IV. Answer these questions using the active vocabulary of the text. 1. What are three traditional forms of companies?

1. What are three traditional forms of companies?

2. What is another name for the sole proprietorship?

3. What are the advantages and disadvantages of the sole proprietorship?

4. What is the difference between the partnership and the sole proprietorship?

5. What is the main advantage of the partnership?

6. What is an AGM?

7. Are limited companies less risky than other types of companies?

8. Why are the goods and services usually cheaper in large corporations?

9. Why are large companies financially stronger?

10. Why are small companies vital to every economy? Should we develop small business?

V. Match the halves of the sentences from the text.

1. The sole proprietorship is a form of business owned 2. The advantage of the sole proprietorship 3. The partnership is 4. The advantage of partnerships 5. Limited companies are created by law 6. In limited companies ownership 7. The board of directors 8. Bigger businesses can supply goods and services 9. Large corporations are financially stronger 10. Small companies are vital to every economy

a) appoint company managers. b) because they can sell their shares on the stock exchange and raise more capital. c) is that partners may have different skills for running the business. d) by a single individual. e) because they create jobs for the people of this or that country. f) an enterprise owned by two or more individuals. g) is represented by shares of stock which belong to shareholders. h) to a greater number of people than smaller once. i) is that you are the owner which means you get all the revenues. j) and are separate from the people who own and manage them.

VI. Find Russian equivalents to the following sentences in the second column.

1. They can sell different goods in markets; they can have retail stores, small cafes and so on. 2. All you need to have is just a good business idea, some money, licences, etc., and of course you should work hard. 3. Usually there is a partnership agreement in which we include the rights and obligations of each partner. 4. The advantage of partnerships is that partners may have different skills for running the business. 5. The shares of stock belong to shareholders, the owners of the company. 6. They usually meet once a year, at annual general meeting, to elect the board of directors. 7. The advantage of limited companies is that they are less risky. 8. We recognize their brand names more easily, which is also connected with good quality. 9. These companies are financially stronger because they can sell their shares on the stock exchange and raise more capital. 10. The main point is to be a good specialist.

a) Как правило, существует договор о сотрудничестве, в который включены права и обязанности каждого из партнеров. b) Обычно они встречаются раз в год, на общем ежегодном собрании, чтобы избрать совет директоров. c) Они могут торговать различными товарами на рынках, они могут владеть розничными магазинами, небольшими кафе и т.д. d) Главное – быть хорошим специалистом. e) Такие компании более устойчивы в финансовом плане, поскольку они могут продать свои акции на фондовом рынке и увеличить свой капитал. f) Все что вам нужно это хорошая идея для бизнеса, определенное количество денег, лицензии и т.п., и конечно вы должны прилежно трудиться. g) Доли в капитале (акции) принадлежат акционерам, владельцам компании. h) Мы легче узнаем их бренды, что также связано с высоким качеством. i) Преимущество партнерства в том, что партнеры могут обладать разными навыками, необходимыми для ведения бизнеса. j) Преимущество обществ с ограниченной ответственностью в том, что они менее рисковые.

VII. Make an outline of the text consisting of 5-8 sentences.

VIII. Retell the text according to its outline.

VI. Managers and Management