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Choosing the Right Business Entity and Getting Cash Out Of It

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE General Understanding of Federal Income Taxation Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-210 4 Danny Santucci Choosing the Right Business Entity an ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE General Understanding of Federal Income Taxation Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-210 4 Danny Santucci

Choosing the Right Business Entity and Getting Cash Out Of It

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.

Who Should Attend: All CPA's, Enrolled Agents, & all Tax Professionals

Learning Objectives:

  1. Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
  2. 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.
  3. Specify the unique (e.g., self employment) and general taxes applicable to particular entities and the tax forms that may be required.
  4. Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
  5. Determine the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
  6. Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions and distributions. 

 


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