Unit 2. Partnership and sole proprietorship Active Vocabulary

a service industry-сервисный сектор экономики

volume (banking) business-банковские операции

a beauty shop-магазин косметики

an accounting-учет бухгалтерский

an insurance-страхование

a stockbrokerage-биржевое маклерство

a repair shop-ремонтная мастерская

a restaurant-ресторан

a tax benefit-налоговая выгода

TEXT

A partnership is an association of two or more persons to carry on a business for profit. There is a limited partnership and a general partnership. You can form partnerships in fields such as medicine, law, accounting, insurance and stockbrokerage. Limited partnerships are a common form of ownership in real estate, oil prospecting, quarrying industries etc.

A partnership has more advantages than the sole proprietorship. It is easy to form and often receive tax benefits from the government. A partnership has some disadvantages too. One is unlimited liability. It means that each partner is responsible for the whole business. Another disadvantage is that partners may disagree with each other.

A sole proprietorship is the most common from of business in many western countries. For example, more than 80 per cent of all business in the USA is sole proprietorship. But it is evident that sole proprietorships do not do the greatest volume of business. In the USA they account for only 16 percent of all business receipts. A sole proprietorship is common, in service industries such as laundromats, beauty shops, different repair shops and restaurants.

Exercise 1. Questions on the text

1. In what professional fields can partnership be established?

2. In what professional fields can sole proprietorship be established?

3. What advantages do partnerships have?

4. What disadvantages do partnerships have?

Exercise 2. Dialogue

Martin: Good morning, Jane. I haven't seen you for ages!

Jane: Good morning, Martin. I have been very busy. I went business with my friend.

Martin: Really? How is it going?

Jane: Fine, thank you. We get along very well, and the shop is attracting more and more customers.

Martin: It sounds good. How many partners are there in your business?

Jane: There are two of us. My friend's background is accounting. She is very good at bookkeeping.

Martin: And you?

Jane: I guess, I am rather good with customers. I enjoy selling things.

Martin: Well, it sounds interesting. I believe you do not run many risks in your business.

Jane: I suppose any business can be risky. As partners we are both liable.

Martin: Did you both put the same amount of money into your business?

Jane: No, we didn't invest the same amount of capital. But I think we have combined our resources very well. I think it is good for both of us.

Exercise 3. Choose the necessary word and put it in the sentence

1. Partnerships often receive ... from the government.

2. Partnerships can bring much ...to the partners.

3. A disadvantage of... is the responsibility for the whole business.

4. A sole ... is the most common in …

(proprietorship, service industries, laundromats, different restaurants,repair shops, beauty shops, tax benefits, profits, partnerships).

Exercise 4. Give Russian equivalents to the following words:

An insurance
An advantage
A disadvantage
risky
resource
profit
liability
western countries
evident
bookkeeping

Exercise 5. Find the word

Across:

6. an ____________ of two or more persons

9. all ___________ receipts

10. A sole ______________

Down:

1. the same __________ of capital

2. _____________ is accounting

3. greatest __________ of business

4. general _______________

5. unlimited ____________

7. you for _____________

8. business can be ___________

											1
	2			3			4		5
	6
		7
			8
9
							10

Exercise 6. Arrange the following words into three groups according to the place of the stress in these words:

I	II	III
■□□	□■□	□□■

(Customers, resources, limited, restaurant, attracting, evident, capital, insurance, partners, morning, combined).

Exercise 7. Translate into Russian.

1. Which colour would you like – green or yellow?

2. What colour are her eyes?

3. He asked me what I wanted to do?

4. He asked me what colour I’d like.

5. The life in the country is not what it used to be.

6. I gave her just what she needed.

7. Do you want to hear what he said?

8. Do you want to hear the words that he said?

9. Sally went out with George, which made Paul very angry.

10. They returned to their computer which they had left in the room.

Exercise 8. Open brackets, using adjectives and adverbs in the necessary form:

1. I like living in the country. It's a lot ...more peaceful.. (peaceful) than the city

2. I felt very ill last week, but I'm slightly.......(good) now.

3. I can't hear you. Could you speak a little..... (loud) please?

4. Steven is.....(tall) boy in the basketball team.

5. This computer is very old. I need something ..... (modern). 

6. The new library is far ..... (close) to my house than the old one.

7. Jane's new haircut makes her look ..... (attractive).

8. This jacket was by far ....... (expensive) in the shop.

Exercise 9. Choose the necessary articles (a/an, the,---)

1) ....football team who have won..........World Cup.........most times is..........Brazil.

2) They have won............ competitionfour times.

3)................ team also hold............recordor ............. greatest number of ...........goals scored overall and have played in every one of ..............tournament's finals.

4)................tallest man in ........... world was born in ...............USA in 1918.

5) His name was ............... Robert Wadlow and..............last time he was measured, in 1940, he had reached a height of 2.72 m.

6) His hands were 32.4 cm from ............wrist to ......tip of ..............middle finger.

7) ............David was waiting at............King's Cross station.

8) He was about to travel to ............ Newcastle by ..............train for.............job interview.

9) However, ............ train was late and he had been standing on ................. platform for over .............hour.

10) I take ............ bus to school every day.

Exercise 10. Translate into Russian

1. Don’t buy red pencils. Buy blue ones.

2. His room is good, but the one you live in is much better.

3. His room is good, but the one you live in is such better.

4. I liked this story very much, but I disliked the one you told us yesterday.

5. I lost my book and I had to a new one.

6. In such circumstances one doesn’t sometimes know one should do.

7. January is the first month of the year, and December is the last one.

Exercise 11. Translate into Russian

1. One might have expected better answer from him.

2. One must always observe the traffic regulations.

3. One must do one’s duty.

4. One sees other people’s faults sooner than one’s own.

5. This is a small ship. We need a large one.

6. This pen is very bad. Give me a good one.

7. When one doesn’t know grammar, one often makes mistakes.

Exercise 12. Choose the necessary pronoun (what, which)

1. … of you will help me?

2. …of these girls is the youngest?

3. … is your hat?

4. … is your telephone number?

5. … are you drinking?

6. … of you understands this rule?

7. … is he? He is a writer.

8. … do you know about him?

9. … would you like to drink?

10. Here are the books. …is yours?

Exercise 13. Translate into Russian

1. One should never put off till tomorrow what one can do today.

2. One should take into consideration that this question is very difficult.

3. One should always answer letters immediately.

4. I lost my watch and I had to buy a new one.

5. If you haven’t a dictionary, you can take one from the library.

Exercise 14. Make the right choice

1. Jim has eaten her lunch already, but I'm saving ________ until later.

►hers

►her

►my

►mine

2. My telephone is out of order, but ________ is working.

►your

►our

►his

►their

3. You can't have any chocolate! It's ________!

►your

►its

►her

►mine

4. These grammar books are different. ________ has 278 pages, but ________ has only 275.

►Yours, mine

►Your, my

►Yours, my

►Your, mine

5. This bird has broken ________ wing.

►it's

►its'

►hers

►its

6. ________ computer is a Mac, but ________ is a PC.

►Your, mine

►Yours, mine

►Your, my

►Yours, my

7. I can't understand ___ when she speaks German with ___ .

►her, me

►him, me

8. He should be ashamed of ___ .

►himself

►him

9. We came across a friend of ___ at the mall yesterday.

►ours

►us

10. Despite ___ old age, he is very active.

►his

►its

11. This house is too expensive for ___ . We can't pay such a high rent.

►us

►we

12. Each plan has ___ merits.

► it

► its