Английский язык: Аннотирование и реферирование текста

48 tional capital – there is a limit to what one person can borrow. Partner- ships are found in every type of business. This includes law and medi- cal firms. Forming a partnership may be the answer for many busi- nesses, especially those that require more initial capital than one person can raise alone. Several types of arrangements can be made with a potential part- ner. For example, not all partners want to have equal ownership and responsibility. They may desire to be limited partners. Most limited partners invest in a business. They do not have a voice in management. What is a corporation? Another type of ownership is the corporation. Sole proprietor- ships outnumber corporations in the total number of U. S. businesses. But in the number of dollars earned and people employed, the corpora- tion is the largest form of business organization in the United States today. The corporation is chartered by a state and is characterized by three or more owners. It is given the power to transact business, to enter into contracts, and to sue or be sued as a legal entity. The corporation acts on its own through its officers. They have power to make contracts and carry out business activities. These are done in the same manner as a sole proprietorship or partnership. Thus, a corporation is an entity created through state laws for the purpose of doing business. The owners of a corporation are the stockholders. The number of stock certificates they purchase determines the extent of their owner- ship. After the corporation has been chartered, the stockholders must elect a board of directors. The board of directors appoints the officers or managers of the business. Forming a corporation offers advantages to those who need lots of capital. But it requires a large amount of extra capital to start and to operate. The corporation is not suitable for all business. However, it is an important part of the American economic system. What are cooperatives? A cooperatives is an organization of individuals with similar in- terest and problems who have joined together to perform certain activi-