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.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* 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
After reading the materials, participants will be able to:
1. Cite the central differences among business entities and the advantages 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 they can be used to enhance tax and financial objectives.
3. Specify the unique (e.g., self-employment) and general taxes applicable 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 methods that each entity type may use, and how the entities can be terminated.
6. Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.
To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate. In Addition, no correct or incorrect feedback for any exam question will be provided.
Upon course completion A course evaluation form is provided for your feedback.
Participants have 1 year from the date of purchase/enrollment to complete this course
CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org