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