Self Study: Choice of Entity 2022

Overview

This course is available until April 30, 2025.

This course compares sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. It examines their advantages and disadvantages, giving you the knowledge to properly select the correct business entity for tax and liability needs.

Highlights

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

Objectives

• Cite the significant differences between business entities and the advantages and disadvantages of basic business entity types.
• Recognize the tax attributes of sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each can 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 permissible basic deductions 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 to terminate the entities.
• Specify the basis and tax effect of sales, exchanges, transfers, contributions and distributions for different entity types.

Notice

Downloadable PDF