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Choose the necessary word and put it in the sentence, find the pairs
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| 1.Small. … are very often service industries. 2.The. … industries don't produce material goods. 3.More than 80 per cent of all business... are not from sole proprietorships. 4.Less than 20 percent of European businesses are partnerships or... 5. Sole proprietorships... only a small part of all business receipts. 6.Is this bank owned publicly or...? 7.There are three... of business ownership. | 1.receipts 2. business 3. service 4. privately 5. account 6.corporation 7. forms |
Dialogue 1
Jim: Hi, Alice. How are you getting on?
Alice: Fine, as usual, thanks, Jim. What about you?
Jim: I'm O.K. It's nice to see you.
Alice: You too. I'm glad you are not in a hurry and we have time to talk today.
Jim: Sure.
Alice: Can you give me a piece of advice?
Jim: Well, I'll try if I can.
Alice: You know I've been always good at cooking. It interests me. I am thinking of starting my own business - cafe.
Jim: It might be a good idea.
Alice: I guess I must learn about the responsibilities of going into business.
Jim: Are you going into this business by yourself?
Alice: Exactly. I'd like to have a cafe with my name on it where I make the decisions and where I control the profits.
Jim: You seem to be resolute so I'll try to help you. If you go into business alone, it is called sole proprietorship. In such case you needn't consult a lawyer to form the business. You can start or you can stop your business whenever you like.
Alice: It sounds encouraging. What else can you tell me?
Jim: There is no need to consult partners or a board of directors. So you can put your policies into effect quickly. You decide on your vacation, hours, salary, hiring and firing.
Alice: Well, that's not bad.
Jim: Wait a moment. I believe I have to tell you about the risk involved.
Alice: What do you mean?
Jim: First of all, the most important risk is that you have unlimited liability. It means that you are responsible for all your business debts.
Alice: So if the business fails, I have to declare personal bankruptcy, don't I?
Jim: That's what I mean. You can lose your personal assets.
Alice: Well, it's rather disappointing. What other things should I know?
Jim: You won't get tax benefits which partnerships or corporations can get.
Alice: I know about it. By the way do you know of a good accountant to do my taxes?
Jim: Of course. You'll also have to hire a good book-keeper if you can't do your books yourself.
Alice: I can't say anything definite about that. I have to think it over. What else, Jim?
Jim: Well, I am a bit hungry, why don't we have a snack together and discuss the things in the cafe.
Alice: You are right as usual. Let's go.