LLC or Corporation?

Exam Questions: 50
Course Level: Basic
Pages: 192 | Content: 184, Supplemental: 8
NASBA Area of Study: Management Services
Not Acceptable for: Enrolled Agents
Version: 8240A

When starting a new business, one of the most important decisions is choosing the best business form of operation. This course explains each of these specific business structures, discusses how they differ, and how each will affect the bottom line. It provides information on the basics of business entities, profits, losses, and tax treatments, plus you will find information on converting from one type of business entity to another. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Business Entity Basics
  • Personal Liability Concerns
  • Forming and Running Your Business
  • Money Issues: Taxes, Profits, Losses, and Investments
  • LLC or Corporation: Four Business Stories
  • Converting a Sole Proprietorship to Another Entity
  • Converting a Partnership to Another Entity
  • Converting an LLC to Another Entity
  • Converting, Dissolving, and Selling a Corporation
  • Doing Business Out of State
  • To recognize the main benefits of forming a limited liability company (LLC) as opposed to other business structures
  • To recall the characteristics of various types of business insurance
  • To recognize the role of an agent in a business context
  • To recall which business entities have pass-through tax treatment as a default
  • To recall the entity form chosen by Soaring Duck Machines
  • To identify what IRS Form 1065 is used for
  • To identify the types of conversions that result in taxable events
  • To recall conversion methods for an LLC-to-corporation conversion
  • To recall the definition of successor liability
  • To recognize the difference between a trademark and a service mark

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.