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Валерия
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Sole proprietorship (Listen and read)
1. Listen carefully:
2. Read and translate the text:
A sole proprietorship is a form of business ownership, owned by one person, in which all the profits belong to the owner, the latter being fully responsible for the success and failure of the business. Unless the activity is specifically prohibited by law, no field of business is closed to an owner. Despite its obvious advantages, certain drawbacks make it undesirable for larger concerns. In the first place, the single owner is seldom able to invest as much capital as can be obtained by a partnership or a corporation. If single owners are able to invest large amounts of capital, they run great risk of loosing it all because they are personally liable for all the debts of their business. It is due to unlimited liability that all the personal assets of the owner, including his home and car, can be sold to settle the debts of the business. Unless the owner has much personal wealth, the business may have difficulty borrowing money from the bank in critical times. A sole proprietorship may also have difficulty hiring and keeping good employees, because the business will dissolve when the owner retires or dies.
3. Answer the following questions:
1. What is a sole proprietorship?
2. Are there any limitations to the field of activity of a proprietor?
3. What are the advantages of a sole proprietorship?
4. What are the disadvantages of a sole proprietorship?
5. Why is a sole proprietorship risky?
6. Would you like to start a sole proprietorship? Why? Why not?
4. Talk about a sole proprietorship.
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