Английский язык: Аннотирование и реферирование текста

50 What is a franchise? A franchise is basically a contract to distribute and sell a parent company’s good or services in a specified geographic area. The fran- chise is sold by a parent company. This is franchisor. The franchise is sold to an individual. This is the franchisee. The contract establishes a continuing association between the two. The franchisee is guaranteed the right to use the parent company’s name and product. In turn, the franchisee pays a certain percentage of the profits to the franchisor. Specific procedures vary from company to company. However, the franchise is based on a contract listing the rights of and restrictions on both parties. What are the advantages of a sole proprietorship? Certain advantages of the sole proprietorship are rather obvious. You have often heard people say, "If I run this operation …" or "I’d like to be my own boss." That is exactly what the sole proprietor is the boss! As the boss, you have freedom of action and operation. As long as you don’t break the law or violate the rights of other, you can run the business in any manner you choose. You are free to make your own mistakes and to enjoy your own successes. You can seek the advice of other, but you make the decisions. Other advantages of the sole proprietorship are : • Greater freedom from government regulations. • A tax advantages to the small owner. • Accrual of all the profits to the owner. • Limited cost of actually starting the business (you pay no legal fees to get started). What are the disadvantages of a sole proprietorship? The main disadvantages of being a sole proprietor is that you have unlimited liability. All business ventures entail risks. But in the sole proprietorships, no one else shares the risk. The creditors of a sole proprietor can force the business to close if debts remain unpaid. Even worse, the creditors can also claim your personal property (unlimited