III. Fill in prepositions, where necessary

1. A business corporation is an institution established … the purpose … making profit.

2. A major difference … organizational forms is the degree … which owners are personally liable … debts … the business.

3. A partnership is an association … two or more persons to carry … a business … profit.

4. A silent partner is a person who is known … the public as a member … the firm but … authority … management.

5. Each partner is responsible … all debts and is legally responsible … the whole business.

6. Going … … business is also very easy.

7. If a proprietorship fails, creditors can claim the owner’s property to pay … the debts … the business.

8. … the United States more than eighty per cent … all businesses are sole proprietorships.

9. Limited partnerships are a common form … ownership … real estate.

10. Sole proprietorships account … only sixteen per cent … all business receipts.

11. The legal procedures … starting a proprietorship are limited … registering the company’s name.

12. The source … capital … a proprietorship is usually the owner’s own savings and loans … banks.

13. Ways … raising capital are different … different forms … business organization.

IV. Fill in articles where necessary

1. … business corporation is … institution established for … purpose of making profit.

2. … limited partnership has one or more general partners who put up some capital, run … business and bear … liabilities of … business.

3. … major difference among organizational forms is … degree to which owners are personally liable for debts of … business.

4. Any business may have … form of … partnership.

5. … partnership is … association of two or more persons to carry on … business for profit.

6. … person who owns … stock certificate is called … stockholder.

7. Governmental corporations are non-profit as … rule and usually they do not issue … stock certificates.

8. Of … three basic forms, … proprietorship is … simplest and … most common form in many western countries.

9. Sole proprietorships do not do … greatest volume of business.

10. Starting … partnership is less complex than starting … corporation.

11. … legal procedures for starting … proprietorship are limited to registering … company’s name.

12. … limited partners are in much … same position as stockholders in … corporation.

13. … source of capital for … proprietorship is usually … owner’s own savings and loans from banks.

V. Complete the following sentences filling in appropriate words from the box

advantages; association; business; corporation; disadvantages; general partners; governmental corporations; institution; liabilities; limited; ownership; profit; real estate; resources; sole proprietorships; stock certificates; stockholders; unlimited liability.

1. A business corporation is an … established for the purpose of making … .

2. A … can offer higher salaries and thus attract talented managers and specialists.

3. A limited partnership has one or more … who put up some capital, run the … and bear the … of the business.

4. A partnership is an … of two or more persons to carry on a business for profit.

5. Governmental corporations are non-profit as a rule and usually they do not issue … .

6. In some western countries, cities, states, federal government and special agencies can establish … .

7. In the United States more than 80 per cent of all businesses are … .

8. … partnerships are a common form of ownership in … , oil prospecting, quarrying industries.

9. One of the advantages of the corporate form of … is the ability to attract financial … .

10. Proprietorships, partnerships, and corporations have certain … and … .

11. The limited partners are in much the same position as … in a corporation.

12. To avoid the problem of … a special form of organization known as the limited partnership is used.