Lorman offers professional resources regarding COVID-19 and the 2020 Election

Available in:

OnDemand Course
MP3 Download

Choice of Entity: Tax and Non-Tax Considerations

Gain a better understanding of the various considerations that go into making a choice of entity decision.

There are a number of entity forms that are available when a business or investment enterprise is started. Many lawyers, accountants, and business people fall back on a form that they have used in the past or is recommended to them by someone who is not familiar with of the variables associated with the different forms of business. Unfortunately, it is often the case that the recognition that a poor choice has been made only occurs after the error can't be corrected or can only be corrected at a significant cost in time, money, and effort. This topic will help anyone who is responsible for establishing a business or investing in it to understand the factors that they should be considering in making entity choices, including the benefits and detriments of the different forms of doing business or holding investments. Failure to consider these issues may result in significant additional costs, including taxes, exposure to lawsuits and administrative costs.

Learning Objectives

  • You will be able to identify Corporate Governance Issues
  • You will be able to differentiate between the various entity types
  • You will be able to recognize Judicial Scrutiny types
  • You will be able to recognize the basics of Corporate tax

90 minutes
Course Exam
Certificate of Completion
Purchase Options

More Program Information

Why Lorman?

Over 34 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

Overview of Corporate Governance Issues

  • Fiduciary Duties of Care and Loyalty
  • Judicial Scrutiny
  • Ability to Modify

Choice of Entity

  • Entity Options
  • Choice Factors
  • C Corporation Issues

Organizing a Corporation and Basics of C Corporation Taxation

  • Section 351
  • Shares for Services and Intangible Assets
  • Buying and Selling Corporate Stock, Including Section 1244 and 1202

S Corporation Basics

  • Eligibility and Election
  • S Corporation Subsidiaries
  • Special Issues - Big Tax, Section 338(H)(1), Reorganizations

Organizing a LLC and Basics of LLC Taxation

  • Check the Box Election
  • Flexibility in Allocations
  • Profits Interests

Compensation and Section 83

  • General Rule
  • Substantial Risk of Forfeiture and Non-Transferable
  • Section 83(B) Election

Corporate Formalities

  • Why Comply With Them?
  • What Are They?
Purchase Options

More Program Information

Why Lorman?

Over 34 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 revised on July 13, 2021.

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

  • IAAP 1.5
     
  • All education that aligns with the CAP Body of Knowledge can be used toward recertification. Lorman Education Services believes this course does align and should be counted toward recertification. Please visit IAAP's certification webpage to review recertification details and requirements. https://www.iaap-hq.org/page/CAP_Recertification. Course Length: 1.5.
     
  • CPE/NASBA - QAS Self Study 2.5 including Specialized Knowledge 2.5
     
  • 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: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.5 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.
     

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 1.8
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 34 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

Leo N. Hitt

Leo N. Hitt

Reed Smith LLP

  • Partner in the Tax Group of Reed Smith LLP’s Pittsburgh office
  • Practice includes counseling in all areas of federal income taxes, including corporations, partnerships, specialty entities, such as RICs, REITs and REMICs, and international tax transactions (outbound and inbound)
  • Frequent speaker before a variety of tax, legal, and business groups
  • Adjunct Professor of Law at the University of Pittsburgh School of Law
  • Author and co-author of numerous publications related to business and taxation, including Rethinking the Obvious: Choice of Entity After the Tax Cuts and Jobs Act, Pittsburgh Tax Review, Volume 16 (2018) http://taxreview.law.pitt.edu
  • Member of Pittsburgh Tax Club and Allegheny Tax Society
  • LL.M. degree, New York University School of Law; J.D. degree, cum laude, University of Pittsburgh School of Law; B.A. degree, summa cum laude, University of Pittsburgh
  • Court Admissions include U.S. Tax Court, U.S. District Court - Western District of Pennsylvania, and State Supreme Court - Pennsylvania

• Can be contacted at 412-288-3298 or [email protected]

Purchase Options

More Program Information

Why Lorman?

Over 34 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!


  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 408719
Published 2021
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!