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Questions and Answers
What is indemnity?
Which of the following is a characteristic of indemnity?
What is the primary concern of an established massage therapy practitioner when choosing a business entity?
Which business entity is best suited for an established massage therapy practitioner who is primarily concerned about liability?
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What is a major drawback of a sole proprietorship for an established massage therapy practitioner?
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Study Notes
Indemnity Definition
- Indemnity is a legal duty or obligation arising from a contract
- It involves one party agreeing to compensate for losses or damages if they occur
Business Entity for Liability Concern
- For an established massage therapy practitioner concerned about liability, the best business entity is an LLP (Limited Liability Partnership)
- This is because an LLP provides personal liability protection for the practitioner, limiting their exposure to lawsuits and financial losses
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Description
Understand the concept of indemnity and the best business entity for liability protection, particularly for massage therapy practitioners.
