A) The Sole Proprietor
Date: 2015-10-07; view: 590.
Fill in the gaps in these texts with the words given on the right.
| Most businesses are sole proprietorships - that is, they are owned and operated by a s… person. In a sole p…, the owner is entirely r… for the business' success of failure. He or she collects any p…, but if the venture loses m… and the business cannot cover the loss, the o… is responsible for paying the bills. Sole proprietorships have certain advantages over other forms of b… organization. They suit the people who like to exercise initiative and be their bosses. They are flexible, because owners can make d… quickly without having to consult others. Individual proprietors pay fewer taxes than c…. And c… are often attracted to sole proprietors. However, this form of business o… has some disadvantages. A sole proprietorship l… ends when an owner dies or becomes incapacitated, although someone m may inherit the assets and continue to o… the business. Sole proprietors generally are dependent on the a… of money their owners can save or b…, so they usually lack the resources to d… into large - scale e… | 1. money 2. customers 3. proprietorship 4. business 5. amount 6. legally 7. decisions 8. responsible 9. profits 10. develop 11. 11. single 12. operate 13. borrow 14. enterprises 15. owner 16. corporations 17. organization |
| b) The Business Partnership | |
| One way to s… or expand a venture is to create a partnership with two or more co-owners. Partnerships enable p… to show their talents: one partner may be q… in production, while another may be good at m…. Partnerships are taxed favorably compared with c… Partners pay taxes on their personal s… of earnings, but their businesses are not taxed. States regulate rights and d… of partnerships. Co-owners generally sign legal a… specifying each partner's duties. Partnership agreements also may provide for "silent partners" , who i… money in a business but do not take part in its m…. A major disadvantage of partnerships is that each member is l… for all of a partnership's d…, and the action of any partner legally binds all the others. If one partners wastes m… from the business, the others must share in p… the debt. Another major d… can arise if partners have serious and constant disagreements. | 1. money 2. liable 3. duties 4. share 5. debts 6. qualified 7. invest 8. marketing 9. start 10. partners 11. management 12. disadvantages 13. corporations 14. agreements 15. paying |
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| Use synonymous words or phrases. | | | Make sure you can understand these words before you listen to the conversation on the tape. Read the underground of the story. |