Description

Starting a business is tough! There are lots of decisions to be made and things to think about. You may feel like you have a great idea. You have done your marketing research, developed a prototype, and even looked at locations for your new office. Then it dawns on you…. What type of entity do I need to be? Is there really an advantage to choosing one entity type over the other? In this class, we will dig into the differences between entity types – from taxes to liability. We will also look at the advantages and disadvantages of different methods of accounting. Whether you are a small business owner looking to start something new or a practitioner looking to expand your client advisory services, this course is the one for you!

Instructor: Dave Peters, CPA, CFP, CLU, CPCU, MST, MBA

Target Audience

Small business owners, CPAs, and financial advisors who want to understand the advantages and disadvantages of different entity types and accounting methods

Course Objectives

Identify differences in how business entity types are taxed for income tax purposes

Recognize how personal financial planning for a business owner is related to financial planning for a flow-through entity business

Identify how S-Corporations are taxed for self-employment tax purposes

Recognize double-taxation and when it applies

Identify when a transaction should be recorded on the accounting records under the cash method

Recognize when income is recognized and an expense must be accrued on the accounting records under the accrual method

Identify what account should not appear on the financial records if the accrual method is being used

Subjects

Financial planning pyramid

What to consider when picking an entity

Single member LLC vs. sole proprietorship

Corporations – S vs. C

Double taxation