Choice of Entity

Course Information

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Title: Choice of Entity
Category: Taxation
Field of Study: Taxes
Course Code: M114
CPE Credits: 3.0
Price: 27.95



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.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Technical Details: Taxation is a technical field of study for all states.

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1. Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types. 2. Recognize the tax attributes 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.

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QAS: Yes

CPA: Suitable for all CPAs

IRS: IRS credit for Enrolled Agents.

Profession Identifiers: CPA, Enrolled Agents