Choice of Entity and Succession Planning: Tax and Non-Tax Issues

Lorman Education Services
Training overview
Professional Course
1 day

Course description

Choice of Entity and Succession Planning: Tax and Non-Tax Issues

Understand the tax advantages and disadvantages to better advise your clients on entity selection.

Successfully forming an exempt organization and filing for a federal income tax exemption is complicated. It involves understanding and navigation of both state and federal laws. The exempt organization portions of the Internal Revenue Code and corresponding Treasury Regulations are complex and intellectually dense.

This topic will provide a method of navigating the forms and the rules that will allow you to start filing these applications and to avoid common errors. Gain practical knowledge of entity selection and use when creating, operating, or expanding a business. In addition, you should gain a basic understanding of how to transition a business to family members and/or key employees, or in the alternative, getting ready to sell the business at its optimal value and providing an income stream post-ownership for retirement.

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Who should attend?

This live webinar is designed for

  • accountants
  • CPAs
  • attorneys
  • CEOs
  • presidents
  • vice presidents
  • CFOs
  • controllers
  • financial planners
  • business owners and tax preparers.

Training content

Choice of Entity

  • Effect of Tax Act of 2017 on Entity Selection
  • General Comments
    • Differing Objectives of Members of Business
  • Should I Create a C Corporation?
    • Corporation Basics
    • Should the Comparison to Flow Throughs Be Based on Immediate Distribution of Earnings?
  • 1202 Corps
  • Pass Through Entities
    • Partnerships
    • S Corps
    • Sec 199A
    • Comparison of Aggregate Rates
    • Should the Comparison of C Corps to Flow Throughs Be Based on Immediate Distributions of Earnings?
    • Partial Reinvestment to Accommodate Differing Objectives

Business Succession Planning

  • What Is Business Succession Planning?
    • Management Succession
    • Ownership Succession
    • Rules or Bylaws of the Family Business
    • Who Are the Players?
  • When Should Succession Planning Begin?
  • Understanding and Optimizing the Business Organizational Structure for Succession or Sale
    • Considerations Under the Tax Act of 2017
  • HR – the Often Missing Element
    • Key Employees (Non-Family Members Fill the Gap)
  • Importance of Insurance and Insurance Management
    • Another Cash Flow Demand – Is It Worth It?
    • Buy-Sell
  • Should You Consider Moving Your Business to Another State to Lower Taxation and Transmit More Value?
  • Understanding Post Sale or Transition Effects on Cash Flow for Senior Generation
  • Getting Value to Spouses or Children Not in the Business
    • Spin-off of Real Estate Assets
    • Recapitalizations and Gifting
  • Getting Ownership to Junior Generation
  • What If the Junior Generation Fails? Can You Step Back in to Recover the Value of the Business?

Certification / Credits

Learning Objectives

  • You will be able to identify the most common types of entities which might be used in the formation and operation of a business.
  • You will be able to identify common advantages and disadvantages of entities commonly used in business.
  • You will be able to recognize the advantages and disadvantages of an S Corp and a partnership at a basic level.
  • You will be able to recognize the concept of business succession planning at a basic level.

About Lorman Education Services

Lorman Education Services - Live and On-Demand Courses

Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...


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Lorman Education Services

Lorman Education Services
2510 Alpine Road
54702 Eau Claire Wisconsin

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