【商务英语】企业产权形式(s of Business Ownership-精简版).doc

1. Sole Proprietorships（个人企业即独资经营企业）An organization that is owned, and usually managed, by one person.Advantages: 1.a sole proprietor is his own boss; 2. The easiest form to start business;Disadvantages: 1.Lack of enough capital 2. Unlimited liability (无限责任) 3. Long working hours 4.Lack of the fringe benefits (附加福利)(Unlimited liability无限责任：if the business owes money, the business owner is responsible for the debts, and the owner may have to use personal assets to pay. Sole proprietors are liable for all the debts of the business.)(Limited liability有限责任： a persons financial liability is limited to a fixed sum, most commonly the value of a persons investment in a company.)(fringe benefit附加福利: an incidental benefit awarded for certain types of employment (especially if it is regarded as a right) such as health insurance, disability insurance, sick leave, vacation pay , etc.)2. Partnerships (合伙企业)A legal relationship between persons carrying on a profit-motivated business.3 key elements：1) Common ownership,2) Shared profits and losses,共同收益共担风险3) The right to participate in managing.2 types of partnerships ：1)General partnership(普通合伙)2)Limited partnership (有限合伙)(The general partners arrange & run the business, while the limited partners are investors only)Advantages: 1. Combining people with different skills and resources together;2. More money and credit to pay the rent, utilities, and other bills incurred by a business.(E.g. husband-and-wife teams managing restaurants, service shops)Disadvantages:1. Unlimited liability2. Division of profits3. Disagreement among partners4. difficult to terminate the business3. Joint ventures (合资企业)The pooling of resources and expertise by two or more businesses, typically from different areas or countries to achieve a particular goal.（2或2个以上属于不同国家地区的公司为了达成一个特别的目的）Advantages：Business expansion, development of new products, access to new markets and distribution networks.Disadvantages：1：Imbalance in levels of expertise（专门技术、专家意见）, investment or assets brought into the venture by different partners.（技术、投资、财产收益不均衡）2：Different cultures and management styles result in poor integration（综合、结合） and cooperation.（不同文化、管理方式导致合作出现磨合）4. Corporations （公司）A legal entity (法人实体), allowed by legislation(公司法), which permits（允许、准许） a group of people, as shareholders（股东） or members, to create an organization, which can then focus on pursuing set objectives（客观的、目标、军事目标）, and empowered with legal rights usually reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money. (依照公司法规定设立的法人组织，具有独立的法人资格，有权以自己的名义拥有资产、享有权利和承担义务。其主要形式为有限责任公司和股份有限公司。Wal-mart -ppt-23、State Grid国家电网-ppt-24) Advantages: 1.limited liability:2.skilled management team: professional managers(职业经理人)3. Transfer of ownership:（所有权转化）4. Greater capital base:（雄厚资金）5. Stability:（稳定）Disadvantages：1. multiple taxation(双重课税)2. difficulty and expense of starting（创业难）3. government involvement（政府干预）4. lack of secrecy（无私密性）5. Lack of personal interest 6. Credit limitations5. Limited liability companies (LLC, 有限责任公司) A type of business ownership combining several features of corporation and partnership structures.（结合了公司的一些特征和合伙企业的组织结构，股东以其出资额为限对本公司承担责任，公司以其全部责任对公司债务承担责任）Advantages：1. limited liability2. Flexible profit distribution（利润分配自由）3.no minutes(无备忘录,会议记录)4. Flow through taxationDisadvantages: 1.limited life2.going public (上市)(To become publicly owned, by launching shares of stock onto the open market.公开发售股票:通过把股票投入公开市场而使为公众所拥有)3. Added complexity（增加复杂性）Mergers(兼并) The result of the combination of two companies (or corporations) to form a new company.（2或2个以上企业合并，企业因吸收了其他企业而成为续存企业的合并形式） 1) Horizontal merger横向兼并（统一经营环节消除减少竞争） When two companies competing in the same market merge or join together (say, if McDonalds were to merge with Burger King). 2) Vertical merger纵向兼并（同一生产过程相关产业链保证销路） A vertical merger is one in which a firm or company combines with a supplier or distributor. (Say, if General Motors were to buy up Bridgestone Tyres and Michelin Tyres)3) conglomerate merger 混合兼并（跨行产品多样性）Acquisition/takeover (收购) One company buying the property （所有权、财产权）and obligations of another company.（一个企业购买另一个企业的资产和债务）Differences ：A merger is a combination of two companies to form a new company; an acquisition is the purchase of one company by another with no new company being formed.Franchise (特许经营)The right to use a business name and sell products or services, usually in a specific geographical territory. Advantages: 1) Less risk and more support2)Established infrastructure, product line（5如同产品系列）， marketing strategy3) Set customer base4) Management assistance, training, and financial support from the franchiser Disadvantages:1) Less freedom and m