Types of Business Entities

2 Credits: Taxes


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Types of Business Entities

Course Level
CPE Credits

2 Credits: Taxes

Course Description

The founders of a business have a number of business entity types from which to choose. In the Types of Business Entities course, we describe the essential elements of the sole proprietorship, general partnership, limited partnership, C corporation, limited liability company, and S corporation, and note the circumstances under which they will be most suitable. This course is designed for the person who needs to quickly gain an understanding of each business type, and which one works best for a given situation.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Specify the advantages and disadvantages of each type of business entity.
  • Identify the formulation of tax basis for the partners in a partnership.
  • Specify the tax treatment when a partner sells his or her interest in a partnership.
  • Specify what types of businesses would qualify to be a personal services corporation.
  • Recognize which expenses are considered to be start-up expenses.
  • Recall why certain business entities are allowed a dividends received deduction.
  • Recall how a business entity can lose its S corporation status.
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Course Specifics

Course ID
Revision Date
March 21, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02462-24-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-2015
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …