III. Answer the following questions.

1. What is a role of agreement between co-owners of any partnership?

2. Why is a partnership the place of using the managerial talent?

3. Does the partnership have more plusses or minuses?

4. Would you like your friends and relatives to be your partners?

IV.True-false questions Decide whether the statements are true or not. Correct the wrong ones.

1. _ The rights and duties of a partnership are regulated only by laws.

2. _ A "silent partner" is a person who takes the main part in the management.

3. ­­­­­­­­­­­­­­_The partnership can help to develop managerial talent of co-owners.

4. _ The partnership has a favorable tax position when compared with the corporation.

5. _ Members of any partnership are not liable for its debts.

6. _ If any partner takes a large amount of money from the business and loses it, the others will not have to pay the debt.

7. _ If partners have serious and constant disagreements, the business is bound to suffer.

8. _ If you want to set up a partnership, you need only to prepare a written agreement of Capital and Dividends Share and a statute stipulating all the points referring to the management of the partnership.

9. _ The more shares a partner has the more he loses in case of bankruptcy.

10. _ Each of the full partners can act on behalf of the partnership.

V. Vocabulary Practice 1. Find an appropriate word for each blank space using the following words.

rights	disagreements	to expand	potential additional sources of capital	duties
association	bankruptcy	silent partner decision-making	managerial talent	debts

1. When a proprietor wants ____ a business, he can form a partnership.

2. A partnership is a voluntary ____ of two or more partners to carry on as co-owners of a business for profit.

3. ____ and ____ of a partnership are regulated by laws and by a legal agreement entered into by the co-owners.

4. ____ is a partner, who only invests money into the business.

5. The partnership has the advantage of using ____.

6. A major disadvantage of the partnership is that each member is liable for all the ____ of the partnership.

7. ____ is shared in any partnership.

8. The business suffers if partners have serious and constant ____.

9. Partnerships are ____ for young businessmen.

10. The more a partner has invested the more he will lose in case of ___.

2. Complete the following sentences.

1. A partnership is...

2. The rights and duties of a partnership ...

3. The motives of starting partnerships are ...

4. A major disadvantage of the partnership is ...

5. If partners have serious and constant disagreements ...

6. The survival of a partnership depends upon ...

7. If you want to set up a partnership, you need to draw up ...

8. The more shares a partner has the more he ...

9. Any partnership may fail apart in case ...

10. The working load, ideas, experience and responsibility are shared ...