Course: Choosing the Right Business Entity and Getting Cash Out of It

Author: Danny C. Santucci

Course ID: TXCOEDCS
CPE Hours: 4
Format: PDF

Course Description:
This mini-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.

NASBA Category: Taxation

• 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 sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
• Direct clients about the unique (e.g., self employment) 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 and the conditions under which they are allowed.
• Summarize the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
• Determine for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions and distributions.  

Level:Overview

Overview-This program is appropriate for professionals at all organizational levels

Prerequisites: None

Updated/Revised: February 2013