Partnerships

A partnership is an association of two or more persons to carry on a business for profit. When the owners of the partnership have unlimited liability they are called general partners. If partners have limited liability they are "limited partners". There may be a silent partner as well - a person who is known to the public as a member of the firm but without authority in management. The reverse of the silent partner is the secret partner - a person who takes part in management but who is not known to the public.
Any business may have the form of the partnership, for example, in such professional fields as medicine, law, accounting, insurance and stockbrokerage. Limited partnerships are a common form of ownership in real estate, oil prospecting, quarrying industries, etc.
Partnerships have more advantages than sole proprietorships if one needs a big capital or diversified management. Like sole proprietorship they are easy to form and often get tax benefits from the government.
Partnerships have certain disadvantages too. One is unlimited liability. It means that each partner is responsible for all debts and is legally responsible for the whole business. Another disadvantage is that partners may disagree with each other.
Active Vocabulary
partnership партнерство
to carry on a business вести справу
profit прибуток
general partner спільний партнер (який несе повну юридичну
відповідальність за справу)
limited partner партнер з обмеженою юридичною відповідальністю
silent partner партнер без права голосу
secret partner секретний партнер (з правом голосу, але невідомий
громадськості як партнер)
law юриспруденція
insurance страхування
stockbrokerage біржове маклерство
real estate нерухомість
oil prospecting видобуток нафти
quarrying industries видобувні промисловості
advantage перевага
disadvantage недолік
to be legally responsible бути юридично відповідальним
Comprehension Questions
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?
6. Discuss the disadvantages of a partnership. Would you prefer partnership or sole proprietorship for business? Give your reasons.
Vocabulary Practice
Exercise 1. Select the necessary word in the sentence.
1. Partnership very often receive ... from the government. 1 secret partner
2. Limited partnership is a common form of ownership in... 2 unlimited liability
3. Partnerships have many..., one is that they receive tax
benefits from the government. 3 real estate
4....are the partners with unlimited liability. 4 general partner
5....has the authority in management but he is not
known to public. 5 advantage
6. A secret partner takes part in... 6 profit
7. General partners have... 7 capital
8. One advantage of a partnership is that it offers a
multiple source of... 8 management
9. A partnership can bring much... to the partners. 9 tax benefits
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 all business can be risky.
As partners we are both liable.
Maurice Did you both put the same amount of money into your 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 services 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.
Active Vocabulary
to be busy with займатися чим-небудь
to go into business займатися бізнесом
to get along well бути у добрих стосунках з ким-небудь
to attract customers приваблювати покупців
to make a right choice зробити правильний вибір
background досвід роботи
accounting бухгалтерський облік
to run a risk ризикувати
to be liable нести юридичну відповідальність
amount of money сума (кількість) грошей
to put an amount of money into business вкласти суму грошей у бізнес
to combine resources комбінувати ресурси
advantage перевага
to contribute services, skills робити вклад, сприяти вмінням і навичкам
to distribute profits and losses розподіляти прибутки і збитки
to share ділити
the subject becomes quite textechnical це стає вже справою техніки
deal угода
Vocabulary Exercises
Exercise 1. Transform the sentences according to the model.
Model: Susan is a woman. She does the books.
Susan is a woman who does the books.
1. Partners are people. They have unlimited liability.
2. This is my partner. He often runs a risk.
3. He is a shop-assistant. He gets along well with all the customers.
4. Susan is a partner. She puts a big amount of money into business.
5. Jean is my friend. She has the background of accounting.
6. Barbara is my partner. She knows how to attract customers.
7. Tom is a partner. He is good at selling.
8. Jack is my friend. He is a secret partner of my business.
9. Helen is my friend. She had supper with Jack in the restaurant.
Exercise 2. Answer the questions.
1. What do you want to be busy with?
2. Do you want to go into business alone or with a partner?
3. With what partner do you get along well?
4. Imagine you run a shop. What will you do to attract customers?
5. Do you need to consult a lawyer, to make a right choice when starting the business.
6. What is your background?
7. Are you a careful person, or do you like to run a risk?
8. How can you combine the resources with your partner?
9. What services and skills can you contribute in your business?
10. How will you distribute profits and losses in your partnership?
11.What kind of partner would you like to be: a general partner or a limited partner?
Why so?
Exercise 3. Translate into English.
1. Члени правління мають повну юридичну відповідальність.
2. Партнер з обмеженою юридичною відповідальністю не має реальної влади.
3. Секретний партнер приймає участь в управлінні, але він не відомий суспільству.
4. Я хочу вкласти гроші в нерухомість.
5. Партнерство має багато переваг.
6. Партнерство часто отримує податкові пільги від уряду.
7. Ми з партнером у добрих стосунках.
8. Наше кафе приваблює все більше и більше клієнтів.
9. Я зробив правильний вибір. Ця справа приносить багато прибутків.
10. Мій досвід роботи пов’язаний з менеджментом.
11. Вона добре володіє бухгалтерською справою.
12. Ми вкладаємо в справу однаковий капітал.
Exercise 4. Discuss the following problem: A Joint Venture*.
Pro and Con.
* A Joint Venture – спільне підприємство
Exercise 5. Make up the dialogue.
Consult the lawyer how to form a partnership. Use your active vocabulary.
Grammar Exercises
Exercise 1. Make the sentences negative.
Model: I am going into business.
I am not going into business.
1. Your business is receiving the tax benefits.
2. Your partnership is running the great risk.
3. We are getting along quite well with my partner.
4. They are going to be general partners.
5. The partners are sharing profits and losses with each other.
6. Their partnership is losing their profit every month.
Exercise 2. Put up four questions of different types (general, special, disjunctive, alternative) to each sentence.
Model: The partners are getting along quite well.
1. Are the partners getting along quite well?
2. Why are the partners getting along quite well?
3. The partners are getting along well, aren't they?
4. Are the partners getting along well or badly?
1. Jane is doing the books in our firm.
2. We are putting the same amount of money into business.
3. My brother is investing his money in the private cafe.
4. They are distributing the losses unequally.
5. We are combining resources very well.

Внимание, отключите Adblock

Вы посетили наш сайт со включенным блокировщиком рекламы!
Ссылка для скачивания станет доступной сразу после отключения Adblock!

Скачать