II Complete the text with the words or phrases in the bold.


Capital, charity, failure, franchise, interest, know-how, lawyer, partnership, private limited company,


public limited company, sole trader


Paul Jones started his fashion business as a (1) selling clothes from a market stall in Norwich. In the


beginning he borrowed (2) from family and friends, as he didn't want to pay the high rate of (3).


the banks were charging. Another important factor was the free business advice he received from a (4)


made up of local businessmen who were happy to share their (5) with start-up entrepreneurs like


Paul. After two years, he went into (6) with another designer, Franco Camilleri. The business


continued to grow, and in 1990, they formed a (7) and they opened shops in London, New York and


Paris. Paul Jones has said he will never turn the company into a (8) because he does not want to lose


control of the business he started. One possibility, however, is to offer the business as a (9)_. Paul and


Franco are currently considering the financial and legal aspects of this idea with the help of their (10)


When Paul started trading all those years ago, his biggest fear was (20). He was happy just to be able to


make a profit every month. These days, he feels confident that his business will continue to succeed and grow