Choosing the right business entity is one of the most important decisions a small business owner will make. The wrong entity can expose personal assets to liability, make it difficult to raise capital, and increase tax burdens.
In this course, you will learn about the different types of business entities available to small businesses, including corporations, LLCs, partnerships, and sole proprietorships. You will also learn about the factors to consider when choosing a business entity, such as liability protection, tax implications, and ease of administration.
The Learning Objectives for this course are:
- Understand how to protect personal assets when selecting a business entity
- Be able to explain when your client needs to be a corporation and when they don’t
- Help clients understand the value of becoming an LLC
- Explain to clients what constitutes a business "write-off" and
- Understand and explain to your clients how to avoid the Hobby Loss rules
This Course Counts for 1 Hour of Federal Tax Law for IRS Continuing Education.
About Doug Stives:
Doug Stives is considered a worldwide leader in public and management accounting by AICPA &CIMA. He is a CPA, MBA, and full-time professor of Accounting at Monmouth University and a professional speaker at many organizations and conferences. Doug was honored as Monmouth's Outstanding Business Professor of the Year in 2009 and 2016 and was awarded an Outstanding Educator award in 2021 by the New Jersey Society of CPAs. Frequent media exposure includes The Wall Street Journal and other national publications and television, including CNN, CNBC, PBS, NBC, Fox, CBS, ABC, and several cable networks. Doug was once dubbed as the "Most Tax Efficient Man in America" by the Wall Street Journal.