VII. Read the following text. Copy paragraphs 3-5 and translate them into Ukrainian in writing

VI. Complete the following sentences with the proper types of the predicates, following the rule of the sequence of tenses. Write them down and translate into Ukrainian.

Model: It was known that the company (had spent, spends, will spend) some money

for buying new office equipment.

It was known that the company had spent some money for buying new office equipment. had spent - (past perfect, active voice)

Було відомо, що компанія витратила деяку суму грошей на придбання нового офісного обладнання.

1. The chief engineer informed that it normally (takes, took, is taken) them two years to develop a new product.
2. It was reported that the testing of the new device (is carried out, was being carried out, carried out) then.
3. He said that they (had employed, have employed, employ) some fifty workers by the end of the previous year.
4. We were sure it (will be, would be, is) a good idea to hire a programmer.

Notes:

¹ in the last resort – у крайньому випадку

² to meet losses – оплачувати витрати

³ withdrawal – вихід із бізнесу

Partnership

1. The partnership is a business organization with unlimited liability in which two or more people carry on a business for profit. They jointly own a business, sharing the profits and being jointly responsible for any losses.

2. When the owners of the partnership have unlimited liability they are called general partners. If partners have limited liability they are called limited partners he is not permitted to take part in the active management of the business. There may be a silent partner (без права голосування) as well, a person who is known to the public as a member of the firm but without authority in management.

3. Any business may have the form of the partnership. This form of business organization does not necessary need a large amount of initial funds, therefore it is a common form in such professional fields as medicine, law accounting, insurance and so on.

4. The partnerships have certain advantages. As a form of business organization, they are easy to organize, are relatively free of governmental supervision and regulation and are easy to dissolve. The partners can raise (залучати) a large amount of capital and divide the work and responsibility of running a business.

5. The partnerships have a number of disadvantages too. The basic one is unlimited liability to which all partners are subjected. It means that in the last resort¹ the owners’ personal assets must be sold to cover losses that cannot otherwise be met². The second is that the partnership comes to its end in case of the death or withdrawal³ of any one partner, and there are some others. It should be noted that the partnership is not a very popular form of business ownership in the USA nowadays and it’s because of the disadvantages mentioned.

VIII. Copy the following statements on paragraphs 1 and 2 mark with “T” if the statement is true or “F” if it is false.

1. A partnership can be run as well by one person

2. General partners are responsible for all losses.

3. Limited partners are not allowed to participate in the management of the business.

4. A silent partner hasn’t got any authority in management.

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