Business and Tax Fundamentals: Tax Planning for New Business

Overview: 

This webinar focuses on tax planning for new businesses. It introduces the different types of business entities: sole proprietorships, partnerships, corporations and limited liability companies.  For each of these entities, there are legal and business matters that should be considered relating to formation, liability, transferability and continuity of life.  The tax basics for each type of business entity is then discussed: starting with formation, then operations and distributions, sales of interests and filing requirements.  The advantages and disadvantages of the different types of entities will then be discussed.

Course Objective: 

• You will be able to identify different types of business entities
• To recognize the formation requirements for each type of business entity
• To identify the liability a sole proprietor compared to that of general and limited partners
• To recognize continuity of life of different types of business entities
• To identify tax considerations on formation of sole proprietorship 
• To identify tax considerations on formation of a partnership and a LLC and a corporation
• To recognize how sole proprietorship operations are taxed 
• To recognize how partnership/LLC operations are taxed 
• To recognize how C corporations and S Corporations operations are taxed 
• To identify tax consequences of sales of interests in different types of business entities
• To recognize the filing requirements for business entities
• To identify advantages and disadvantages of different types of business entities

Target Audience: 

• Legal and Tax Professionals
• Accountants and Bookkeepers
• Paralegals 
• Law Students

Basic Knowledge:

Familiarity with basic legal concepts and an understanding of federal income taxation principles would be beneficial but not mandatory.