Dialogue. Exercise 1. Select the necessary word in the sentence

Exercise 1. Select the necessary word in the sentence.

Vocabulary Practice

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.

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

(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 lime to go now. See you later. Bye.

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