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Introduction to Limited Liability Companies

Exam Questions: 40
Course Level: Basic
Pages: 208 | Content: 158, Supplemental: 50
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 6860C

This course provides guidance for the formation, operation, dissolution, and taxation of limited liability companies, an established business form in the United States that gives owners the benefits of pass-through taxation and limited liability. Includes information that compares the limited liability company business entity with other business forms. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00385-20-S

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Course Information

Table of Contents
  • Introduction and History
  • Establishment of a Limited Liability Company
  • Members' Rights and Duties
  • Management of a Limited Liability Company
  • Liability of Members
  • Professional Limited Liability Companies
  • Foreign Limited Liability Companies
  • Financing, Distributions and Withdrawals
  • Merger and Conversion
  • Dissolution of a Limited Liability Company
  • Taxation of LLCs
Objectives
  • To identify characteristics of limited liability companies (LLCs) and other business forms in the United States
  • To recall some of the formation requirements for LLCs
  • To recognize some of the various options in structuring membership interests
  • To identify the different management structures available to LLCs that allow them to maintain their limited liability status
  • To recognize liability issues related to LLCs
  • To recall features and requirements of professional limited liability companies
  • To recall activities considered to be foreign as related to limited liability companies
  • To recognize the various features and requirements of member financing and withdrawals
  • To identify features of mergers and conversions of LLCs
  • To recall different ways that an LLC can be dissolved, and the related implications
  • To recognize tax consequences of LLCs

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