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ACE Personal Trainer Chapter 17 | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass
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ACE Personal Trainer Chapter 17 | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass

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  • August 4, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ace personal trainer chapter 17 questions answ

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ACE Personal Trainer Chapter 17 | Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass

Sole proprietorship - a for profit business owned and operated by one person. there is no corporate veil
that shields the actions of the business from the personal responsibility of the owner, even if the owner
conducts the business under a different company name



Partnership - two or more people who agree to operate a business and share profits and losses



You should not operate a partnership without a ? - partnership agreement



a partnership ends when a ? - partner dies or becomes bankrupt, or its partners engage in any illegal
activity



flow- through taxation - financial profits and losses flow from the business directly to the investors. The
business does not pay any taxes ; rather, business profits are taxed on the investors individual tax return
and losses can be utilized by investors to offset other personal income



Corporations - designed to create a separate entity from the investors and operators of business.
regulated by state and federal laws, corporations exist as distinct legal entities. investors own shares of
the corporation, which limits the investors personal liability. as long as the corporation and investors
maintain separate existence the corporate view protects investors from personal liability



What is the main financial advantage of an s corp - that profits flow through the business to the
shareholders and are taxed as ordinary income s corps are the most typical type of corporation used by
the personal training business that do not operate as sole proprietorship of partnership



LLC and LLP provide a ? - corporate veil against personal liability



Advantages and disadvantages to sole proprietorship - Advantage, easily created and managed through
flow through taxation, disadvantages personal liability raising capital



Advantages and disadvantages to partnerships - Advantage, easily created flow through taxation.
disadvantages potential management disputes personal liability

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