Translate the following text into English.

Индивидуальное предприятие – наиболее простая форма ведения бизнеса в США. Под данной формой, как правило, подразумевается именно предприятие одного владельца. Основной недостаток этой формы предприятия – неограниченная ответственность учредителя, который отвечает за долги предприятия всем своим имуществом. Компания налогами не облагается. Налоги уплачивает учредитель согласно действующим ставкам. Все доходы индивидуального предприятия автоматически считаются доходами его владельца. В случае смерти или недееспособности владельца происходит автоматическое закрытие компании.

 

6. Read the text once more and write a short essay on: Sole Proprietorships, their advantages and disadvantages, using some additional information.

 

Partnership

 

In a partnership, two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. The partners should have a legal agree­ment that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out, or what steps will be taken to dissolve the partnership when needed.

Many partnerships split up at crisis times. They also must decide up front how much time and capital each will contribute, etc.

Advantages of a partnership

1. Partnerships are relatively easy to establish; however partners should develop the partnership agreement.

2. With more than one owner, the ability to raise funds may be in­creased.

3. The profits from the business flow directly through to the part­ners' personal tax returns.

4. Prospective employees may be attracted to the business if given the incentive to become a partner.

5. The business usually will benefit from partners who have complementary work skills.

Disadvantages of a partnership

1. Partners are jointly and individually liable for the actions of the other partners.

2. Profits must be shared with others.

3. Since decisions are shared, disagreements can occur.

4. The partnership may have a limited life; it may end upon the withdrawal or death of a partner. There exist different types of partnerships:

 

1. General partnership

Partners divide responsibility for management and liability, as well as the shares of profit or loss according to their internal agreement. Equal shares are assumed unless there is a written agreement that states differently.

2. Limited partnership and partnership with limited liability "Limited" means that most of the partners have limited liability (to the extent of their investment) as well as limited management decisions, which generally encourages investors for short term pro­jects, or for investing in capital assets. This form of ownership is not often used for operating retail or service businesses. Forming a lim­ited partnership is more complex and formal than that of a general partnership.

3. Joint venture

Joint venture acts like a general partnership, but it is formed for a limited period of time or a single project. If the partners in a joint ven­ture repeat the activity, they will be recognized as a continuing part­nership and distribute accumulated partnership assets upon dissolution of the entity.

Main Features of a partnership:

(+) Easy to organize, but needs agreement

(+) Partners receive all income

(-) Partners have unlimited liability

(-) Partners may disagree

(-) Life of business may be limited

 

Vocabulary

partnership – товарищество, партнерство (некорпорированная фирма, кото­рой владеют и которой управля­ют два лица или более)

general partnership – компания с неограниченной ответственностью

limited partnership – товарищество с ограниченной ответственностью

to distinguish – различать, проводить различие

to set forth – излагать, формулировать

legal agreement – юридическое соглашение

complementary – добавочный, дополнительный

capital assets – 1) основные фонды (машины, здания, сооружения, оборудова­ние и т. п.); 2) оборотные сред­ства

retail – розничная продажа

to the extent of – до размера, в пределах

share – доля, часть; квота; акция

withdrawal – уход

joint venture – совместное предприятие

to dissolve the partnership – аннулировать, расторгать партнерство

dissolution of the entity – ликвидация экономического объекта

 

1. Answer the questions on the text:

1. What is a partnership?

2. What is the difference between the limited partnership and general partnership?

3. What are the advantages of partnership?

4. What are the disadvantages of partnership?

5. What is a joint venture?

6. What should partners have to be able to run their business?

 

2. Guess what is meant by the following:

1. A negotiated and typically legally binding arrangement between parties as to a course of action.

2. A business or firm owned and run by two or more partners.

3. Property owned by a person or company that is purchased for long-term use and is not likely to be converted quickly into cash, such as land, buildings, and equipment.

4. An association of persons who are all personally liable for any legal actions and debts the company may face.

5. The maximum amount a person participating in a business can lose or be charged in case of claims against the company or its bankruptcy.

6. An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation.

7. A thing that motivates or encourages one to do something.

8. A special type of partnership which is very common when people need funding for a business, or when they are putting together an investment in a real estate development.

9. The sale of goods to the public in relatively small quantities for use or consumption rather than for resale.

10. One of the equal parts into which a company's capital is divided, entitling the holder to a proportion of the profits.

11. The closing down or dismissal of an assembly, partnership, or official body.

 

Find in the text sentences containing the following Participles and translate them into Russian in writing.

1. … employees … if given the incentive…

2. … a written agreement…

3. …limited management decisions …

4. … a continuing partnership…

5. …accumulated partnership assets …

Translate the phrases into English and compose sentences with them.

1. решения, принимаемые партнерами; партнеры, принимающие решения;

2. доходы, распределяемые между собственниками; собственники, разделяющие ответственность;

3. меры, предпринимаемые партнерами; партнеры, предпринимающие меры;

4. сотрудники, привлекаемые в бизнес; бизнес, привлекающий сотрудников;

5. ограниченная ответственность; письменный договор, ограничивающий ответственность;

6. накопленные средства; партнеры, накапливающие средства.

 

Fill in with the appropriate words given below. Translate.

Partnership, investments, business, equal responsibility, debts and liabilities, general partners, share, management, tax payments, debts, limited partners, profits and losses, income taxes, income and deductions, individual tax return

A … is a type of unincorporated business organization in which multiple individuals, called …, manage the … and are equally liable for its…. Other individuals, called …, may invest but not be directly involved in … and are liable only to the extent of their …. Unlike a Limited Liability Company or a corporation, in a partnership each partner shares … for the company's …, and its …. The partnership itself does not pay …, but each partner has to report their … of business profits or losses on their …. Estimated … are also necessary for each of the partners for the year in progress. Partnerships must file a return on Form 1065 showing …. Estimated tax payments are also required if they expect their income to be greater than $1,000.