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One of the first major decisions a startup or emerging business will need to make is regarding choice of entity. Selecting the right corporate framework--corporation, LLC or partnership--is critical to the success of any businesses. How can you determine the best fit for your emerging company?

This course provides general guidance for non-lawyers dealing with the issues which arise in deciding what type of entity form should be used for a budding business. The instructor will introduce a framework to help you analyze the different attributes of business entities, including four key considerations:

  • The lifecycle of the entity: Is this a single purpose entity, or will it grow over time?
  • Realities of death and taxes: How to close a business and manage the associated tax implications
  • Administration: What level of administration is required for your business?
  • Liability: Does your new business require you to carry personal liability insurance?

Learning Objectives

  • Discover a framework for determining which form of entity is suitable for your business
  • Explore the four basic contract types and the advantages and disadvantages of each
  • Understand real world uses of different entity types
Last updated/reviewed: July 31, 2014

39 Reviews (125 ratings)Reviews

4
Member's Profile
This was a good basic overview of non-tax considerations when choosing the type of entity. I would recommend for the beginner or refresher for a non-practioner.
4
Anonymous Author
The speaker was a little slow. In all fairness, I may have felt that way because I already knew most of the information, but I would think the general audience of these courses probably do too.
5
Anonymous Author
This course was awesome. I really learned more in depth about the types of business entities. I would like to take a course under this instructor again; I really enjoy it. Thank you!
4
Member's Profile
This was a good basic primer on the forms of business organization. It covered the topic well, but was a little dry, as the presenter appeared to be reading off of a script.
5
Member's Profile
Excellent, straight-forward course if you are considering creating an entity or support a product that is utilized among a variety of entity types.
5
Member's Profile
This was an excellent overview of the advantages and disadvantages of various entity types. Corporate Paralegals would benefit from this course.
4
Anonymous Author
Understanding which difference between the S- corp and the C-Corp. It helps me to select which is the best choice in for various circumstances.
4
Anonymous Author
Great overview of the various types of business entities and the pros/cons of each one. Good refresher for any financial professional.
3
Anonymous Author
A bit long for the subject matter covered, but overall a good summary of the factors to consider when choosing an entity type
Anonymous Author
Even though the presentation is clear at the end of each chapter the words get cut out and the sentence is not finished.
2
Anonymous Author
Informative. Background noise. dull presentation. Clear PowerPoint. Background wording "damn" not very professional.
4
Anonymous Author
Good basic review of different options. Always good to listen to them so that one has a good idea of what to suggest.
5
Anonymous Author
It breaks down the differences of each entity type on a broad level without going into specific legal/tax details.
5
Member's Profile
I am thinking of going into business with another CPA and the course gave me a lot to think about. Thank you!
5
Member's Profile
Great overview of business corporate structure along with legal and tax issues in selecting a structure.
5
Member's Profile
Good overview of the different entities and advantages/disadvantages of incorporating under each type.
5
Member's Profile
Excellent, well-prepared overview of entity structure from both a legal and tax perspective.
4
Member's Profile
This was a good reminder about things to consider when choosing the form of business entity.
5
Anonymous Author
Good overview - would have liked a little more on the tax impacts of the entity decision
5
Member's Profile
Lots of good knowledge a CPA should know about these different types of entities.
4
Member's Profile
Good course, but didn't explain how an LLC does more/better than an LP
4
Member's Profile
good quick presentation to prompt the next group of questions/concerns
4
Anonymous Author
Course is informative, but very basic in its information offering,
4
Anonymous Author
Good discussion of the differences in the types of organizatioins
5
Member's Profile
course was set up well, and the presentation was easy to follow.
5
Member's Profile
great high level overview - good refresher on the basics.
5
Member's Profile
succinct presentation, useful way to compare the options
5
Member's Profile
Excellent refresher. Well laid out presentation.
5
Member's Profile
Concise overview with clear presentation.
3
Member's Profile
Good general overview for intro course.
5
Anonymous Author
Nice/clear presentation of the facts
4
Member's Profile
Easy explanation and informative
5
Anonymous Author
Overall it was a solid course.
5
Anonymous Author
Useful information.
4
Member's Profile
very basic class
5
Anonymous Author
Very informative
5
Anonymous Author
Good refresher
5
Member's Profile
Good overview.
5
Anonymous Author
Good summary.

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Building the Beast
  12:20What You Need
Types of Entities
  7:49Sole Proprietorship
  11:17Partnerships
  14:38Partnership or LLC?
  12:08Corporation
SUPPORTING MATERIALS
  PDFSlides: Choice of Entity
  PDFChoice of Entity Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM