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Vocabulary

feature – особенность

sole proprietorship – единоличное владение бизнесом

owner – владелец; собственник, хозяин

unlimited liability – неограниченная ответственность

income – доход

benefit – выгода, прибыль

deductions – отчисления

advantage – преимущество

disadvantage – неудобство, недостаток

to run a business – вести дело, управлять предпри­ятием

within the law assets – в рамках закона

liabilities – средства, фонды, авуары, имуще­ство

debt [det] – долги, денежные обязательства, долг

breach of contract – нарушение контракта

to start out – начинать профессиональную деятельность

legal requirements – законные ограничения

inventory – материально-производственные запасы

charter – документ, разрешающий созда­ние компании

permit – разрешение

to raise funds – привлекать фонды, мобилизо­вать средства

personal tax return – личная налоговая декларация

1. Answer the questions on the text.

1. What are the three principal forms of business organization?

2. What is a sole proprietorship?

3. What are the advantages of sole proprietor­ship?

4. What are the disadvantages of sole proprietorship?

5. What are the main positive and negative features of a sole proprietorship?

2. Read and translate the following sentences. Make them active, adding a subject if necessary.

1. The sole proprietor­ship is owned by one person.

2. In case of breach of contract the business property and personal assets of the owner may be taken to pay judgments for dam­ages awarded by courts.

3. No charter and permit are needed.

  1. Sole proprietors are often limited to using funds from personal savings.

  2. Employees are motivated by the opportunity to own a part of the business.

  3. Many sole proprietorships are conducted out of the owner's home, garage, or van.

  4. Inventory may be limited and may of­ten be purchased on credit.

3. Read and translate. Make the following sentences passive.

1. Many small businesses start out as sole proprietorships.

2. The owner keeps all the profits of the business.

3. Sole proprietors own all the assets of the business and the profits gener­ated by it.

4. Sole proprietor, and within the law, may make any decisions.

  1. Sole proprietors receive all income from the business to keep or reinvest.

  2. The business is easy to dissolve.

4. Fill in the appropriate words given below. Translate.

Sole proprietorship, employer identification number, seizing, breach of contract, insurance, limited liability corporation, personal Social Security number, liability, business, employees, ends, the Internal Revenue Service, incorporation

A … is the easiest form of … to begin by a single individual. Rules for sole proprietorships do not permit …. Because the business is unincorporated and also is not a ..., the personal assets of the sole proprietor and the business assets are one and the same for … purposes. Adequate … or other protection is important because claims against the business could result in … of a home. Another remedy for … can be "damages" or compensation of money. Sole proprietors must file various tax forms with … and pay any taxes due. The sole proprietor does not file taxes under an … like other businesses do but rather under his …. Death is an area where a sole proprietorship may be problematic. By definition, a sole proprietorship … with the proprietor's death. The business is sold to a new owner or is reorganized into another form, such as ….

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