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Credits: 2

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$39
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Introduction to the Limited Liability Company (ILLC)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    CPE

Overview

This course covers various legal and tax issues in connection with the limited liability company, including the history of its development and use. The course includes a comparison of the LLC with other entities and an analysis of the tax classification of LLCs in light of the check-the-box regulations. This course also provides an overview of limited liability partnerships, including the formation and formalities of LLPs and state tax treatment of LLPs. The course also includes a review of the federal taxation of LLPs and the unique problems these entities present.

Major Topics:

  • All the legal implications of an LLC and the differences in various state law treatments
  • Formation issues, including contributions of appreciated property
  • Design features and pitfalls, including special allocation issues, different classes of ownership interests, and articles of organization issues
  • Operating issues, including distribution issues
  • When to use an LLC for joint ventures and real estate opportunities

Learning Objectives

  • State the fundamental characteristics of an LLC
  • Describe the advantages the limited liability company has over other forms of business organization
  • Discuss how well or poorly the LLC is matched to particular kinds of trades or businesses
  • Understand the current self-employment tax issues associated with LLC members
  • Relate the tax consequences incurred in converting from or to an LLC
  • Describe the special problems associated with a single-member LLC.
  • Distinguish between an LLC and an LLP

Who should take this course:

Designed for:

All CPAs who want to learn about the newest and, in many cases, the best way to conduct business

Prerequisite:

None

Advanced Preparation:

None

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