Group 8
Friday, 29th January, 2010
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Group 8
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A. Business Reading
PARTNERSHIPS
A partnership is an association of two or more persons to carry on a business for profit. When the owners of partnership have unlimited liability, they are called general partners. If one or more partners have limited liability, they are called limited partners. There may be a silent partner a well – a person who is known to the public as a member of the firm but without authority in management. The reverse of the silent partner is the secret partner – a person who takes part in management but who is not known to the public.
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Any business may be operated as a partnership. There are partnerships in professional fields such as medicine, law, accounting, insurance and stockbrokerage. Limited partnerships are a common form of ownership in real estate, oil prospecting, and the mining and quarrying industries, to name a few.
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Partnerships are more advantageous than sole proprietorships if one needs multiple sources of capital or diversified management. Like sole proprietorships, they are easy to form, and often receive favored treatment by the government as well as tax benefits.
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There are a number of disadvantages to partnerships. One is unlimited liability. This means that each partner is responsible for all debts and legal responsibilities in connection with the business. Another disadvantage is that partner may disagree with each other. Complications can also arise with the death of a partner. For example, a share of the business could come into the hands of a less desirable associate.
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Vocabulary
partnership [`pɑ:tnə∫ip](n) : Công ty hợp danh
liability [`laiəbl](n) : trách nhiệm pháp lý
authority [ɔ:`θɔriti] (n) : uy quyền, quyền thế
reverse [ri`və:s] (adj): đảo nghịch, trái lại; (n): điều trái ngược; (v): làm đảo ngược
accounting [ə`kauntiη] (n): kế toán
stockbrokerage [´stɔk¸broukəridʒ](n): môi giới chứng khoán
insurance [in`ʃuərəns](n): bảo hiểm
real estate [riəl ɪˈsteɪt](n):bất động sản
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mining [`mainiŋ](n): sự khai mỏ
quarrying [´kwɔriiη](n): việc khai thác đá
advantageous[,ədvən`teidʒəs](adj): thuận lợi
disadvantageous[,disædvɑ:n`teidʒəs](adj): bất lợi
sole proprietorship [soul prə´praiətəʃip](n): doanh nghiệp tư nhân
diversified [dai`vəsifaid](adj) : đa dạng
responsible[ri`spɔnsəbl] (adj) : chịu trách nhiệm
desirable[di`zaiərəbl](adj) : mong muốn, ao ước






Vocabulary
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MAIN CONTENT
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One important difference between a general and limited partnership.


B. NOTE - TAKING
Complete the following guided notes.
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2. Two types of partnership owners
3.
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C. COMPREHENSION
What does each of the underlined parts refer to ?
4. “Like sole proprietorships, they are easy to form …”

5. “This means that each partner is responsible for all debts … “

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D. USING DICTIONARIES
Study the dictionary definitions for the underlined words in the sentences below an write the definitions number that fits each context in the space provided.
6. “When the owners of partnership have unlimited liability …”

7. “… each partner is responsible for all debts and legal responsibilities”
Definition number
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Find the Vietnamese equivalents for the following terms or phases :

8. General partner


9. Limited partner
Tổng hội viên
Thành viên hữu hạn
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E. VOCABULARY PRACTICE
From the words listed below, select a word to fit each blank space in the sentences. Use each word only once.
10. A secret partner takes part in …………….. .
11. General partners have ……………….... .
12. A ……………… is known to the public as a member of the firm, but has no authority.
13. Partnerships often receive tax …………….… from the government.
14. One advantage of a partnership is that it offers a multiple source of ……………. .
15. A partner’s share of the business can come into the hands of a less desirable …….……… upon the partner’s death.
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management
unlimited liability
silent partner
benefits
capital
associate
See you later …

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Thank for
your attention