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1. Join the halves.

                  1. The limited partnership has one general partner and …

                  1. A typical limited partnership can …

                  1. In a limited partnership the partners …

                  1. The partners invest capital and …

                  1. When some persons agree to join in a single transaction …

                  1. The partners must also agree …

                  1. A joint venture occurs only when …

                  1. A public offering to sell a syndicate share or interest in business …

                  1. In such a joint stock company a group of partners …

10. Federal and state securities laws apply …

a. … can avoid the unlimited liabilities.

b. … their partnership is called a joint venture.

c. … to share profits and losses.

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d. … requires special legal handling.

e. … called the board of directors, will control the business.

f. … a number of limited partners.

g. … receive shares of the profit according to the amounts invested. h. … the parties intend to do business as a partnership. i. … buy, manage and sell all kinds of real estate. j. … sales of joint stock company shares or certificates.

2. Complete the sentences:

                  1. The four main types of partnership are …

                  1. The general partner is liable for …

                  1. The partners in a joint venture agree …

                  1. Two or more persons jointly buy and own property do not …

                  1. A joint venture that involves a large number of individuals is …

                  1. Some partnerships operate under articles of association that provide …

                  1. Individual partners cannot …

                  1. The articles normally specify …

*3. Read the text and fill in the gaps with the words given below:

amount, decisions, funds, flows, long-term, handled, equipment, requirement, prosper, obtained, savings, premises, outlay.

The object of running any business is to make money, and the first 1

in order to start up a new business is, likewise, money. It does not necessarily

have to be a very large 2 – it depends on the business – and there are lots of

encouraging stories of entrepreneurs making vast fortune out if very small initial

3 . But however much it is, it has to be managed well if the business is to

survive and 4 . Perhaps a more reliable guide is the old saying that “money

breeds money”.

In this unit we shall look first at how money 5 through a small

manufacturing business, rather like water flowing through a circulation system. If

a business is to be started, funds must first be 6 from some source. The

money may come from the would-be businessman's personal 7 – in which

case it is called equity capital – or it may be borrowed from a bank. Loans to be repaid over a period of one to four years are short-term loans; loans for a period of

five years or more are 8 . Whatever the source, the money has to be obtained

and, when it has been obtained, it must be properly 9 .

When a business has been formed, a number of important decisions will have to be made, such as what 10 are to be used and, for a manufacturing

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concern, what plant and machinery will be needed. Such items are known as fixed

assets and require a heavy 11 of money. Then a supplier has to be found,

from whom the materials needed for manufacturing the product – the raw materials – will be obtained, and the terms of credit will have to be agreed. Then

there are a number of other 12 to be made, such as how many people are to

be employed and what 13 they will need, how many telephones are to be

installed, etc. And all of these will require financing.