This course offers an insightful exploration into the different types of business entities, featuring a comparative study of sole proprietorships, partnerships, LLCs, C corporations, and S corporations. Its key benefit lies in equipping participants with the knowledge to make informed decisions about the most suitable business entity for their specific tax and liability needs. By understanding the unique tax attributes, applicable taxes, permissible deductions, and termination processes for each entity type, participants can strategically use this information for optimal tax and financial planning. This course is an invaluable tool for anyone seeking to navigate the complexities of business entity selection with confidence and precision.
Learning Objectives
Upon successful completion of this course, participants will be able to:
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.
Major Topics
Business Entity Tax Divide
Sole Proprietorship
Partnerships
Limited Liability Companies
Corporations
S Corporations
