Learn English: Company Structure

John Mayers, a colleague of Peter, is giving Peter basic facts about the OMB Group. John is talking about company executives and describing main departments in the corporation. Peter is looking forward to getting to know people working there.

John: All right, Peter. I want to give you an overview of the company and who does what.

Peter: Ok, John.

John: We are not a big company so the organization structure is quite simple, but we are growing fast.

Peter: I see that you have hired a lot of new people lately.

John: David is the CEO of the company and William is the COO. David deals mainly with the strategy.

Peter: COO?

John: Yes. Chief Operating Officer. He runs the business on a daily basis. All the managers report directly to David. You will report to Andrea who reports directly to me. So I will be always informed about your development.

Peter: All right. So what other departments do you have?

John: Luke is the CFO – Chief Financial Officer. He looks after finance. You will work with him soon, right?

Peter: Right, that will be a challenge for me.

John: And then we have all the other standard departments, like Sales, Marketing, Accounting, Human Resources, IT and Production. The head of accounting has two accountants working under him. And, by the way, David wants to see you in his office. What – you look worried.

Peter: Well, ...

Functional Language

Agreeing and Disagreeing

How to express agreement:

There are many reasons for...

There is no doubt about it that...

I simply must agree with that.

I am of the same opinion.

I am of the same opinion as...

I completely/absolutely agree with...

How to express disagreement:

There is more to it than that.

The problem is that...

I (very much) doubt whether...

This is a complete contradiction to...

What is even worse, ...

I am of a different opinion because...

I cannot share this / that / the view.

I cannot agree with this idea.

The World of Work

Company Structure

First of all, you have to select a business structure and prepare an organization chart. Businesses usually have one of three basic business structures: a Sole Proprietorship, a Partnership or a Corporation.

A sole proprietorship, or a sole trader, is a business owned and run by one individual. The owner receives all profits and has unlimited responsibility for all losses and debts.

In a partnership, all partners own the business and its assets jointly and are equally responsible for debts.

Corporations are business entities separate from their owners; corporations have shareholders, and the shares may be privately or closely held, or they may be offered for sale to the public. Profits of the corporation are distributed according to investment in the capital stock.

Words That Work

Learn these words.

Lesson Vocabulary

sole trader, sole proprietor - živnostník

chart - schéma, tabuľka, graf

run by - riadený (kým)

asset - pohľadávka, aktíva

jointly - spoločne

shareholder - akcionár

deduction - odpočet, odpis z dane

Match the words on the left with the definitions on the right.

1. Accounts Dept. a. a table or plan showing a company’s structure graphically

2. Headquarters b. group of people chosen to establish policy for and control a company

3. Purchasing Dept. c. person responsible for day-to-day running of a dept.; executive officer (US)

4. Board of Directors d. a company’s principal or main office or centre of control

5. Production Dept. e. department responsible for physical creation of product

6. Manager f. department responsible for finding and buying everything for a company

7. Organization Chart g. department responsible for administering a company’s financial affairs

Write It Right

Tips for Writing a Company Description

Here is a list of some of the most important parts to consider.

Company name The official name of your business as registered in the state where you do business.

Type of business structure Sole proprietorship, partnership or corporation.

Location The addresses of the offices that the company has.

Company history A few paragraphs about how and why the company was created as well as previous goals met, entity type and ownership.

Mission statement It is several sentences or only a few words that describe the company’s focus.

Products/services and target market A brief overview of what you sell and to whom.

Objectives An outline of what you want to accomplish in the immediate future.

Vision statement The vision is a sentence or two about the direction of the company.

Practice

Complete the text with some of the headings.

company name, location, type of business structure, company history, mission statement, products/services and target market, objectives, vision statement. What is not included in this company description?

1. (.........................) JP John Flash & Co.,

2. (.........................) a financial holding company,

3. (.........................) provides various financial services worldwide.

4. (.........................) Its Investment Bank segment provides various investment banking products and services, including advising on corporate strategy and structure, capital-raising in equity and debt markets, risk management, market-making in cash securities

and derivative instruments, prime brokerage, and research services serving corporations, financial institutions, governments, and institutional investors.

5. (.........................) JP John Flash & Co. Was founded in 1864 and the headquarters is

6. (.........................) in New York, New York.

Grammar Rules!

Past Tense

When we describe a company, its history, or past achievements, we can use Past Simple active or passive.

Edsel Ford founded his company in 1924. (active)

The company was founded in 1924. (passive)

Practice

Fill in the sentences with the correct form of the verb. CheapAir ............... (found) in 1982. The airline ............... (begin) with one aircraft. By 1986 the airline ............... (carry) 102,000 passengers in one year. Passenger numbers ............... (continue) to increase. By 1993 the company ............... (need) restructuring.

Flights ............... (schedule) into regional airports, which ............... (offer) lower charges. The airline ................ (launch) its website in 2002, with online booking. This ............... (make) CheapAir among the largest carriers on European routes. CheapAir ............... (criticise) for many aspects of its customer service.