Selecting the Right Entity Classification for an LLC On-Demand Webinar
Summary
Taxpayers love forming limited liability companies (LLCs), but rarely understand the tax impact. The IRS does not recognize LLCs as a tax filing entity; consequently, taxpayers forming LLCs still need to select the entity classification they want to use for tax reporting. This webinar reviews the liability protection provided by forming an LLC, and the advantages and disadvantages of forming an LLC for a new and existing entity. In addition, we’ll review the default entity classifications for single-member LLCs (SMLLC) and multimember LLCs (MMLLCs), along with advantages and disadvantages of selecting sole proprietorships, partnerships, S corporations and C corporations for tax reporting purposes.
Objectives
Upon completion of this course, you will be able to:
- Explain the liability protection provided by an LLC
- Summarize the advantages and disadvantages of forming an LLC
- Identify the default entity classification for SMLLCs and MMLLCs
- List the different types of entity classification options for an LLC
Course Details
This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.
Presented by:
Jaye Tritz, EA, CFP®