Эксперт по сдаче вступительных испытаний в ВУЗах
Partnerships (Listen and read)
1. Listen carefully:
2. Read and translate the text:
Partnership
A partnership is an association of two or more people who have agreed to combine their financial assets, labor, property, and other resources as well as their abilities, and who carry on a business jointly for the purpose of profit. The agreement that partners usually sign to form an association is known as a partnership contract and may include general policies, distribution of profits, responsibilities. Like the sole proprietorship, the partnership is easy to establish, and its profits are not subjected to federal corporation taxes. Financing is generally easier to obtain because the personal assets of the group are usually larger and the chances of success are higher. The major disadvantage of the partnership is unlimited liability of each partner for the debts of the business, or complete financial responsibility for losses. Furthermore, partners who wish to retire may find it difficult to recover their investments without dissolving the partnership and ending the business.
3. Answer the following questions:
1. What is a partnership?
2. What items are usually included in a partnership agreement?
3. What are the advantages of a partnership?
4. What are the disadvantages of a partnership?
5. What are the similarities and differences between a sole proprietorship and a partnership?
4. Speaking
Expand on the following topic: I would (not) prefer a partnership to a sole proprietorship because …
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