Английский язык: Аннотирование и реферирование текста

51 liability) if the sale of the business assets does not pay your debts. Thus, business failure can lead to the loss of your home, car, and other possessions, as well as your business. Other disadvantages of the sole proprietorship : • The difficulty of raising capital. • The lacks of assistance in operating the business – you as an owner need expertise in many areas. • The limited life of the business. If the owner gets sick or dies, the business must temporarily close down or possibly end for good. Are there advantages of a partnership? One advantage of a partnership is a variety of skills, abilities, and ideas. These are brought to the agreement by each partner. Each partner does not need to be expert in all areas of the business. Each can concen- trate on his or her area of expertise. Having partners also means that if one owner is ill or on vacation, the business can continue to operate. Other advantages of a partnership are: • More sources of capital (two can borrow more often – even if not more cheaply – than one). • Easy entry and termination of business. • Low start-up costs that are similar to those of a sole proprietor- ship, but with additional cost of contract preparation. • Possible tax advantages. • Limited outside regulations. What are disadvantages of a partnership? The main disadvantage of a partnership is that, like a sole pro- prietorship, the partners have unlimited liability. Therefore, the owner’s personal property can be seized to settle business debts. An added dis- advantage of a partnership is that one partner may not give as much time and effort as the other, yet still get an equal share of the profits. Two heads are better than one if both heads are working.