Limited Liability Company

A limited liability company (LLC) is a cross between a corporation and a partnership. This type of business organization offers more protection from creditors' claims than a partnership. In this way, it is similar to a corporation, but it is also a pass-through entity so it shares the features of a partnership. However, LLCs have distinct features and requirements. In an LLC, the owners are called members. Members, in turn, can be individuals or corporations. However, unlike a partnership where profits and losses are evenly distributed according to the partnership agreement, there is greater flexibility in this regard for a limited liability company.

Further, in order to establish an LLC, it is necessary to file articles of organization with the secretary of state. Another way that LLCs are similar to partnerships is that a limited liability company is required to have an operating agreement. The operating agreement should specify who the members are, what the role and responsibility of each member will be and how profits will be shared between or among the members. The operating agreement should also contemplate changes in ownership if other members are invited to join the enterprise or if an existing member decides to sell his or her interest. Finally, because this is also a pass-through structure, members report income and losses on personal income tax returns.

Task II. Scan the text above and write down all the sentences containing the Passives.

Task III. Open the brackets using the appropriate form of the Infinitive.

1. She remembered (to tell) a lot about Mr Rochester.

2. I am awfully glad (to meet) you.

3. Sorry (to place) you in this disagreeable situation.

4. I am very happy (to have) the pleasure of making your acquaintance.

5. I am sorry (to keep) you waiting.

Task IV. Find the synonyms for the words and combinations given below.

agreement –
contemplate –
income –
to establish –
to require –
similar –
claim –
entity –

Task V. Open the brackets using Participle I or Participle II.

1. She was reading the book (to buy) the day before.

2. Yesterday we were at a conference (to organize) by our partners.

3. (to take) the girl by the hand, she led her to her place.

4. It was not easy to find the (to lose) figure.

5. I shall show you a picture (to purchase) by our chief.

Task VI. Translate the sentences into English using the Gerund.

1. Я настаиваю на том, чтобы помочь ей.

2. Он отрицал, что совершил эту ошибку.

3. Она боится потерять свой кошелек.

4. Я не одобряю того, что вы тратите так много времени понапрасну.

5. Мои коллеги подумывают о том, чтобы поехать на каникулы в Италию.

Task VII. Translate into English.

1. Владельцев общества с ограниченной ответственностью называют его членами.

2. ООО предлагают больше защиты от кредиторов, чем партнерства.

3. В партнерствах доходы и расходы распределяются согласно соглашению.

4. Действующее соглашение уточняет количество членов ООО, их роль в нем и ответственность каждого члена.

5. Членом ООО может стать как индивидуальное лицо, так и целая корпорация.

 

Контрольные задания

ВАРИАНТ № 7

Task I. Read and translate the following text in writing:

Text

Brand

What is a brand? It's not only a trademark of some company, but the name of certain product we use every day. For example, speaking about coffee most of us say Nescafe, but not 'coffee'. This short example also illustrates the main aim of producers - to create brand popularity, so that most of people would recognize the product among the competitors products. Advertising campaigns are launched to enhance brand awareness, that's why sometimes brand costs more than the whole company, for example one day of advertising at Yandex website (what is called by Yandex sales managers as 'increasing brand popularity') costs $20,000. Recognition of a brand or, how it's called, brand awareness helps people to find the necessary size, quantity, taste, especially, when they are in another country and don't know the local products' specifications. What qualities should brand name possess? First of all, it should be eye-catching. NameLab, company, which creates brand names, gives an example of 7-Up Company, which lost $120 millions using name 'Lyke Cola' as a brand name first time after launching its product. Lexicon Company was more original, creating brand name 'Pentium' for the Intel Processor: "We've got '-ium' from the scientific text - founder of Lexicon says, - and multiplied it with 'pent'. It sounded very strong, like a real chemical element." Name Sony is based on 'son', which means sound in most of the countries. As all brand names are registered and protected by law, no one else can produce the same product under such brand name. It's a very hard to create a new brand name, as more than 365,000 brands were registered in October, 2000 by American Patent Organization, whereas Oxford dictionary consists of 615,100 words, so some companies use brand stretching - using a leader-brand to launch a new product in a new category, e.g. 'Bochkarev' chips. Brands always add value to products. That's why branded products seem to be more expensive among other ones. But if we pay more, we pay for better quality. All in all, brands are one of the moving forces of globalisation.

Task II. Scan the text above and write down all the sentences containing the Passive forms.

Task III. Open the brackets using the appropriate form of the Infinitive.

1. (to play) chess was his great pleasure.

2. The manager did not like (to argue).

3. Isn’t it natural that we like (to praise) and don’t like (to scold)?

4. Which is more pleasant: (to give) or (to give) presents?

5. Nature has many secrets (to discover) yet.

Task IV. Find the synonyms for the words and combinations given below.

to multiply –
original –
to consist –
to add –
value –
to launch –
eye-catching –
to enhance –

Task V. Open the brackets using Participle I or Participle II.

1. Here is the letter (to receive) yesterday.

2. Do you know the girl (to type) in that room?

3. The book (to write) by this economist is very interesting.

4. We could not see the sun (to cover) by dark clouds.

5. The (to lose) papers were found at last.

Task VI. Translate the sentences into English using the Gerund.

1. Она простила его за то, что он не писал ей.

2. Перестань извиняться, это не поможет.

3. Мой коллега мешал мне следить за курсом валюты.

4. Вы не возражаете, если я приду немного попозже?

5. Продолжайте заполнять договор.

Task VII. Translate into English.

1. Брэнды всегда добавляют ценности продуктам.

2. Рекламные кампании запускаются, чтобы повысить узнаваемость брэнда.

3. Брэнд – это не только торговая марка компании, но и название продукта.

4. Все названия брэндов зарегистрированы и защищены законом.

5. Задача производителя – сделать брэнд популярным и выделяющимся среди конкурирующих брэндов.