3. Complete the following sentences with suitable forms of the following words:

fiscal, invest, responsible, sole, liable, conducting, drawbacks, shared, exist.

1. You are self-employed and fully for all the aspects of the management

of your business.

2. In individual proprietorship the owner is in charge of the business and

is responsible for its success or failure.

3. Although this form of small business has its advantages, it has certain .

178

4. The single owner is seldom able to as much capital as can be secured by

a partnership or a corporation.

5. They are personally for all the debts of their business.

5. Profits and losses are between all partners.

5. A partnership contract may include general policies, distribution of profits,

responsibilities, and a specific length of time during which the partnership

is in effect.

8. A company is usually formed for the purpose of business.

8. A company continues to despite changes in its owners.