Choice of Entity 2022 ON DEMAND

Overview

This course compares sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. It examines their advantages and disadvantages, giving you the knowledge to properly select the correct business entity for tax and liability needs.

Highlights

Advantages and disadvantages of sole proprietorships. Taxes for self-employed individuals. Definition of partnership. Partnership tax return and year taxable. Contributed property, assets and services. Sales and exchanges of partnership interests. Limited liability companies. C corporations and PSC corporations. Inventories. S corporations.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Cite the significant differences between business entities and the advantages and disadvantages of basic business entity types. Recognize the tax attributes of sole proprietorships, partnerships, LLCs, S corporations, and C corporations and how each can enhance tax and financial purposes and objectives. Specify the unique (e. g. , self-employment) and general taxes applicable to particular entities and the tax forms that may be required. Identify the permissible basic deductions for each entity type and the conditions under which they are allowed. Determine the tax years, accounting methods and valuation methods that each entity type may use and how to terminate the entities. Specify the basis and tax effect of sales, exchanges, transfers, contributions, and distributions for different entity types.

Preparation

None.

Notice

None.