Types of Business Entities (CPE Course)

CPE Credit: 2 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $25

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Course Description
The founders of a business have a number of business entity types from which to choose. In the Types of Business Entities course, we describe the essential elements of the sole proprietorship, general partnership, limited partnership, C corporation, limited liability company, and S corporation, and note the circumstances under which they will be most suitable. This course is designed for the person who needs to quickly gain an understanding of each business type, and which one works best for a given situation.

Author: Steven Bragg

Course Number: TX1028

IRS Program Number: 72821-T-00063-23-S

Learning Objectives

  • Specify the advantages and disadvantages of each type of business entity.

  • Identify the formulation of tax basis for the partners in a partnership.

  • Specify the tax treatment when a partner sells his or her interest in a partnership.

  • Specify what types of businesses would qualify to be a personal services corporation.

  • Recognize which expenses are considered to be start-up expenses.

  • Recall why certain business entities are allowed a dividends received deduction.

  • Recall how a business entity can lose its S corporation status.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Taxes

Prerequisites: None

Advance Preparation: None

Latest Review Date: July 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.