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Unit 7B

Unit 7B - The Language of Business Law (TOLES)

TermDefinition
to set up a business to start a new business
to take a risk to do something that may result in loss, failure, etc. Every time you invest money, you're taking a risk
to make record profits mean a business is strong and its jobs secure
to declare a dividend dividends declared refers to dividends that have been authorized by the board of directors, but not yet paid out to investors
to distribute a dividend A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a proportion of the profit as a dividend to shareholders.
a return on investment (ROI) is a financial metric that is widely used to measure the probability of gaining a return from an investment. It is a ratio that compares the gain or loss from an investment relative to its cost.
business fluctuates are increases and decreases in economic activity, as measured by increases and decreases in real GDP. A recession (or contraction) is defined as a decrease in real GDP of at least two consecutive quarters (6 months).
to consider an opinion One's opinion after giving a topic adequate attention and careful thought.
to secure a loan A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
to trade under a name The business is owned by Mr Fox, and trades under the name of “Foxgloves”.
to insist on something I advised her to settle the case, but she insisted on taking legal action.
to be confident about something He took his law exams last week and he says that he is confident about the results.
to own shares in a company My uncle owns shares in Harlax plc and also in Janson plc.
to be interested in doing something I am interested in buying shares in Next Express plc.
a return on investment I own shares in a number of companies which provide me with a good return on my investment.
to decide on something Our lawyers advised us about the different business structures and we finally decided on a partnership.
to opt for something At first we wanted to set up a private limited company, but in the end we opted for a partnership.
to be restricted by something Companies are restricted by a lot of rules and regulations.
to make a profit A profit is money you make, as opposed to money you lose. Also, anything good profits you — it benefits you. If more money is coming in than going out, that's a profit. Profit also means a benefit.
unlimited liability means that the business owners are personally liable for any loss the business makes. Sole traders and partnerships often have unlimited liability.
to make money to earn money : to make a profit The club made money by selling advertisements in the newsletter.
to bear a loss to make a loss good; also, to sustain a loss without sinking under it.
to run a business to operate, to direct, to oversee, to manage (a business, a company) verb.
to have a control the power to influence or direct people's behaviour or the course of events.
personal assets are things of present or future value owned by an individual or household. Common examples of personal assets include: Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, etc.
to repay a loan Repayment is the act of paying back money previously borrowed from a lender. Typically, the return of funds happens through periodic payments, which include both principal and interest. The principal refers to the original sum of money borrowed in a loan.
to register with someone I am going to register with the local association of small businesses.
to be responsible for something You are responsible for notifying us if you change your address.
to do something within a period of time I need to answer that letter within five days.
to have security over assets The bank has security over my house.
to borrow something from someone I had to borrow 100 pounds from my Dad last week as I had no money to pay my rent.
to belong to someone The house belonged to my uncle before he died.
to have control over something He has full control over the banking arrangements of the business.
to go into business to get, to go into the business: to begin to work in a certain field of activity.
a legal entity an individual, company, or organization that has legal rights and obligations.
to make a decision the act or process of deciding something especially with a group of people The project will require some difficult decision-making.
to incur a debt to lose money, owe money, or have to pay money as a result of doing something. incur costs/expense/expenses: She may have to meet any costs incurred as a result of the delay. incur a debt: They are not personally liable for debts incurred by a partner.
to demand payment a demand for payment: a request for money owed.
to resolve a dispute Dispute resolution is a term that refers to a number of processes that can be used to resolve a conflict, dispute or claim.
to settle a dispute If people settle an argument or problem, or if something settles it, they solve it, for example by making a decision about who is right or about what to do.
to dissolve a partnership Partnership dissolution refers to the termination of a partnership as well as the cessation of its various business activities.
to go bankrupt to be unable to pay one's debts The company went bankrupt.
according to something All disputes are resolved according to the terms of your partnership agreement.
to consist of something My diet consists of coffee and chocolate!
respective means relevant, particular, the one thing in a group of things that refers to or belongs to a particular
a schedule is a document containing extra information that is attached to a contract
annexed means attached
context means circumstances or situation
whatsoever means at all
notice formal communication or warning that something is about to happen
expulsion a situation where someone leaves a business partnership because the other partners force him or her to go.
determine to end or terminate. This word also has another meaning in legal English, which is to ‘decide’. When you see this word in an agreement you must be careful to be sure of which meaning the lawyer is using.
retirement a word to describe the situation where someone stops working because he or she has reached a certain age. In many countries this is age of 65.
provisions the terms and conditions contained in a contract
by reason of a formal way of saying ‘because of’
dissolution the situation where a partnership has been brought to an end so that it no longer exists
commencement a formal word meaning the start or the beginning of something
ceases a formal word meaning ‘stop’
resignation the situation where someone leaves his or her job voluntarily. That person stops working by telling the employer, usually by letter, that he or she is leaving.
subject to a formal way of saying ‘considering what is written in ‘except as stated in’. these words also have another meaning in legal English, which is ‘depending on’.
duration a period of time. It has a definite beginning and a definite end
majority most of the people or things in a particular group. More than half of any particular group
survivors the remaining partners. The people who continue to be partners after one of the partners dies or leaves the partnership for any other reason.
notice formal communication or warning that something is about to happen
expulsion a situation where someone leaves a business partnership because the other partners force him or her to go
determine to end or to terminate. This word also has another meaning in legal English, which is to decide. When you see this word in an agreement you must be careful to be sure of which meaning the lawyer is using
retirement a word to describe the situation where someone stops working because he or she has reached a certain age. In many countries this is the age of 65
provisions the terms and conditions contained in a contract
by reason of a formal way of saying ‘because of’
dissolution the situation where a partnership has been brought to an end so that it no longer exists
commencement a formal word meaning the start or the beginning of something
cease a formal word meaning ‘stops’
resignation the situation where someone leaves his or her job voluntarily. That person stops working by telling the employer, usually by letter, that he or she is leaving
subject to a formal way of saying ‘considering what is written in’ or ‘except as stated in’. These words also have another meaning in legal English, which is ‘depending on’.
duration a period of time. It has a definite beginning and a definite end
majority most of the people or things in a particular group. More than half of any particular group
survivors the remaining partners. The people who continue to be partners after one of the partners dies or leaves the partnership for any other reason
proportions means rates, usually expressed as a percentage
determined means decided
entitled to meaning to have the right to something
to draw means to take money from an account
aggregate means total
incorporated business there are businesses which have been formally set up and registered as companies
legal entity this is something that exists in the eyes of the law. It is a legal ‘being’, and can be a person or a company
disclose this means ‘to make public’, to tell someone, or to reveal
members this is another name for the shareholders of the company
limited liability this means that the shareholders will not lose more than their investment in the company. They will have to pay any amount that they still owe to the company for their shares, but no more
corporation tax this is the name of the tax that a company has to pay
income tax this is the name of the tax that individuals must pay when they earn money
directors these are the people who are responsible for the day-to-day management and running of the company
dividend this is a payment of a company’s profits to the shareholders of the company
company secretary this is the person who must make sure that all the statutory regulations regarding a company are followed
single-member company this is a company that has just one shareholder
share capital this the amount of money that represents the value of a company’s shares
to disclose information Disclose means to reveal or expose information that has previously been kept a secret — like a politician might be forced to disclose his finances or former scandals while running for office.
to list a company In corporate finance, a listing refers to the company's shares being on the list (or board) of stock that are officially traded on a stock exchange.
to issue share Share issue is the process by which companies pass on new shares to shareholders, who may themselves be new or existing shareholders.
to have the agreement of someone We have the agreement of our shareholders to enter into this contract
to do something through someone I am buying some shares in Hatford plc through a stockbroker
to file a document at a place You need to file your statement at the court office
to end with something the name of a public limited company always ends with plc.
to protect someone from something A patent will protect your invention from being copied
to have a number of something We need a minimum of 12 people to attend this course
the object of something What is the object you your meeting?
to have at least a number We need at least 20 000 pounds to finance the project
to make something available to someone I promise that I will make this information available to anyone who asks for it
to submit something to someone You must submit these documents to the tax office by 31 January
Created by: bactra
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