Choosing the Right Business Entity & Getting Cash Out of It (3.5 hrs)

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Course Description

Choosing the Right Business Entity Mini-Course

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.

We also have an extended 22-hr. version of this course titled Choice of Entity.

Course Information

Price: $36

This course is included in our Mega CPE Special and our Unlimited Tax Bundle

Course No. M320
Format: Online pdf (81 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of federal income taxation.
Advance Preparation: None
Level: Overview
CPE Credit: 3.5 hrs.
Field of Study: Taxes: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: January 2024


Course Topics:
* Advantages and disadvantages of sole proprietorships
* Taxes for self-employed individuals
* Definition of partnership
* Partnership tax return & year taxable
* Contributed property, assets & services
* Sales & exchanges of partnership interests
* Limited liability companies
* C corporations & PSC corporations
* Inventories
* S corporations

Learning Objectives:

1. Cite the central differences among business entities and the ad-vantages and disadvantages associated with basic business entity types.
2. Recognize the tax attributes of 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 appli-cable 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 meth-ods that each entity type may use, and how the entities can be termi-nated.
6. Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.

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