94703

PARTNERSHIPS

Конспект урока

Иностранные языки, филология и лингвистика

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.

Английский

2015-09-16

85 KB

1 чел.

4

Lesson 2

PARTNERSHIPS

A partnership is an association of 2 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 proprietorships 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

партнёрство

to carry on a business

вести дело

profit

прибыль

general partner

общий партнёр (несущий полную юридическую ответственность)

limited partner

партнёр с ограниченной юридической ответственностью

silent partner

партнёр без права голоса

secret partner

секретный партнёр

law

зд. юриспруденция

insurance

страхование

stockbrokerage

биржевое маклерство

real estate

недвижимость

oil prospecting

добыча нефти

quarrying industries

добывающие промышленности

advantage

преимущество

disadvantage

недостаток

to be legally responsible

быть юридически ответственным

Comprehension Questions

  1.  What is the difference between a general partnership and limited partnership?
  2.  Is there any difference between a silent partner and a secret partner? How do they differ?
  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 a partnership or sole proprietorship for business? Give your reasons.

Vocabulary Practice

Choose the necessary word and put it in the sentence.

  1.  Partnerships very often receive … from the government.
  1.  secret partner
  1.  Limited partnership is a common form of ownership in … .
  1.  unlimited liability
  1.  Partnerships have many …, one is that they receive tax benefits from the government.
  1.  real estate
  1.  … are the partners with unlimited liability.
  1.  general partners
  1.  A … has the authority in management but he is not known to the public.
  1.  advantages
  1.  A secret partner takes part in … .
  1.  profit
  1.  General partners have … .
  1.  capital
  1.  One advantage of a partnership is that it offers a multiple source of … .
  1.  management
  1.  A partnership can bring much … to the partners.
  1.  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'm very pleased about it. I've made a right choice. Nora's background is in accounting she is very good at keeping books.

Maurice

And you?

Susan

You know, I always liked talking. I guess I'm 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 that your partner – even no money at all. But you as a partner can contribute important services or skills, sometimes just a name or 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

заниматься чем-либо

to go into business

заниматься бизнесом

to get along well

ладить друг с другом

to attract customers

привлекать покупателей

to make a right choice

сделать правильный выбор

background

зд. рабочий опыт

accounting

зд. бухгалтерский учёт

to run a risk

рисковать

to be liable

нести юридическую ответственность

amount of money

сумма (количество денег)

to put an amount of money into business

вложить сумму денег в бизнес

to combine resources

комбинировать ресурсы

to contribute services, skills

делать вклад, содействовать умениями и навыками

to distribute profits and losses

распределять доходы и убытки

to share

делить

the subject becomes quite technical

это становится уже делом техники

Vocabulary Practice

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 customers.
  4.  Susan is a partner. She puts a big amount of money into business.
  5.  Jean is my friend. Her background is in 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 a friend of mine. He is a secret partner of my business.
  9.  Helen is a friend of mine. 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 business 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 a 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 partners?
  9.  What services and skills can you contribute to 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? Explain your reason.

Grammar Exercises

Exercise 1. Make the sentences negative.

  1.  Your business is receiving tax benefits.
  2.  Your partnership is running a great risk.
  3.  We're getting along very well with the partner.
  4.  They are going to be general partners.
  5.  Partners are sharing profits and losses with each other.
  6.  Their partnership is losing their profit every month.

Exercise 2. Put up 4 questions of different types.

The partners are getting along very well.

  1.  Are the partners getting along 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?
  5.  Jane is doing the books in our firm.
  6.  We are putting the same amount of money into business.
  7.  My brother is investing his money in the private café.
  8.  They are distributing the losses unequally.
  9.  We are combining resources very well.

Translate into English.

  1.  Члены правления несут полную юридическую ответственность.
  2.  Партнёр с ограниченной юридической ответственностью не имеет реальной власти.
  3.  Секретный партнёр принимает участие в управлении, но он не известен общественности.
  4.  Я хочу вложить деньги в недвижимость.
  5.  Партнёрство имеет много преимуществ.
  6.  Партнёрство часто получает налоговые льготы от правительства.
  7.  Мы хорошо ладим с партнёром.
  8.  Наше кафе привлекает больше и больше клиентов.
  9.  Я сделал правильный выбор. Это дело приносит много прибыли.
  10.  Мой рабочий опыт связан с менеджментом.
  11.  Она хорошо разбирается в бухгалтерском деле.
  12.  Мы вкладываем в дело одинаковый капитал.


 

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