Take an in-depth look at the rules, requirements, issues, and opportunities in selecting the best entity type in which to operate a business.
Choosing the right business entity is extremely important for the successful operation of any business. The proper business entity can affect a broad range of issues from tax advantages, management structure, equity arrangements, long-term financing, asset protection, and succession ownership. As a business grows, it may generate a need for properly restructuring the business entity for tax, operational and risk management reasons. This topic will discuss choosing the best business entity, different business entities available to you, reasons to restructure your business entity, how to restructure your business entity, and considerations in restructuring your business entity. This information is critical for any professional advising clients on the right business entity for their business.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Choosing the Correct Entity Structure
- Tax Consequences in Formation of a Business Entity, Including, Without Limitation, Income Tax, Estate and Gift Tax, and Property Tax
- Tax Consequences During Operations
- Check the Box Regulations
- Asset Protection
- Corporations
- Limited Liability Companies, Including Series LLCs
- Partnerships
- Sole Proprietorships
- State of Formation
Formation and Organization of a Business Entity, Including, Without Limitation, Corporations (C and S), Limited Liability Companies, and Partnerships (General and Limited)
- Corporate Formation: (I) Articles of Incorporation; (II) Bylaws; (III) Organization Minutes; (IV) Application for Employer Identification Number (SS-4); (V) Registration of Foreign Entity
- Limited Liability Companies
- Limited Partnerships
- General Partnership
- Sole Proprietorship
Considerations in Restructuring Business Entity
- Tax and Operational Efficiency
- Reducing Risk
- Tangible and Intangible Benefits
- Changing Entity Type to Accommodate Changes to Management Structure
- Consolidating Multistate Organizational Structure Into a Single State
- Establishing Domicile in a Different State to Take Advantage of More Favorable Laws
- Changing Entity Type in Advance of a Merger, Acquisition, or Investment
- Maintaining the Same Entity for 1031 Exchange Purposes
Restructuring Business Entities
- Merger: Two Companies Merge Into One
- Conversion: One Entity Converts to Another Type of Entity
- Interest Exchange: Owners Exchange Their Interests in Company a for Interests in Company B
- Domestication: Company Changes Its State of Incorporation/Organization
- Division: A Single Company Divides Into Two or More Separate Entities
- Dissolution and Formation
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 25, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jack S. Johal
The Law Offices of Jack S. Johal
- Principal of The Law Offices of Jack S. Johal
- Focuses on the areas of business tax, real estate, estate planning, probate, and trust administration
- Handles the organization, taxation, and documentation of the formation, restructuring, and dissolution of corporations, partnerships, and limited liability companies
- Has restructured hundreds of business entities, including advising clients concerning the tax consequences, including without limitation, income tax, estate and gift tax, and property tax consequences
- Member of the State and Local Tax Committee; chairperson, Legislative Committee, State and Local Tax Committee, vice chair and chair, State Bar Partnership Committee; chairperson, Property Tax Subcommittee, State and Local Tax Committee; American Bar Association Committee on trusts and probate; Sacramento County Bar Association probate and real property sections; and Monterey County Bar Association
- Received the Five Star Wealth Manager award, 2010-2013, and has achieved the highest rating in the Martindale-Hubbell Law Directory
- Worked on the development of California’s Limited Liability Company Act, the Uniform Partnership Act of 1994, and the California Uniform Limited Partnership Act of 2008
- Co-wrote the lead article on limited liability companies in the October and December 1994 issues of the California Business Law Reporter
- Co-wrote the tax chapter of the continuing education of the bar’s publication entitled Forming and Operating California Limited Liability Companies
- LL.M. degree in taxation, New York University School of Law; J.D. degree, Duquesne University School of Law; B.A. degree, Occidental College
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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