Dialogue 3

Secretary:Good afternoon.

Steve:Good afternoon. I'd like to see Mr. Jackson. We have an arrangement with him. My name is Watson.

Secretary:Just a minute, please. I'll let him know you are here.

Steve:Thanks.

Secretary:Mr. Jackson is waiting for you. Do you know where his office is?

Steve:Oh, sure, thank you.

Jackson: Hello, Steve, it's so nice to see you. Sit down, please.

Steve:Thanks, Nick. How are you getting on?

Jackson: Quite all right, thanks. And what about you?

Steve:Everything is all right too. In fact I want to talk to you about my business.

Jackson:Oh, I'll be glad to do something for you.

Steve:Well, Nick. I need some legal advice. John and I are thinking of incorporating.

Jackson:You are going to expand, aren't you? It seems that your partnership has been doing very well.

Steve:Oh, yes. We have a success. Now some businessmen are interested in investing with us. So could you explain to me what sort of legal procedure we have to follow to form a corporation?

Jackson:At first you have to apply for a corporate charter.

Steve:Well?

Jackson:Let me get this straight. You want to issue and sell stock in exchange for investment capital, don't you?

Steve:Exactly.

Jackson:After you obtain the charter the stockholders, as owners, hold a meeting to organize the corporation.

Steve:Does that mean we elect our Board of Directors, adopt bylaws and choose the company's officers?

Jackson:That's what I mean. Though the officers of the company supervise daily management, the stockholders always have final authority. They vote at annual meetings.

Steve:Yes, I see it. By the way, does a corporation have limited liability?

Jackson:It does. It also has the right to own property, to buy and sell and the right to sue and be sued.

Steve:I see. The corporation acts like a person. It has the right of an individual.

Jackson:You are right.

SteveO. K. Why don't we get together for a game of golf one day next week?

Vocabulary

to incorporate – объединяться в корпорацию

to follow legal procedure – пройти юридическую процедуру

to apply for a corporate charter – подавать заявление на получение корпоративного патента

to adopt bylaws – принимать устав и внутренние нормативные акты

to supervise daily management – осуществлять ежедневное руководство

to have final authority – иметь право окончательного принятия решения

to sue and be sued – подавать иск и отвечать по иску

to act like a person – выступать в качестве физического лица

UNIT 8