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OnDemand Course

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
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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

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?
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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

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.
     
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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

Leo N. Hitt

Leo N. Hitt

Reed Smith LLP

  • Partner in the Pittsburgh office of Reed Smith LLP, a global law firm, in its tax practice and former head of the Tax, Benefits, and Wealth Planning Group
  • Practice emphasizes all aspects of federal income taxation, with particular emphasis on the taxation of business entities, such as partnerships and corporations, securitized and other investment vehicles, including RICs, REITs, and REMICs
  • Conducts seminars and workshops on numerous topics for a large number of professional groups, including lawyers, accountants, and business people
  • Author of several publications related to the areas of the federal income taxation of business entities and other related topics
  • Adjunct professor at the University of Pittsburgh School of Law
  • Listed in Best Lawyers in America for tax law for more than 10 years and achieved the highest rating by Martindale-Hubbell Law Directory
  • Member of the Board of the Pittsburgh Tax Club and member of the Allegheny Tax Society
  • LL.M. degree in taxation, New York University School of Law; J.D. degree, University of Pittsburgh School of Law; B.A. degree, University of Pittsburgh
  • Can be contacted at [email protected] or 412-288-3298
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Product ID: 408719
Published 2021
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