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1. stockbrokerage/stockbroking біржове маклерство

2. wholesaling and retailing — оптова та роздрібна торгівля

3. general partnership — товариство з необмеженою відповідальністю

4. limited partnership — товариство з обмеженою відповідальністю

5. tax benefits — податкові пільги

Vocabulary exercises

I. Give the English equivalents for:

партнерство; отримувати прибуток; біржове маклерство; товариство з необмеженою відповідальністю; ділити прибуток та збитки; оптова та роздрібна торгівля; юриспруденція; бухгалтерський облік; виробництво; перевага; товариство з обмеженою відповідальністю; управління бізнесом; бути відповідальним за щось; одноосiбна власність; одержувати подат­кові пільги від уряду; приймати рішення; головний недолік.

II. Fill in the blanks below with the most appropriate terms

from the list:

the profits; losses; tax benefits; the management; general partners; sole proprietorships; wholesaling; unlimited financial liability; limited partners.

1. Partnerships are also found in manufacturing, ________ and retailing. 2. _________ are the partners with unlimited liability. 3. General partners own the business, work in it and share ________ and ________ . 4. General partners are responsible for ____________ of the business. 5. Partnerships have more advantages than ____________ . 6. The major disadvantage of a partnership is ___________ . 7. ___________ are usually not involved in the management of the firm. 8. Partnerships very often receive ___________ from the government.

III. Fill in the blanks with prepositions or adverbs if necessary:

1. A partnership is a business that is ... owned ... two or more ... people. 2. The partners are responsible ... the management ... the business and usually agree ... each other ... making any ... major ... decisions. 3. Limited partners are liable ... the amount they have invested ... the business. 4. They are usually not involved ... the management ... the firm. 5. Each partner is responsible ... all debts and is legally responsible ... the whole business. 6. One ... the greatest problems ... partnerships is that partners may disagree ... each other causing conflicts ... management.

IV. Complete the following sentences:

1. A partnership is a business that... . 2. Partnerships are most common in ... . 3. The most common form of partnership is ... . 4. All partners are responsible for ... . 5. There may be a special type of partnership, called ... . 6. Limited partners are only liable ... . 7. They are usually not involved ... . 8. Like sole proprietorship partnerships are ... . 9. The major disadvantage of a partnership is ... . 10. One of the greatest problems in partnerships is ... .

V. Answer the following questions:

1. What is a partnership? 2. In what professional fields are partnerships most common? 3. What is the most common form of a partnership? 4. What is a general partnership? 5. What is a limited partnership? 6. They are usually not involved in the management of the firm, are they? 7. What is the difference between a general partnership and a limited partnership? 8. What advantages do partnerships have? 9. What is the major disadvantage of a partnership? 10. What is one of the greatest problems in partnerships?

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