Business Succession Planning
This business succession CPE course is an analysis of different methods of holding title with discussion of each business format as it relates to tax consequences. Sole proprietorships, S corporations, C corporations, partnerships, and limited liability companies are analyzed as to formation, operation, and ultimate disposition. Before launching into an estate planning program, it’s important to know who owns what and exactly for whom you are planning. Since who or what holds title imposes its own unique tax and legal consequences on the estate plan, emphasis is given to the maximization of tax benefits in each business format. While each has its own separate characteristics, several may be used together in more sophisticated planning.
Course Information
Course No. M290
Format: Online pdf (56 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Taxes: Technical
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: February 2024
Objectives
Business Estate Planning Study Topics:
* Individual ownership & sole proprietorships
* Corporations
* Trusts & co-tenancies
* Co-tenancy taxation, percentage interests & partition
* Partnership taxation & recapitalization
* Family partnerships
* Limited liability companies
* Retirement plans
* Custodianship
* Estate
Upon completion of this course you should be able to:
1. Specify the various types of corporations, identify S corporation rules and their tax advantages and disadvantages, cite the advantages and disadvantages of corporations relative to other types of entities, and determine how leasebacks to corporations work;
2. Identify the different types of joint ownership and how to use the benefits of partnerships, trusts, and limited liability companies to hold property;
3. Recognize the various retirement plans specifying how they can be used to provide substantial lifetime benefits to a business owner and to employees.
