembre del mismo año. Esta
organización del tiempo surge del llamado calendario gregoriano, promovido por
Papa Gregorio XIII.
Cash: It is money in the form of coins or paper money that is used to make cash
payments. The cash that a company owns is part of the current assets and its
function is to face the possible short-term obligations that may appear.

Efectivo: Es dinero en forma de monedas o papel moneda que se utiliza para hacer
efectivo pagos El efectivo que posee una empresa es parte del activo circulante y
su función es hacer frente a las posibles obligaciones a corto plazo que puedan
surgir.
Accrual method of accounting: Is the accounting method by which transactions
and other events are recognized when they occur. When the accrual
basis of accounting is used, an entity shall recognize items as assets,
liabilities, equity, income and expenses when they meet the definitions
and recognition criteria provided.

Método contable de devengo: Es el método contable por el cual las transacciones

y otros eventos se reconocen cuando ocurren. Cuando se utilice la base contable de
acumulación (o devengo), una entidad reconocerá las partidas como activos,
pasivos, patrimonio, ingresos y gastos cuando cumplan las definiciones y los
criterios de reconocimiento proporcionados.
Retirement accounts: They are a simple way to save for retirement as they offer
many tax advantages and the opportunity to generate income during retirement,
allowing you to move towards achieving your goals and financially supporting
your
family.
Cuentas de jubilación: Son una forma sencilla de ahorrar para la jubilación ya que
ofrecen
muchas ventajas fiscales y la oportunidad de generar ingresos durante la
jubilación,
permitiéndole avanzar hacia el logro de sus metas y apoyando financieramente su
familia.

3. El texto sugerido al inicio de esta evidencia cuenta con varios párrafos, y al

interior de cada párrafo se encuentran varias ideas principales. Por favor,
lea el material complementario “Identify ingthemain idea” para conocer
cómo se puede encontrar la idea principal en un párrafo escrito en inglés.

 Because of the unlimited liability it is recommended to choose a good

insurance to avoid personal financial ruin.
 In the following section you read about sole proprietorships: a
company that is owned and operated by one person.
 One advantage is, that it is easy to maintain and organize because the
registration procedures are cheap and require almost no governmental
approval at all.
 The owner has total control over the finances and other assets.
 Compared to other forms it is lowly regulated by government.
 As a sole proprietor you pay less taxes.
 Because of the unlimited liability it is recommended to choose a
good insurance to avoid personal financial ruin.

4. Luego de analizar el material complementario, por favor escribalas ideas

principales de cada párrafo, en presente simple, en inglés. No haga
transcripción literal de los párrafos. A continuación, transforme la oración a
presente progresivo, también en inglés.
Simple Present Tense
It is important to choose the
right form
of business organization
In the following section you read
about
sole proprietorships: a company
that is owned and operated by
one person.
One advantage is, that it is easy
to maintain and organize
because the registration
procedures are cheap and
require almost no
governmental
approval at all.
The owner has total control
over the
finances and other assets.
Compared to other forms it is
lowly regulated by government.
As a sole proprietor you pay
less taxes.
Because of the unlimited liability
it is recommended to choose a
good insurance to avoid personal
financial ruin.
Present Progressive Tense
It is being important to choose
the right
form of business organisation
In the following section you are
reading
about sole proprietorships: a
company
that is owned and operated
by one person.
One advantage is, that it is easy
to maintain and organize
because the registration
procedures are being cheap and
require almost no
governmental approval at all.
The owner is having total
control over
the finances and other assets.
Compared to other forms it is
being lowly regulated by
government.
As a sole proprietor you are
paying less taxes.
Because of the unlimited liability
it is being recommended to
choose a good insurance to avoid
personal financial ruin.
5. Organice las ideas en un solo resumen, de manera que se conecten
coherentemente, en 15líneas.

It is important to choose the right form of business organization. In the

following section you can read about the sole proprietorships: in this case, a
company that is owned and operated by one person. One advantage is, that it
is easy to maintain and organize because the registration procedures are cheap
and require almost no governmental approval at all. The owner has total
control over the finances and other assets. Compared to other forms it is lowly
regulated by government. As a sole proprietor you pay less taxes. Because of
the unlimited liability it is recommended to choose a good insurance to avoid
personal financial ruin.