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Unit 7A
Unit 7A - The Language of Business Law (TOLES)
| Term | Definition |
|---|---|
| to run a business | to have control of a business and decide how you manage it. |
| a self-assessment form | 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 run up a debt | to create a debt because you borrowed money or bought something on credit. |
| risky | a word to describe an activity or action that is dangerous or that may fail. |
| records and accounts | written details of all your business activities, especially the financial details of the income and outgoing of the business. |
| at risk | this means to be in a situation where something unpleasant may happen. |
| to run into trouble | to experience difficulties (often financial) that you did not expect. |
| income tax | the amount of your income that you have to pay to the government in tax. |
| an option | one of the available choices from several possibilities. |
| your expenses | are the money that you must to spend on the day-to-day costs of the business. |
| an investment | 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 set up something | means to start something or create something, especially a business. |
| a sole trader | is a person who owns and runs an unregistered business by himself or herself. |
| to be self-employed | means not to have a boss. You organize your own work and people pay you for the goods and services that you provide. You are responsible for paying tax on the money you receive. |
| your profit | 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 assets | 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 liable for something | means that you are legally responsible for that thing. |
| to register as something | means to put your name on an official list for a particular use. |
| to manage a business | means to have control of how you run that business. |
| an annual event | is something that happens once every year. |
| equity partner | a partner who receives a share of the partnership profits and has the right to take part in the management of the partnership |
| salaried partner | 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. |
| sleeping partner | 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. |
| a beauty therapist | a person who is qualified to do beauty work, usually in a salon |
| give up | to stop doing something |
| put in | contribute, invest |
| 50:50 | half for each person |
| otherwise – 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. |
| to incorporate a business | to set up the business and register it as a company |
| the founders of a company | are the people who create the company |
| the members | are the people or companies which own shares in the company |
| the shareholders | are the same as the members. They are the owner of the company |
| a share | is one of the equal parts of the company’s capital |
| to hold a share | means to own a share |
| share capital | refers to the value of share that the shareholders own |
| the nominal value of a share | is the fixed value of each share |
| to issue a share to someone | means to officially give that share to someone so that he or she becomes the owner of that share |
| to invest money in a company | means to put money into a company by buying shares in the company |
| a return on an investment | is the money that someone receives from investment |
| a dividend | is a payment of the company’s profits to its shareholders |
| to company with | to follow (the rules), to obey, to abide by |
| to trade | to do business with another person or company |
| to name someone | to write that person’s or company’s name on a document |
| to become insolvent | to be unable to pay your debts at the time when you must pay them |
| What is the market value? | this is the amount of money that someone must pay to the company when he or she buys a share |
| What is the nominal value? | 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. |
| What is the premium? | this is the amount of money that someone pays in excess of the nominal value. |
| What is authorised share capital? | this is the maximum total value of shares expressed in nominal terms, that the company is allowed to issue. |
| What is issued share capital? | This is the value of shares, expressed in nominal terms, that the company has actually issued to its shareholders. |
| common | usual, happens frequently |
| to offer shares | to invite people to buy shares in the company |
| to deal | to trade, to buy and sell |
| to trade | to do business, to buy and sell |
| to incorporate a company | to form a registered company |
| substantial | significant, large |
| to submit | to present, to send or provide something (usually a document or some information) that is required |
| profit and loss account | this document shows the income and expenses of the business, usually for the period of one year. |
| essential | fundamental, necessary |
| balance sheet | a statement of a company’s financial position. It shows the assets of the company and its liabilities (debts) |
| corporate tax | when a company makes profit, the company has to pay part of that profit to the government in tax |
| annual | occurring once every year |
| annual return | a return made once a year by a company |
| articles of association | form a document that specifies the regulations for a company's operations and defines the company's purpose |
| assets | an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies |
| at risk | exposed to harm or danger |
| authorised share capital | the authorised capital of a company is the maximum amount of share capital that the company is authorised by its constitutional documents to issue to shareholders. |
| balance sheet | is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure |
| capital | accumulated assets (as money) invested or available for investment |
| certificate of incorporation | is a legal document/license relating to the formation of a company or corporation |
| contribute | give (something, especially money) in order to help achieve or provide something. |
| corporation tax | tax levied on companies' profits. |
| dispute | a disagreement or argument. |
| dissolved | annul or end (a partnership or marriage). |
| dividend | a sum of money paid regularly (typically annually) by a company to its shareholders out of its profits (or reserves). |
| dormant partner | to give or supply (something, such as money or time) as a part or share |
| draw | to take (money) from a place of deposit |
| drawings | to lawfully remove money from an account held in a bank, treasury, or other depository |
| equity partner | or “Equity Investor” means a limited partner or investor member who contributes capital to a limited partnership or to a limited liability company that will own and operate the low- income housing Project. |
| expel | force (someone) to leave a place. |
| expenses | the cost incurred in or required for something. |
| flexible | capable of bending easily without breaking. |
| founder | a person who establishes an institution or company |
| income tax | is a tax imposed on individuals or entities in respect of the income or profits earned by them |
| incorporate | constitute (a company, city, or other organization) as a legal corporation. |
| incorporated business | is a type of business that offers many benefits over being a sole proprietor or partnership, including liability protection and additional tax deductions. Forming a corporation also allows you raise capital through sale of shares of your company. |
| invest | put (money) into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit. |
| investment | the action or process of investing money for profit. |
| issue | each of a regular series of publications. |
| issued share capital | is a term of law and finance for the number of shares of a corporation which have been allocated and are subsequently held by shareholders |
| joint and several liability | is a legal term for a responsibility that is shared by two or more parties to a lawsuit. A wronged party may sue any or all of them, and collect the total damages awarded by a court from any or all of them. |
| legal entity | an individual, company, or organization that has legal rights and obligations. |
| legal personality | an individual, company, or organization that has legal rights and obligations. |
| liable | responsible by law; legally answerable. |
| limited liability | the condition by which shareholders are legally responsible for the debts of a company only to the extent of the nominal value of their shares. |
| limited liability partnership | is a partnership in which some or all partners have limited liabilities |
| loss | an amount of money lost by a business or organization. |
| manage | be in charge of (a business, organization, or undertaking); run. |
| notice period | is the time period between the receipt of the letter of dismissal and the end of the last working day |
| nominal value | Par value, in finance and accounting, means stated value or face value |
| memorandum of association | of a company is an important corporate document in certain jurisdictions. It is often simply referred to as the memorandum. In the UK, it has to be filed with the Registrar of Companies during the process of incorporating a company |
| member | a person, animal, or plant belonging to a particular group. |
| market value | also known as market cap—is calculated by multiplying a company's outstanding shares by its current market price |
| management | the responsibility for and control of a company or organization. |
| objects | The MOA of a company contains the object for which the company is formed |
| public limited company | is a type of public company under United Kingdom company law, some Commonwealth jurisdictions, and the Republic of Ireland |
| proportion | a part, share, or number considered in comparative relation to a whole. |
| profit and loss account | or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period |
| profit | a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
| private limited company | is any type of business entity in "private" ownership used in many jurisdictions, in contrast to a publicly listed company, with some differences from country to country |
| premium | a sum added to an ordinary price or charge. |
| personal assets | Personal assets are items of value that belong to an individual |
| partnership | is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. |
| partner | either of a pair of people engaged together in the same activity. |
| option | a thing that is or may be chosen. |
| off-the-self company | is a limited company pre-registered at Companies House, but has never traded, and is ready to be used immediately |
| records and accounts | or accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. |
| run up a debt | do things that cause you to owe a large amount of money |
| run into trouble | попасть в неприятности |
| run a business | to operate, to direct, to oversee, to manage (a business, a company) |
| rules and regulations | regulation is the controlling of an activity or process, usually by means of rules |
| risky | full of the possibility of danger, failure, or loss. |
| return | go back to (a particular situation). |
| retire | leave one's job and cease to work, typically on reaching the normal age for leaving service. |
| resign | voluntarily leave a job or office. |
| registered office | is the official address of an incorporated company, association or any other legal entity. |
| salaried partner self-employed set-up share share capital | a partner who owns a portion of a company and thus is entitled to part of its profit, but who also receives a regular salary in exchange |
| unlimited liability | refers to the full legal responsibility that business owners and partners assume for all business debts. |
| trade under | name of a registered company |
| trade | involves the transfer of goods or services from one person or entity to another, often in exchange for money |
| substantial | of considerable importance, size, or worth. |
| subscriber | a person who regularly contributes money to a fund, project, or cause. |
| submit | accept or yield to a superior force or to the authority or will of another person. |
| stockbroker | a broker who buys and sells securities on a stock exchange on behalf of clients. |
| sole trader | or a sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity |
| sleeping partner | who contributes capital to finance the business but takes no active part in managing the company. Sleeping partners still retain unlimited liability for the debts of the partnership alongside active partners. |
| single-member company | can be defined as a company with only one member, also referred to as the shareholder |
| shareholder | an owner of shares in a company. |
| register | an official list or record of names or items. |
| self-assessment form | efers to a system for paying tax in which people have to fill in an official form giving details of how much money they have earned in the previous year |
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