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It is very hard to say what is more difficult to run a business of your own or to be a member of a partnership.
Read the text below and say if you would like to work in a team.
THE BUSINESS PARTNERSHIP
When a proprietor wants to expand the business, one way lo do so is to form a partnership, a business formed for profit by two or more co-owners. The rights and duties of a partnership are regulated by laws of the state where it is formed and by a legal agreement entered into by the со owners. Usually an agreement specifies the amount of money each is investing and the duties each partner assumes. A partnership agreement also may provide for a "silent partner" who does not take part in the management, but who invests money in the business.
The partnership has the advantage of pooling managerial talent. One partner may be qualified in production, another in marketing. The partnership, like individual ownership, is exempt from most of the reporting that the government requires of corporations. Furthermore, it has a favourable tax position when compared with the corporation. Federal (axes are paid by individual partners on their share of earnings; beyond that the business is not taxed.
A major disadvantage of the partnership is that each member is liable for all the debts of the partnership; the act of any partner is legally binding upon all the others. If one partner takes a large amount of money from the business and squanders it, the others must pay the debt. Partnerships suffer another major disadvantage: decision-making is shared. If partners have serious disagreements, the business is bound to suffer.
Nevertheless, the partnership remains a vital part of the overall business economy.
Vocabulary
partnership — товарищество, партнерство
to form a partnership — организовать, создать партнерство
co-owner — совладелец
rights and duties — права и обязанности
agreement — соглашение, договор
amount — количество
to assume — принимать на себя, брать на себя
"silent partner" — пассивный партнер
to take part in something — принимать в чем-то участие
management — управление, менеджмент
ownership — собственность, владение
exempt from — освобожденный от
share of earnings — доля заработка
beyond — сверх, вне, свыше
major — главный, более важный
liable for — ответственный за что-то
debt — долг
to bind upon — связывать, переплетаться с
to squander — расточать, проматывать
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