Basic forms of ownership

Although forms of business ownership vary by jurisdiction, there are several common forms:

• Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has personal liability of the debts incurred by the business.
• Partnership: is a form of business in which two or more people operate for the common goal which is often making profit. In most forms of partnerships, each partner has personal liability of the debts incurred by the business. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships.
• Corporation: is either a [limited liability|limited] or unlimited liability entity that has a separate [legal personality] from its members. A corporation can be organized for-profit or not-for-profit. A corporation is owned by multiple shareholders and is overseen by a board of directors, which hires the business's managerial staff. In addition to privately owned corporate models, there are state-owned corporate models.
• Cooperative: Often referred to as a "co-op", a cooperative is a limited liability entity that can organize for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

Граматичний матеріал: Повторення часів Perfect Continuous.

Ex. 1. Complete the sentences. Put the verb into the proper tense form (affirmative or interrogative)

1. It was warm, so I took off my coat. (take)
2. The film wasn't very good. I didn't enjoy it very much. (enjoy)
3. I knew Sarah was very busy, so I ____________ her. (disturb)
4. I was very tired, so I ____________ the party early. (leave)
5. The bed was very uncomfortable. I ____________ very well. (sleep)
6. The window was open and a bird ____________ into the room. (fly)
7. The hotel wasn't very expensive. It ____________ very much. (cost)
8. I was in a hurry, so I ____________ time to phone you. (have)
9. It was hard carrying the bags. They ____________ very heavy. (be)

10. 'How did you learn to drive?' 'My father _______________ me.' (teach)

Ex. 2. Use the verb in the right form Past Indefinite or Past Continuous.

1. Jenny was waiting (wait) for me when I arrived (arrive).
2. 'What _______________ (you / do) at this time yesterday?' 'I was asleep.'
3. '_______________ (you / go) out last night?' 'No, I was too tired.'
4. How fast ______ (you / drive) when the accident _________ (happen)?
5. Sam _________ (take) a photograph of me while I _____ (not / look).
6. We were in a very difficult position. We ______ (not / know) what to do.
7. I haven't seen Alan for ages. When I last ________ (see) him, he _____ (try) to find a job.
8. I _________ (walk) along the street when suddenly I ____ (hear) footsteps behind me. Somebody _____(follow) me. I was scared and I __________(start) to run.
9. When I was young, I _________ (want) to be a pilot.
10. Last night I _________ (drop) a plate when I _______ (do) the washing up. Fortunately it ________ (not / break).