The Language of business Law 7A

To have control of a business and decide how you manage it.

A form that you complete and send to the tax authority. You give all of your financial details and calculate the amount of tax that you must pay. You do this yourself.

To create a debt because you borrowed money or bought something on credit.

A word to describe an activity or action that is dangerous or that may fail.

Written details of all your business activities, especially the financial details of the income and outgoings of the business.

This means to be in a situation where something unpleasant may happen.

To experience difficulties (often financial) that you did not expect.

The amount of your income that you have to pay to the government in tax.

An … is one of the available choices from several possibilities.

Your … are the money that you must spend on the day-to-day costs of the business.

An … is the amount of money that someone puts into a business with the aim of making that business successful and getting more money back.

To … something means to start something or to create something, especially a business.

A … is a person who owns and runs an unregistered business by himself or herself.

To be … means not to have a boss. You organise your own work and people pay you for the goods or services that you provide. You are responsible for paying tax on the money you receive.

Your … is the amount of money you get from selling something or providing a service to someone, after you deduct the costs of making that thing or providing that service.

Your … are things that you own and which have a financial value, for example your house, your car or the money that you have in the bank.

To be … for something means that you are legally responsible for that thing.

To … as something means to put your name on an official list for a particular purpose.

To … a business means to have control of how you run that business.

An … event is something that happens once every year.

I did my apprenticeship with Bugler Cars. An apprenticeship is a period of training. After that I worked for Bugler for four years to get some experience. Then I decided that I could do the job on my own, so I set up my own business.

I'm a sole trader. I wanted a business that I could manage myself without a lot of complicated rules and regulations. That's why I chose to be a sole trader.

No. I didn't want to use lawyers or accountants because they cost so much. But I went to the local advice centre and they gave me some help at the beginning.

No. But I had to tell the tax authorities what I was doing, of course. I have to send them an annual self-assessment form

I invested all of my savings and I took out a loan from the bank.

The first year was really hard. I ran up a big overdraft because I had to pay the rent and other expenses. I didn't get much work in the first year. But I continued with it and things got better during the second year. This is my third year and finally my income is more than my expenses

Two or more people can set up … business together.

This means that you may have more money to invest … the business.

Partners share the risks, costs and responsibilities … running a business.

Problems can occur when there are disputes … partners.

Partners have unlimited liability … the debts of the business.

Partners have joint and several liability … the partnership debts.

It is another word that means a disagreement.

It means to write. Another verb that lawyers often use is to draft.

This means there is no restriction to your responsibility. You might lose your home or other personal assets if things go wrong.

It means that something can change easily to adapt to different situations. Not fixed.

It means to put money into a business, because you hope that you will get more money back in the future.

This means that partners are responsible both individually and together as a group. In a situation where the partnership owes money to someone, that person can demand repayment of all that money from any of the partners individually, or he or she can ask each partner to pay a part of that money.

First I need information about the partners and what name the partnership will …

I also need details of the … of the partnership.

Each partner has to decide how much money he or she is going to … to the partnership.

If the partnership makes a … , which is the opposite of a profit, the losses are usually divided in the same … as the profits.

Also, I need to know what amount of … each partner can have.

 I also ask about the … of the business, which is the way the partnership is run on a day-to-day basis.

My clients and I also talk about what will happen when partners leave the partnership, either because they … or ...

The partners must decide on the … for resignation, in other words how many weeks' or months' warning a partner has to give to the other partners before he or she actually leaves the partnership.

I know it's horrible to think about things going wrong, but partners have to think about the reasons to … a partner.

 Last, it's sensible to state the circumstances in which the partnership can be … , or in other words, the partnership can end.

The partners agreed that they can each take out £600 every month as …

When they set up the partnership, Mr Hicks decided to … £5000 and Mrs Pearson agreed to invest £3500.

I prepared your accounts and you will see that the partnership did not perform well last year. It made a … of £15,000.

I want to leave the partnership. What … must I give to the other partners?

My birthday is in September and I will be 65 years old. I will then … from the partnership.

One of the partners often takes cocaine and other illegal drugs. This is a breach of the partnership agreement and provides clear grounds for the other partners to … him from the partnership.

I must tell my partners that I want to … from the partnership. I went on holiday to Spain and met a man I wish to marry. I will move to Spain and join him in his business.

The total … of the partnership is £405,000.

Each partner has definite duties. For example, I am responsible for the computer system and Mr Brown is the partner responsible for the day-to-day … of the business.

The business was unsuccessful and the partners … the partnership last year.

The partnership will … the name of Fast Flowers.

As each partner contributed different amounts of money to the business, the partners agreed to share the profits in the same … as the amounts that they invested.

A partner who receives a share of the partnership profits and has the right to take part in the management of the partnership.

A partner who receives a fixed amount of money each year, called a salary, paid in monthly instalments. This partner does not receive any more of the profits.

A partner who contributes capital to the partnership but does not take part in the management of the business. He or she receives a share of the partnership profits. This partner is also known as a dormant partner or a silent partner.

'I'ma ... I specialise in employment law. The law firm offered me this position as this is the area of law that the firm wants to develop, but they want to see how good my work really is. I'm happy with that as I'm earning good money each month.'

'I am a … I do not work full-time or make decisions for the partnership, but I expect to receive a large share of the profits. This is because I contributed most of the capital when we started this law firm.'

'I am an … I set up the partnership with two other people. We have full control of the management of the business and we share all the profits of the business."

A person who is qualified to do beauty work, usually in a salon.

To stop doing something.

Contribute, invest.

Half for each person.

If not. This word is often used when there will be a bad result if something happens, or you do not do something. 'Go now, otherwise you will miss your train.

My name is Grace Harmen. I am a partner of Finneson & Edge LLP. LLP is the abbreviation for …

 I own a house, a car, and some jewellery. These things that belong to me are formally known as my …

If things go wrong with the partnership, I won't lose any of my own money or belongings because I have the protection of

A limited liability partnership is an … Its name appears on the central register of companies and it exists as a separate legal person.

I am a legal person, but an incorporated business is called a …

In a limited liability partnership, a partner is also called a … of the partnership.

The members have limited liability … the debts of the business.

 If you have limited liability, it means that your personal assets are not … risk.

Every year the partnership has to supply financial details … the central registry of companies.

I have to pay income tax … my share of the profits of the business.

In many ways a limited liability partnership is similar … a traditional partnership.

The members each contributed £6000… the partnership.

To own a share.

The people or companies which own shares in the company.

Apayment of the company's profits to its shareholders.

The people who create the company.

To put money into a company by buying shares in the company.

The same as the members. They are the owners of the company.

To set up the business and register it as a company.

To officially give that share to someone so that he or she becomes the owner of that share.

The value of shares that the shareholders own.

One of the equal parts of the company's capital.

The money that someone receives from their investment.

The fixed value of each share.

To follow (the rules), to obey, to abide by.

To do business with another person or company.

To write that person's or company's name on a document.

To be unable to pay your debts at the time when you must pay them.

This is the amount of money that someone must pay to the company when he or she buys a share.

This is the amount of money that someone pays in excess of the nominal value.

This is the maximum total value of shares, expressed in nominal terms, that the company is allowed to issue.

This is the value of shares, expressed in nominal terms, that the company has actually issued to its shareholders.

This is the value that the people who set up the company decided to fix for all of the shares of the company. It is easier to understand if you think of it as the official value, not the actual value.

There are several different types of company in England, but the most common are the … and the …

Some people use the services of a … to buy and sell shares

If a company has just one shareholder, the company is called a …

Usual, happens frequently.

To invite people to buy shares in the company.

To trade, to buy and sell.

To do business, to buy and sell.

To form a registered company.

Significant, large.

We want to start trading as quickly as possible so we decided to buy an … company.

If you want to see the rules of the company you must look at the …

This is the company's … You must keep it safe as this shows that the company is properly set up and can trade in the company's name.

The … is one of documents that every company has. This document contains the essential information about the company.

To find the most recent information about the company, you should look at the last … that the company sent to Companies House.

To present, to send or provide something (usually a document or some information) that is required.

This document shows the income and expenses of the business, usually for the period of one year.

Fundamental, necessary.

A statement of a company's financial position. It shows the assets of the company and its liabilities (debts).

When a company makes a profit, the company has to pay part of that profit to the government in tax.

The title of the company.

The place where people will send all official letters and legal notices to. Lots of people think of it as the legal seat of the company.

The purpose of the company.

A declaration about the responsibility of the shareholders.

The maximum amount that the company is allowed to issue in shares to shareholders.

The first shareholders of the company.

Rose Ferries and Sara Bell are the people who are taking the first shares in Herlink Ltd. They are called the …

I want to issue a claim against Pearsons Ltd. I will serve the claim form on the company at the company's …

The … and the address of the company's registered office must appear on all invoices that the company sends to people.

If you want to find out the purpose of a company, you should look at the … clause in the company's memorandum of association.

The … of the company is £10,000 divided into 10,000 shares of £1 each.

The … will say if the members' responsibility is limited or unlimited.

Every company has a registered … which is the company's "legal seat'.

A sole trader has unlimited … for the debts of his or her business.

The … of a company are the owners of the company. They can be individual people or other companies.

The aim of every commercial business is to make a …

I own a lot of shares in different companies. I don't deal with the process of buying and selling the shares myself. I prefer to use the services of a…

Sara Jones and I are in business together. It is not an incorporated business. Sara is my business …

Translate Ltd is a small company that provides translation services for people who move to the UK, but who don't speak much English. The company doesn't have many … just a computer and office furniture, some books, and cash at the bank.

Fenlake and Griffiths is a partnership. The partners do not receive a salary but they are each allowed to take £500 each month from the partnership account for personal use. The formal word for this money is …

The shareholders are delighted because the company performed very well this year. The company announced that it will pay the shareholders a … in June.

The issued share … of a company is the total nominal value of the shares that the shareholders own.

The formal name for the first shareholders of a company is the …