FORMS OF BUSINESS OWNERSHIP Hundreds of thousands of people start new business in different countries every year. One key to success in a new business is knowing how to get the resources you need to start. You may need to take on partners or find other ways of obtaining money. To stay in business, you may need help from someone with more expertise than you in certain areas, or you may need to raise more money to expand. How you form your business can make a tremendous difference in your long-term success. You can form a business in several ways. The three major forms of business ownership are: (l) sole proprietorships, (2) partnerships, and (3) corporations. It's easy to get started in your own business. For example, you can begin a typing service out of your home, open a car repair centre, start a new restaurant, or go about meeting other wants and needs of the community on your own. An organization that is owned, and usually managed, by one person is called a sole proprietorship. That is the most common form of business ownership. Many people do not have the money, time, or desire to run a business on their own. They prefer to have someone else or some group of people get together to form the business. When two or more people legally agree to become co-owners of a business, the organization is called a partnership. Each form of business ownership has its advantages and disadvantages. It is important to understand these advantages and disadvantages before starting a business. Keep in mind that just because a business starts in one form of ownership, it doesn't always stay in that form. Many companies start out as “one man show”, then add a partner or two, and eventually become corporations. 2. Grammar questions. 1. Fill in the right word: 1. A nation’s wealth depended on …………….. owning precious metals. a) its b) my c) their 2. Merchants were people who made …………… money through the buying and selling goods. a) his b) your c) their 3. Each good has ………… own utility value for the consumer. a) their b) its c) my 4. The price of goods is not always the same as ……….. real cost. a) their b) its c) my 5. Consumers want satisfaction from …………………….. resources ( time and money). a) her b) its c) their 2. Present Simple or Present Continuous 1. It (often/rain) in this part of the world. а) Is often raining b) often rains 2. Take your umbrella. It (rain) cats and dogs. a) Rains b) is raining 3. Granny is in the kitchen. She (make) a plump-cake. а) Is making b) makes 4. My wife (often/make) plump-cakes а) Is often making b) often makes 5.Can you phone a bit later, please? Jane (have a bath). а) Is having a bath b) has a bath 3. Present Simple или Past Simple. 1 .I usually (to walk) to my school but yesterday I (to take) a tram. 2. Yesterday he (to have) a holiday. He (not to go) to the office. He (to get) up at eleven o’clock, (to wash) his face, (to have) breakfast and (to go) for a walk. 3. As a rule my mother (to cook) dinner. But yesterday she (to decide) not to cook. She (to invite) us to the restaurant. 4. Present Perfect или Present Continuous. 1. What she (to do) this week? 2. Beth (to translate) the article now? 3. Who already (to translate) the article? 4. Our teacher (to explain) a new rule now. 5. Your teacher (to explain) you this rule today? 5. Past Simple или Past Perfect. 1. When the police (to arrive), the car (to go). 2. George (to finish) doing his homework at eight o’clock. 3. When she (to get) to the shop, it (to close). 4. The train (to leave) when he (to come) to the station. 5. We (to eat) everything by the time he (to arrive) at the party.