Conferences Presenting

Naples Conference
November 01, 2018
7:30AM - 1:00PM
Steven G. Siegel, JD, LLM
Live Event
There are no prerequisites for this course

Course Description

Business succession planning touches upon many issues requiring careful consideration. To begin, a key question arises from clients when establishing a business: What are the options when selecting the 'right' entity for doing business? This course examines the most popular and common business entities—proprietorships, general and limited partnerships, LLCs, S corporations, and C corporations. With respect to each possible entity, the course describes and evaluates issues of ownership, liability, management and control, formation, operation, and disposition of each of these entities. Once established, various issues and alternatives arise with respect to succession planning for the owners of privately-held businesses. Key topics, such as gifting, liquidity issues, and succession arrangements will be discussed in consideration of clients' particular situations. Concerns about entering into and structuring a buy-sell agreement will also be reviewed. Further, the alternative of selling the business to a third party will be explored, considering both the tax and non-tax issues that arise in this situation. Finally, special considerations that affect S corporations and partnerships will be addressed. This course is certain to increase your knowledge about business succession strategies, helping you and your clients plot the course to a thriving business-succession plan.

Course Specifics

There are no prerequisites for this course

Compliance Information

IRS Provider #: OMYXB
IRS Course ID: 0MYXB-T-01192-17-I
IRS Federal Tax Law Credits: 6
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1147
CTEC Federal Tax Law Credits: 6
Qualifies for CA Fraud: No

Learning Objectives

After completing this course, you will be able to:

  • Evaluate the different choices available when creating a business entity, explaining the tax and other advantages and disadvantages of each of the possible entity choices, and analyzing which entity is best suited for different types of businesses
  • Evaluate the viability of gifting one's family business interest to family members in light of federal gift tax rules
  • Recognize liquidity issues as they relate to gifting the business to family members in consideration of eventual federal estate taxes; identify planning techniques that apply to this situation
  • Identify the different varieties of buy-sell agreements with third parties, and advise clients as to the many issues and decisions that must be taken into account in structuring an appropriate agreement
  • Identify the preliminary considerations that arise when a client is considering selling his or her business to a third party
  • Discuss the various tax issues that arise when buying or selling a business, including distinguishing the tax consequences arising from the sale of the assets of the business and the sale of stock of the business
  • Recognize important distinctions involving the basis of a business interest gifted during lifetime and at death

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