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Choice of Entity

Course - K2's CPA Firm Update

Major Topics

Learning Objectives

  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 each entity can be used to enhance tax and financial purposes and 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.

Course Description

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.

Compliance Information

Advanced Preparation

None

Field of Study

Taxes

Credits

3.5 Credits

Published Date

April 21, 2023

Revision Date

February 14, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

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Overview

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.

Course Details

  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 each entity can be used to enhance tax and financial purposes and 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.

Intended Audience

Advanced Preparation — None

Field of Study — Taxes

Credits — 3.5 Credits

IRS Program Number

Published Date – April 21, 2023

Revision Date – February 14, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

About Instructor Read Less