Part I of this course is designed as a comprehensive discussion of business entities--proprietorships, general and limited partnerships, LLCs, S corporations, and C corporations. It addresses issues of ownership, liability, and management as well as control, formation, operation, and disposition of each of these entities.
Part II of this course discusses the various issues and alternatives that arise with respect to succession planning for the owners of privately-held businesses. Gifting the business to family members is discussed. Are there suitable successors within the family? Will there be sufficient liquidity to address financial needs if the business interest is given away? Concerns regarding entering into and structuring a buy-sell agreement will be reviewed. 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. Special considerations that affect S corporations and partnerships will be addressed.
Upon successful completion of this course, participants will be able to:
- Evaluate the different choices available when creating a business entity
- Explain the tax and other advantages and disadvantages of each of the possible entity choices
- Analyze which entity is best suited for different types of businesses
- Understand the complexities associated with each of the business entity options
- Evaluate the viability of gifting one's family business interest to family members in light of the federal gift tax rules
- Address the different varieties of buy-sell agreements with third parties
- Describe the various tax issues that arise when buying or selling a business
- Address important distinctions involving the basis of a business interest gifted during lifetime and at death
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