Choice of Entity 2022

Overview

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

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Downloadable PDF.