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
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Why Lorman?
Over 38 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 38 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
This course was last reviewed on February 18, 2025.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
CPE/NASBA - QAS Self Study 2.6 including Business Management and Organization 2.6
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub 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.
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 38 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
Florida Gulf Coast University
- Full time instructor of business and tax law at Florida Gulf Coast University
- Prior to become a professor, he practiced business and tax law for 35 years
- 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 [email protected]
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Why Lorman?
Over 38 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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