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When setting up in business, one of the key decisions is the type of business that you should aim to be. There are a number of different types of business. The legal structure of the business is quite important as different types of business are subject to very different regulations and the wrong choice now could have significant repercussions in the future. Probably 99% of small and mid-sized business will be well served by one of just four basic business entities:
* Sole Proprietorship, Sole Trader; * General Partnership;
* Private Limited Company; * Public Limited Company
Unincorporated firms
There are two main types – sole trader and partnership.
Sole trader
A sole trader is the simplest form of business organization. There are no legal requirements – you simply set up and get on with trading. Any income or profit that you earn is yours and yours alone and you pay income tax on that income. There are few legal constraints and you have what is called unlimited liability. This means that any debts are your debts and so if you stop trading with large debts, you will be personally responsible for these debts. As a sole proprietor, you bear the full legal liability for business debts and for any legal judgments against your business. Creditors will have a claim on your house, yacht or any other personal assets you may have.
Advantages: 1. Cheap and easy to start. 2. All the profit is yours.
3. You are your own boss. 4. You do all the work
Disadvantages: 1. Unlimited liability. 2. Limited commercial life. 3. All the risk is yours.
4. What about sickness and holidays? 5. Do you have all the skills?
Vocabulary:
1. repercussions – последствия; 2. business entities – самостоятельные организации
3. legal entity – юридическое лицо; 4. legal constraints – юридические ограничения
5. legal judgement – юридическое разбирательство, решение суда;
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Trade Fairs and Exhibitions
International fairs and exhibitions play a very important part in the development of good friendly relations between all the countries. They help to establish business contacts and promote trade and trade, as we know, promotes peace. Trade fairs and exhibitions are very popular with businessmen and ordinary people as well. Therefore our country which stands for peace and friendly relations with all countries takes part in fairs and exhibitions arranged both abroad and here in Russia. All the exhibitions in Moscow are organized up to the highest international standards. A large number of all kinds of goods on display in exhibit halls (pavilions) as a rule give the visitors an idea of the development of the national economies of the countries-participants and their peoples' way of life in general.
Recently the 8th Moscow international exhibition "Powertek-Energoprogress 2003" was held (on March 25-28 2003) in the sport complex Olympiysky. "Powertek-Energoprogress 2003" was an important international event in the energetic branchin Russia, the CIS (the Commonwealth of independent States) and other countries of the world participants showed their main achievements and the progress the industry and science had made for the last few years.
The efficient staff of stand-attendants, guidesand interpretersdid their best to make the exhibition a success. Colorful leaflets helped to advertisethe equipment. The exhibition was crowdedwith visitors from opening to closing time. The entries in the visitors' bookshow that the visitors were greatly impressed by the exhibition.
The participants of the exhibition were interested in introducing their goods to new markets and as a result a lot of contracts were signed at the exhibition. For many leading companies participation in exhibitions arranged in Moscow became a good tradition.
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