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Agreement; choice; contribution; money; profits; risks; liable; specialized.
Partnership is good for people who feel that they can trust each other to share the ______ as well as the advantages of running a business. Because all the members of a partnership are personally _____ for its debts, the _____ of partners requires very careful thought. A partner should be able to make an important ______ to running the business in an area which you are unable to take care of. He may have some _____ expertise or have important business contacts to bring in work. He may even be a “ sleeping partner ” who is doing little apart from putting some _____ in return for a share in the future _____. To avoid potential disputes it is advisable to compose a formal partnership _____.
Ex.15. Analyse some characteristics of partnerships. Comment on them.
1) A partnership allows to expand a business.
2) The rights and duties of partners are stated in a legal agreement.
3) Each member is liable for all the debts of the firm, even if they are incurred by other partners.
4) Each partner brings a share of capital or specific knowledge and skills.
5) There are two or more partners, each having his own views and wishes.
6) The partnership is automatically liquidated if any of the partners leaves the business or dies or becomes too ill to carry on.
Ex.16. Read and discuss the texts describing various kinds of small business. Identify the opportunities they provide and the difficulties to be overcome.
FARMING AND MARKET GARDENING.
Some people are willing to take up market gardening, which gives them a pleasant life in the country while they sell the fruits of their labour to others. Or a person can simply decide to buy a farm and raise cattle, grow corn or keep pigs or chicken.
In all cases, the romantic glow soon disappears. There are two essentials for any of these occupations: capital and the capacity for hard work. Take advice from professional organizations; try to take up some training courses. The high costs of fuel and animal foodstuffs have already put many market gardeners and farmers out of business, so it is essential to consider the financial aspect very carefully. It is also essential to have complete support of your family. This is going to be a very hard life fir all of you.
BOOKSHOPS.
The location of a bookshop is all-important when deciding what sort of books to stock: children’s books, textbooks, hobbies, gardening, etc. If you are on the tourist route it might be a good idea to stock a lot of local history or guidebooks.
You need to be devoted to your work, since you are going to work hard long hours and some days you may be lucky to sell one cheap paperback although there have been a lot of browsers in your shop. If there is a college in your area you could try to find out what textbooks are necessary for the students. You could even put a small ad in your window and perhaps develop a second-hand and exchange system with students.
RESTAURANTS.
New restaurants open every week, especially in the London area. But almost as many close. Establishing a restaurant is extremely expensive. A good idea is not enough; you also need diligence and above all, money.
The main problem for a restaurateur is how to maintain standards without wasting a lot of food and losing money. One answer is to have a small choice of dishes which are changed regularly. He will have to spend quite a lot of time, finding the best sources locally for fresh meat, fish and vegetables since his reputation depends on it.
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| Reading and discussion. | | | Ex.18. Read the following aphorisms and sayings. Use some of them in preparing an essay on small business. |