Major Topics
Learning Objectives
- Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
- 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.
- Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
- Identify the basic deductions that are permissible 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 the entities can be terminated.
- 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, 2024Course Authors
Danny Santucci
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.
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
- Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
- 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.
- Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
- Identify the basic deductions that are permissible 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 the entities can be terminated.
- 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
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.
All of our self-study courses are NASBA approved (through our partners at K2 Enterprises) the revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards).
Your Registration Includes:
- ✓ Course materials (video & PDF version)
- ✓ Unlimited attempts to complete exam
- ✓ Course materials (PDF & Sample Materials)
- ✓ Instant grading & certificate of completion
- ✓ One year access to complete your CPE
- ✓ Completion certificate