Comprehension Check. 1. Read the text again and decide whether these statements are about the sole proprietor, the partnership

1. Read the text again and decide whether these statements are about the sole proprietor, the partnership, the joint stock company, or the cooperative society.

1. This type of business is easy to organize, but it needs agreement; partners receive all income and partners have unlimited liability.

2. This type of business is easy to organize, the owner has complete control and receives all income.

3. In this type of business the owner has unlimited liability.

4. Such a company has some features of a corporation and some features of a partnership. It sells fully transferable stock, but all shareholders have unlimited liability.

5. This is a jointly owned commercial enterprise (usually organized by farmers or consumers) that produces and distributes goods and services and is run for the benefit of its owners.

2. Answer the questions.

1. What is the purpose of any business?

2. Do forms of business vary? What are they?

3. In what way is the sole proprietor often referred to?

4. Are there any disadvantages of sole proprietorship?

5. What are partnerships?

6. Is the motive of a partnership to make a profit?

7. Is the joint stock company the simplest and the oldest form of business enterprise?

8. What are the characteristics of a cooperative?

9. Why is choosing the right form of business important?