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legal forms of organisation.doc
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Advantages and disadvantages of sole proprietorship. Read the text below. Fill in gaps with a suitable word formed from the derivatives in the brackets.

Advantages of sole proprietorship. To found own business based on sole proprietorship one doesn’t need any (1) ___ (permit) from state institutions. To (2) ___ (dissolution) a firm is also simple – owner just stops running business and firm disappears. Another (3) ___ (substantially) advantage is the (4) ___ (concentrate) of all profit in one’s owner hands. The last works for himself/herself, and is not (5) ___ (account) to another persons, co-owners, shareholders, etc. Many people (6) ___ (appreciation) such independence. Incomes from such kind of business are (7) ___ (tax) by individual income tax.

Disadvantages of sole proprietorship. Such business form has certain shortcomings. First of all, the full (8) ___ (finance) responsibility rests with the firm’s possessor. Such (9) ___ (responsible) is unlimited. Even personal assets of the owner, which are not applied to the business, may pass into the hands of (10) ___ (credit). So the owner (11) ___ (person) bears all the responsibility of losses. Another substantial weakness of the sole proprietorship is its limited financial (12) ___ (able). The (13) ___ (own) of such firm can’t use the stock market services or issue securities with the aim of attracting additional investments. This means that personal business has limited abilities of (14) ___ (expand) because it employs confined capital. As mentioned above, the sole proprietorship (15) ___ (accounting) for a large share of all enterprises in the world. However in overall sales and (16) ___ (profitable) volume their proportion is low. This happens because of the fact that sole (17) ___ (trade) is characterized mainly by small enterprises with limited resources.

Advantages and disadvantages of partnership. Read the fragment below. Each line has a word which is odd. Write the extra word in the space.

Pluses of partnership. Two and more partners are unite their 1. ___

knowledge and financial resources, creating in the such way larger 2. ___

and more powerful firm than two some separate companies 3. ___

Minuses of partnership. As for a partnership with an unlimited 4. ___

liability its weakness rests with the unlimited responsibility of a 5. ___

partners. This is means, that in case of bankruptcy each member of 6. ___

the partnership can lose by far than more, than he/she invested into 7. ___

the business. The time to terms of partnership existence is another 8. ___

serious problem. Death of the any of the partners brings the firm’s 9. ___

legal activity to an end. Withdrawal of one single partner also creates 10. ___

certain problems, since for his/her former colleagues or third person 11. ___

Is obliged to buy purchase back share of the partner which is about 12. ___

to quit. Until less then, while a buyer is not found, his/her 13. ___

contribution into business have freezes. This means that payment 14. ___

cannot be never taken in cash or invested in another business. 15. ___

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