The Partnership

A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.

In most countries, a partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise, contribute to it, by combining property, knowledge or activities and to share its profit. Partners may have a partnership agreement, or declaration of partnership and in some jurisdictions such agreements may be registered and available for public inspection. In many countries, a partnership is also considered to be a legal entity, although different legal systems reach different conclusions on this point.

Partnerships are often favored over corporations for taxation purposes, as a partnership structure eliminates the dividend tax levied upon profits realized by the owners of a corporation....
 

I. Прочитайте тексту (без словаря).

II. Перепишите и письменно переведите на русский язык следующие предложения. Помните, что объектный и субъектный инфинитивные обороты соответствуют придаточным предложениям. Подчеркните Complex Object, Complex Subject.

1. The director is said to manage the whole business successfully.

2. The tentative conclusion of existing studies is that the limited liability partnerships that expand trade flows appear to have a substantial dampening impact on conflict.

3. Managers expect decreased sales to result in poor economic position of the firm.

4. A partnership is said to be based upon a nominate contract between individuals who agree to carry on an enterprise, contribute to it, by combining property, knowledge or activities and to share its profit.

5. Many businessmen want the liability of a partner to be significantly large.

6. Such provisions are likely to be more effective if they are part of a broad and comprehensive agreement.

7. Economists thought prices for food to have been increased by producers.

III. Перепишите и письменно переведите на русский язык следующие предложения. Обратите внимание на перевод зависимого и независимого (самостоятельного) причастных оборотов. Подчеркните независимый причастный оборот.

1. With increasing numbers entering the working population, expanding industries will have little trouble in recruiting labour.

2.  Firm’s profit increasing, much attention must be paid to advertising.

3. The richness of the model structure, however, requires that many key parameters be selected on the basis of an extensive literature search, with others being the result of a process of calibration to a single base- year observation.

4. Partners buying real estate and land, their debts and obligations increase.

5. Partnership having debts, bankruptcy may follow.

6.. The firm has developed for three years, its profits and debts having always been available for public inspection.

7. Having obtained necessary results, we stopped our experimental work.

IV. Перепишите и письменно переведите на русский язык следующие предложения. Укажите тип условного предложения.

1. If they contribute their property, knowledge and activities to this firm, their partnership agreement will be very profitable.

2. If this step of “dispute avoidance” proves unsuccessful, the concerned party can forward its request to an arbitration panel comprised of representatives of both parties.

3. They would have signed the declaration of partnership if they had been satisfied with the partnership structure.

4. If the trade agreement (торговое соглашение) reduces border protection on investment goods and allows domestic producers to source cheaper and higher technology capital goods, members may benefit.

5. If the businessman wanted the dividend tax to be eliminated, he had to favor partnership over corporation.

6. If the shareholders had passed an ordinary resolution, the company would have increased its authorised share capital.

7. They would  avoid double taxation, if they organized a limited liability company last year.

V. Прочитайте, перепишите и письменно переведите текст.

VI. Ответьте письменно на вопросы по тексту:

1. Define the term partnership.

2. What are the basic forms of partnership?

3. For what purpose may partners prefer Limited Partnership?

4. How many partners may a limited partnership consist of?

5. Can a person be both a general and a limited partner at the same time?