Central-South Central: Business Entities - E3S5R-T-00811-24-I

Part 1: The course will discuss business advantages and disadvantages of C­ Corporations, S-Corporations, Limited Liability Companies, Partnerships, and Sole Proprietorships. There is much to consider when guiding your clients down a path to success and sustainability with their business. We will cover tax treatment and potential pitfalls, explaining rules, requirements, issues, and opportunities in selecting the best entity type in which to operate a business. 

Objectives:

Recognize whether and entity is separate form its owners in regards to the evaluation Differentiate business structures and describe how they are applied

Identify correct statements with respect to profits interest Describe default classifications

Recognize what happens when a corporation changes to a partnership 

Part 2: We will discuss the tax advantages and disadvantages of each entity type. We will cover the tax treatment and potential pitfalls involved informing each type of entity. Choosing the type of entity can be challenging, as one must consider the costs and benefits of today versus the future. These decisions are affected by the Tax Cuts and Jobs Act. Helpful tips and practical suggestions will be provided so you can advise your clients with confidence on matters regarding choice of entity and the resulting tax and non-tax implications.

Objectives:

Describe advantages and disadvantages of various entity types Describe tax consequences to forming various types of entities Differentiate IRC sections and how they apply

Describe partner's basis in a partnership interest

Identify correct statements with respect to debt vs. equity