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7. Classify the following statements according to the table below. A statement may be used more than once.

  1. Unlimited liability.

  2. Independent decision making.

  3. Lack of continuity in the case of the death of the owner.

  4. Greater personal contact with employees and customers.

  5. Details of profits and losses can be kept private.

  6. Scarcity of capital.

  7. Possible disagreement.

  8. Management can be shared by specialists.

  9. A greater amount of capital is available.

advantages

disadvantages

Sole trader

1.

2.

3.

Ordinary partnership

8. Turn the sentences Passive.

  1. Two partners run this furniture business.

  2. This partner will receive 50% share of the profits.

  3. Mr. Goodman used his private savings to start the business.

  4. He has lost all personal possessions including his house as a result of bankruptcy.

  5. A partner can limit his liability to the amount he contributes into the business.

  6. The students are discussing the advantages and disadvantages of sole proprietorship.

9. Translate the sentences into English.

  1. Предприятия, которыми владеет и управляет один человек, более всего распространены в сфере услуг.

  2. Для организации малого частного предприятия требуется сравнительно небольшой капитал.

  3. Единоличный владелец предприятия не только получает всю прибыль, но и несёт полную ответственность за долги своего предприятия.

  4. Товарищество – это предприятие, которым владеют от 2 до 20 партнёров.

  5. Обычно партнёры делят доходы предприятия поровну.

  6. Некоторые компаньоны, вложившие свой капитал в дело, не принимают участие в управлении предприятием.

  7. Данная форма организации бизнеса позволяет партнёрам развивать специализацию.

  8. Между компаньонами возможны конфликты и разногласия.

  9. Эти две формы организации малого бизнеса имеют много общего.

10. Translate the sentences into Russian.

  1. The major obstacle to starting a small business is obtaining the start-up funds for initial capital.

  2. Aside from the capital necessary to open a business, there is the tremendous amount of personal effort required.

  3. People are always attracted by the opportunity to make their own plans and undertake the variety of tasks that a small business calls for.

  4. Being a single proprietor, you can hire as few or as many people as you wish, and borrow whatever capital you can.

  5. In legal terms, an individual proprietor has unlimited liability for all debts contracted by the business.

  6. Each of the partners agrees to provide some fraction of the work and capital, to share some percentage of the profits and of course to share the losses or debts.

  7. A purely oral agreement will do, but it is more businesslike and makes for fewer misunderstandings if you have a lawyer draw up some sort of formal partnership agreement.

  8. There is no limit to the number you can admit, and partnerships in the brokerage and banking fields often involve more than 100 people.

  9. Partnerships are too risky for most situations, that’s why they are the least popular of the major business forms.

  10. The law of partnership makes it impossible for old partners to sell their shares to a new party without the consent of all partners.