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OnDemand Course

Choice of Entity and Succession Planning: Tax and Non-Tax Issues

Understand the tax advantages and disadvantages to better advise your clients on entity selection.

Successfully forming an exempt organization and filing for a federal income tax exemption is complicated. It involves understanding and navigation of both state and federal laws. The exempt organization portions of the Internal Revenue Code and corresponding Treasury Regulations are complex and intellectually dense. This topic will provide a method of navigating the forms and the rules that will allow you to start filing these applications and to avoid common errors. Gain practical knowledge of entity selection and use when creating, operating, or expanding a business. In addition, you should gain a basic understanding of how to transition a business to family members and/or key employees, or in the alternative, getting ready to sell the business at its optimal value and providing an income stream post-ownership for retirement.

Learning Objectives

  • You will be able to identify the Business Organizational Structure for Succession or Sale
  • You will be able to recognize the family dynamics affecting the sale or succession plan
  • You will be able to differentiate between the advantages and disadvantage of various entity types
  • You will be able to identify the stock implications of entity types

98 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Choice of Entity

  • Effect of Tax Act of 2017 on Entity Selection
  • General Comments
    • Differing Objectives of Members of Business
  • Should I Create a C Corporation?
    • Corporation Basics
    • Should the Comparison to Flow Throughs Be Based on Immediate Distribution of Earnings?
  • 1202 Corps
  • Pass Through Entities
    • Partnerships
    • S Corps
    • Sec 199A
    • Comparison of Aggregate Rates
    • Should the Comparison of C Corps to Flow Throughs Be Based on Immediate Distributions of Earnings?
    • Partial Reinvestment to Accommodate Differing Objectives

Business Succession Planning

  • What Is Business Succession Planning?
    • Management Succession
    • Ownership Succession
    • Rules or Bylaws of the Family Business
    • Who Are the Players?
  • When Should Succession Planning Begin?
  • Understanding and Optimizing the Business Organizational Structure for Succession or Sale
    • Considerations Under the Tax Act of 2017
  • HR - the Often Missing Element
    • Key Employees (NonFamily Members Fill the Gap)
  • Importance of Insurance and Insurance Management
    • Another Cash Flow Demand Is It Worth It?
    • BuySell
  • Should You Consider Moving Your Business to Another State to Lower Taxation and Transmit More Value?
  • Understanding Post Sale or Transition Effects on Cash Flow for Senior Generation
  • Getting Value to Spouses or Children Not in the Business
    • Spinoff of Real Estate Assets
    • Recapitalizations and Gifting
  • Getting Ownership to Junior Generation
  • What If the Junior Generation Fails? Can You Step Back in to Recover the Value of the Business?
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on May 19, 2021.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.6
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.6 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ND CLE 1.75
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
     
  • NH MCLE 1.6
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 98 Minutes.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • CPE/NASBA - QAS Self Study 2.6 including Business Management and Organization 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Management and Organization for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kevin Carmichael, M.S., J.D., LL.M., CPA

Kevin Carmichael, M.S., J.D., LL.M., CPA

Wood, Buckel and Carmichael, PLLC

  • Tax partner with the Naples office of Wood, Buckel and Carmichael, PLLC
  • Certified Public Accountant and a member of the Florida Institute of Certified Public Accountants
  • Practice focuses primarily on matters concerning business entity law and taxation, federal and state taxation, international tax and tax controversy, not-for-profit entities and taxation, estate planning, and business succession planning
  • Admitted to practice before the U.S. District Court for the Middle and Southern Districts of Florida, the U.S. Claims Court, and the U.S. Tax Court
  • Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years
  • Teaching income, partnership, corporation, and not-for-profit tax law at Ave Maria Law School
  • Can be contacted at 239-552-4100 or [email protected]
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408571
Published 2021
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