III. Guess the word.

1. st...br.k.r.g.; 2. c.p.t.l; 3. .ns.r..c.; 4. m.d.c.n.; 5. .cc..nt..g; 6. p..tn..sh.p; 7. .wn..s..p; 8. p..tn.r; 9. l..b.l.t.; 10. pr.f.t; 11. m.n.g.m.nt.

IV. Choose the necessary word and put it in the sentence:

1. Partnerships very often receive... 1 secret partner

from the government. 2 unlimited liability

2. Limited partnership is a common 3 real estate

form of ownership in ... 4 general partners

3. Partnerships have many ... , one 5 advantage

is that they receive tax benefits 6 profit

from the government 7 capital

4. ... are the partners with unlimi- 8 management

ted liability. 9 tax benefits

5. ... has the authority in management

but he is not known to public.

6. Secret partner takes part in ...

7. General partners have ...

8. One advantage of a partnership is

that it offers a multiple source of ...

9. A partnership can bring much ...

to the partners.

V. Answer the questions using the text “Partnerships”.

1. What is the difference between a general partnership and a limited

partnership?

2. Is there any difference between a silent partner and a secret partner?

What is this difference?

3. In what professional fields are the partnerships found?

4. In what businesses is the partnership a common form?

5. What are the advantages of a partnership?

Discuss the disadvantages of a partnership. Would you prefer partnership

or sole proprietorship for a business? Give your reasons.

VI. Read and translate the Dialogue.

Two friends Susan and Maurice are having supper in a restaurant.

Maurice Haven't seen you for a long time. What have you been busy with?

Susan I've been pretty busy. Do you know my friend Nora? I went into

business with her.

Maurice Really? How is it going on?

Susan Fine, thanks. We get along very well, and the shop is attracting

more and more customers.

Maurice It sounds well. How many partners are there in your business?

Susan There are two of us and I am very pleased about it. I've made a right

choice. Nora's background is in accounting. She is very good at

keeping the books.

Maurice And you?

Susan You know I always liked talking. I guess I am rather good with

customers. I enjoy selling things.

Maurice Well, it sounds interesting. I believe you don't run a risk in your

business.

Susan We haven't had many problems, although I suppose any business

can be risky. As partners we are both liable.

Maurice Did you both put the same amount of money into business? Do you

mind my asking?

Susan No, we didn't invest the same amount of capital. But I think we've

combined our resources very well. I think it's good for both of us.

Maurice It seems really so. That is one advantage of general partnership.

You can invest less capital than your partner – even no money at all.

But you as a partner can contribute important service or skills,

sometimes just a name or a reputation.

Susan Indeed.

Maurice How did you arrange to distribute profits and losses?

Susan We share them equally. We hope to be in business for a long time.

Maurice Nice for you. Now you seem to know a lot about business.

Susan Not everything yet but the subject becomes quite technical.

Maurice I am glad to hear it. It's time to go now. See you later. Bye.