CHOICE OF ENTITY -Mini course-Download Version
This course describes and compares sole proprietorships, partnerships, limited liability companies, “C” corporations and “S” corporations. It examines their advantages and disadvantages, permitting the participant to properly select the right business entity for their tax and liability needs.
- Compare and contrast the central differences among business entities and the advantages and disadvantages associated with five basic business entity types.
- Explain the tax attributes of sole proprietorships, partnerships, LLCs, S corporations and C corporations.
- Direct clients about the unique and general taxes applicable to particular entities and the tax forms that may be required.
- Describe the basic deductions that are permissible for each entity type.
- Summarize the tax years, accounting methods and valuation methods that each entity type may use.
- Determine for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions and distributions.
Course prerequisite: None
Course level: Overview
Field of Study: Taxes
Course format: Downloadable Text
Recommended CPE Credit: 4 hours