Organizations 2

Self-employedpeople and partnerships

I’m a freelance graphic designer, a freelancer. That means I work for myself - I’m self-employed. To use the officail term, I’m sole trader. Note : You usually describe people such as designers and journalists as freelancers, and people such as buiders and plumbers as self-emplyed. We have set up our own architecture partership. There are no shareholders inthe organization apart from us, the partners. A lot of professional people like lawyers, accountants and so on, work in partnerships.

Words

sole trader(=sole owner / sole proprietor)

‘BrE’ a legal form of company in some countries for someone who has their own business, with no ohter shareholders

The bank has over one million business accounts, from sole traders to the largest corporations.

partnership/ˈpɑːtnəʃɪp $ ˈpɑːrtnər-/ ★★☆ W3 n.

[countable] a business owned by two or more people

It’s one of the most sucessful partnerships in the country.

[countable, uncountable] a relationship between two people, organizations, or countries

Several youth charities have formed a partnership to help these homeless teenagers.

[uncountable] the state of being a partner in business

I’ve been in partnership with her for five years.

Limited liability

I’m the managing director and main shareholder of a small electronics company in Scotland calld Advanced Components Ltd. ‘Ltd’ means limited company. The other shareholders and I have limited liability: we do not have to use our personal property, such as a house or car, to pay the company’s debts.

Words

Ltd(usually used as meaning of limited company ‘SYN’ Inc)

the written abbreviation of Limited, used in the names of companies or businesses

Limited liability n.

[uncountable] the legal position of being responsible for paying only a limited amount of debt if something bad happens to yourself or your company.

The most important legal aspect of the corporation is its limited liability.

I’m the chief executive of a British company called Megaco PLC. ‘PLC’ means public limited company, so anybody can buy and sell shares in Megaco on the stock market.

Words

PLC(=public limited company) /ˌpiː el ˈsiː/ n.

[countable] BrE a large company in Britain which has shares that the public can buy

Marks & Spencer plc

I’m CEO of Bigbucks Inc. ‘Inc’ stands for Incorportated. This shows that we are a coporation, a term used especially in the US for companies with limited liability.

Words

Inc(stands for Incorporated) /ɪnˈkɔːpəreɪtəd-ɔːr-/ adj.

ArE used after the name of a company in the US to show that it is a corporation

Mutuals

Some companies, like certain life insurance companies, are mutuals. When you buy insurance with the company you become a member. Profits are theoretically owned by the members, so there are no shareholders In Britain, another kind of mutual is building societies, which lend money to people who want to buy a house. But a lot of building societies have demutualized: they have become public limited companies with shareholders. This process is demutualization.

Words

mutual /ˈmjuːtʃuəl/ ★☆☆ adj.

mutual feelings such as respect, trust, or hatred are feelings that two or more people have for each other

[only before noun] mutual support, help etc is support that two or more people give each other

mutual /ˈmjuːtʃuəl/ n.

[countalbe] In insurance, two forms of companies coexist in the UK, mutuals and public liability companies.

theoretically(=in theory) /θɪəˈretɪkli $ ˌθiːə-/ ★☆☆ adv.

used to say what is supposed to be true in a particualr situcation, especially when the oppsite is true

Theoretically, Damian’s teh boss, but I coordiante the team on a day-to-day basis.

building society n. SYN ArE savings and loan association

[countable] BrE a type of bank that you pay money into in order to save it and earn interest, and that will lend you money to buy a house or apartment

Ramzan is being sued for £30,000 by a building society.

demutualize /ˌdiːˈmjuːtʃuəlaɪz/ vi, vt. BrE demutualise

if a Mutual company, such as a life insurance company or a building society, demutualizes of is demutualized, it obtains the agreement of the people who invenst in it, or are insured by it, to become a limited company with shareholders, listed on the stockmarket.

During the last decade, many building societies and life insurers demutualized and were floated on the stock market

demutualization /dɪˌmɒrəlaɪˈzeɪʃən $ -ˌmɔːrələ-, -ˌmɑː-/ n.

Non-profit organizations

Organizations with ‘social’ aims such as helping those who are sick or poor, or encourageing artistic activity, are non-profit organizations(BrE) or not-for-profit organization(ArE) They are also called charities, and form the voluntary sector, as they rely heavily on volunteers(unpaid workers). They are usually managed by paid professionals, and they put a lot of effort into fund-raising, getting people to donate money to the organization in the form of donations.

Words

BrE non-profit SYN ArE not-for-profit adj.

a non-profit organization uses the money it earns to help people instead of making a profit

a non-profit educational institution

charity /ˈtʃærəti/ ★★☆ S3 W3 n.

[countable] an organization that gives money, goods, or help to people who are poor, sick etc

Several charities sent aid to the flood victims.

It is the end of this time : )