V. Read the text once more and complete the table:

Legal forms of business	Number of owners	Limited/ unlimited
Sole proprietorship
Partnership
Company
Joint-stock company

VI. What form of business suits the following characteristics?

1. • is owned by one person,

   • is fully responsible for the success or failure,

   • can hire and fire employee,

   • can lose his/ her business;

   • can go bankrupt.

2. • are legally responsible for any of the firm’s activities,

   • can avoid a risk of unlimited liability,

   • rights and duties are regulated by laws and legal agreement.

c.)

• they are free to sell their stock at any time and receive the market value for it,

• the directors develop the business’s policy;

• they don’t take an active part in management;

• they can share in the company’s profits, which distributes to them in the form of dividend.

VII. Complete the table:

Forms of business	Advantages	Disadvantages
Sole proprietorship
Partnership
Company

VIII. A) Read the text №3 “The Kovyktinskoye gas-condensate field” below and find the information according to the plan:

1. form of business (the holder of business)

2. the name of the business

3. stockholders of the business

4. product/ services

5. locations of the factories/ branches, etc. (the head of the office)

6. main customers/ suppliers (потребители/ поставщики)

7. size (of employees/ turnover – товарооборот)

8. current project

b) Work in pairs using communicative cliché from the box:

Receiving the invitation	Hesitation/ expressing opinion
You are welcome.	As far as I know.
With pleasure.	As far as I understand.
Yes, please.	Let me see.
Why not, it is interesting.	Well, I think/ I suppose/ I am sure.
What?	If you ask me I’d say that

Model:

• Could you answer my question?

• You are welcome.

• Who is the holder of license to explore and develop the Kovyktinskoye field?

• As far as I know, it is the Irkutsk-based open Joint Stock Company RUSIA Petroleum.

• Thank you very much.

• You are welcome.

Text 3. The Kovyktinskoye gas-condensate field

The Kovyktinskoye gas-condensate field is the largest gas field on Eastern Siberia and the Far East. The field is located in most favorable geographical conditions – only 350 km north-east Irkutsk. Presently, the field is subject to additional exploration. As of 01.01.2000, gas reserves of the field were estimated at 1.5 trillion m³. The License to explore and develop the Kovyktinskoye gas and condensate field is held by the Irkutsk-based open Joint Stock Company RUSIA Petroleum.

RUSIA Petroleum is a unique partnership between the Irkutsk region and major Russian and international shareholders. The company is registered, and has its head office, in Irkutsk. Some RUSIA Petroleum shares (акции) are also held directly by international investors. The largest international shareholder (акционер) is BP Amoco plc, one of the word’s largest oil and gas companies. A further international interest is held by the East Asia Gas Co., a company whose headquarters (штаб-квартиры) are in South Korea.

The regional project of development of Kovyktinskoye deposit provided for construction of a 645-km Kovykta-Sayansk-Angarsk-Irkutsk main gas pipeline and gas separation and helium works, as well as subsequent gas supplied to industrial consumers. Current plans (существующие планы) anticipate (предусматривает) regional supplies to the Irkutsk region becoming available first and export to China and beyond commencing during the next ten years.

The first gas within the framework of the regional project was supplied to the settlement of Zhigalovo at the end of 2006, while supplies to main consumers were scheduled for mid 2008. The annual consumption will reach 2.5 billion cubic meters by 2010.