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Ace personal trainer chapter 17 practice Questions and Answers (100% Pass)
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Ace personal trainer chapter 17 practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024/2025 REAL EXAM DUMPS Monday@ August 5@ 2024 6@07 PMAce personal trainer chapter 17 practice
Questions and Answers (100% Pass)
Sole proprietorship - Answer✔️✔️-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 - Answer✔️✔️-two or more people who agree to operate a business and
share profits and losses
You should not operate a partnership without a ? - Answer✔️✔️-partnership
agreement
a partnership ends when a ? - Answer✔️✔️-partner dies or becomes bankrupt, or its
partners engage in any illegal activity
flow- through taxation - Answer✔️✔️-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
, ©PREP4EXAMS@2024/2025 REAL EXAM DUMPS Monday@ August 5@ 2024 6@07 PM
Corporations - Answer✔️✔️-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 - Answer✔️✔️-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 ? - Answer✔️✔️-corporate veil against personal liability
Advantages and disadvantages to sole proprietorship - Answer✔️✔️-Advantage,
easily created and managed through flow through taxation, disadvantages personal
liability raising capital
Advantages and disadvantages to partnerships - Answer✔️✔️-Advantage, easily
created flow through taxation. disadvantages potential management disputes
personal liability
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