Choosing the Right Business Entity & Getting Cash Out of It ON DEMAND

Overview

Choosing the correct business entity is one of the most critical-and sometimes one of the most challenging-decisions business owners make. This course will help you through the process, outlining the advantages and disadvantages of different entity types, allowing you to select the right business entity for specific tax and liability needs. This course describes and compares sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations.

Highlights

Business Entity Tax Divide. Sole Proprietorship. Partnerships. Limited Liability Companies. Corporations. S Corporations.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types. Recognize the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to 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 basic deductions that are permissible 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 the entities can be terminated. Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.

Preparation

None.

Notice

None.