TYPES OF BRITISH FIRMS

The limited liability company, or joint stock company, is the commonest type of firm in theUnited Kingdom. The company is owned by sharehol­ders, and the term 'limited liability' means that when the full price of a share has been paid the holder has no further liability to contribute money to the company.

The shareholders in a limited company elect a Board of Directors, and these men and women are responsible for looking after the financial interests of those who elect them. The directors appoint one of their numbei to the position of Managing Director, and he or she is the link between the Hoard, who make policy decisions, and management, whose fun» Hon it is to execute the policy determined on. Thus the Managing I Мм i bit Hi i luuge «>1 the day-to-day running of the company, and in laiyr organisations he is ollen assisted by a General Manager. The various departmental managers the Sales Manager, the Personnel Manager, the Chief Buyer, and others—are responsible to the Managing Director for the efficient running of their departments. British company law requires a limited company to have a Company Secretary. (See Chapter 14)

Another type of firm is the partnership. In this case limited liability does not extend to the whole firm and all partners (even in a limited partnership there must be at least one partner with unlimited liability), so partnerships are very seldom manufacturing or trading firms. They tend rather to be professional organisations such as firms of solicitors, auditors, architects, or management consultants. The names of all part­ners must, in accordance with the law in Britain, be printed on the stationery of a partnership.

LESSON TWENTY SEVEN (27)

TWENTY SEVENTH (27^th) LESSON

Peter’s job

Part 1

Peter Charlton Yesterday, while we were shopping. Guy asked me about my job, so I've asked him to come with me today. I'll be inspecting two factories. Each factory makes a product which I advertise. The first one which we'll be visiting is a chocolate factory. The other factory which we'll be inspecting manufactures business machines. The machines are made here and then they're sold in Europe. They're nearly the same as the ones which Mr. Hunt sells. Recently I've visited a number of my clients. I used to work in the office all the time. I rarely saw the clients in the factories. They usually came here. I hardly ever went to the factories. The job's much more interesting now. It used not to be nearly as enjoyable. Now it's the kind of job which is completely different each day.

Part 2

How stupid!

Peter Hello, Jill. Is this where Mr. Burbank's office is?

Jill Don't you know where it is yet?

Peter No, I don't. That's why I asked.

Jill Oh . . . men! How stupid they are! It's in the corridor which you've just passed.

Peter Oh. That's where it is.

Jill Yes, that's where it's always been.

Peter I was only joking. I knew where it was. I needed an excuse to talk to you. While I was driving here, I was thinking about you. Would you like to go to Anthony's party?

Jill Is that next Saturday?

Peter Yes, that's when it is.

Jill I'd love to go. I'm sorry I was so rude a minute ago. I was getting angry just before you arrived.

Peter Why?

Jill I was trying to fix this machine. Peter What's the matter with it?

Jill I don't know. I've pushed each button and pulled each handle but it still doesn't work.

Peter Why don't you plug it in? Electric machines need electricity, you know.

Jill Oh. That's how it works.

Peter Oh ... women! How stupid they are!