Task 2. Transcribe the following words

liability, consequences, variety, entity, separate (v;n), preferred, guide, hybrid, participatory, perpetual, circumstances, licence, hierarchical, technically, unencumbered, aligning, appropriate, autonomy, conglomerate, diversify, authority, rigid, empowering, autonomy

Task 3. Mind the stress and practise pronunciation.

to affect to impact to report to access to permit to departmentalize to practise to subject to limit to purchase to franchise to determine to benefit to employ to conflict

affect, effect impact report access permit, permission departmentation practice subject limit purchase franchise, franchisee, franchisor determination benefit, benefitor, beneficiary employee, employer conflict

Task 4. Read the sentences paying attention to the parenthesis. The “typical parenthesis has three prosodic characteristics: it is lower in pitch than the matrix sentence, it is set off by pause(s), and it has a rising terminal” complemented by diminishing loudness.

With a sole proprietorship, your business earnings are taxed only once, unlike other business structures.

Another big plus is that you will have complete control over your business--you make all the decisions.

Each general partner can act on behalf of the partnership, take out loans and make decisions that will affect and be binding on all the partners (if the partnership agreement permits).

A corporation is an independent legal entity, separate from its owners, and as such, it requires complying with more regulations and tax requirements.

In addition, unlike in a regular corporation, S corporation stock can only be owned by individuals, estates and certain types of trusts.

McDonald's, the franchisor, grants the right to sell McDonald's branded goods to someone wishing to set up their own business, the franchisee.

The franchisee, for all the training and support McDonald's offers, is running his or her own business.

It may also be affected by the factors outside of its control (external factors) such as the nature and spread of its customers.

Task 5. Prepare phonetic reading of any paragraph from the texts. Make sure you know the pronunciation of all the words. Use appropriate intonation.

WORD BUILDING EXERCISES

Task 1. Underline the suffixes and name the part of speech. What parts of speech these words are formed from? Give similar examples.

proprietorship, liability indebtedness, corporation, reluctant, simplest, partnership, obligation, complexity, compliance, subjective, distributor, strategic, compensation, attractive, passed, incorporation, accounting, tax-exempt, entrepreneurship, technically, franchisor, arrangement, standardized, branding, threaten, determined, unencumbered, external, hierarchical, structural, expectation, appropriate, functional, departmentation, conglomerator, implementation

Task 2. Form the antonyms. Use prefixes conveying negative meaning: un~, in~, im~, ir~, dis~, mis~, de~, non~, or the suffix ~less . Consult a dictionary.

encumber, limited, organize, liable, like, trust, responsible, appropriate, profit-making, expensive, position, possession, connect, necessary, determine, employment, use, reasonable, protected, attractive, cooperation, compliance, bound, part, productive, form, profit, centralize, regulate

Task 3. Comment on the structure of the following compounds. Give your own examples of compounds

paperwork, tax-exempt, stockholder, shareholder, downside, drawback, small-business, malpractice, counterpart, throughout, u-form organization, layout, outcome, upwards, vice-president, cutting-edge, decision-making, bookseller, front-line, fast-changing, wholesaler, sole trader, self-employed, double-taxation