Essentials of Limited Liability Companies

Evaluate whether a limited liability company aligns with your business objectives. This course begins by analyzing the benefits and drawbacks of the LLC structure, then explains its capital framework, governance alternatives, and tax treatment. It also walks through the formation process and the steps required to convert from another entity type. Gain a structured understanding of the legal, financial, and operational factors that determine when an LLC delivers strategic value. Note: This course does not qualify for enrolled agent training credit.
Format

PDF Course

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Duration

1.5 Hours

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Course Information

Author: Steven Bragg
Course Number: TX1039

Learning Objectives
  • Recognize the conditions under which an LLC is allowed to operate.
  • Specify the type of record keeping that should be applied to an LLC.
  • Identify how a capital interest represents the ownership interests of an LLC’s members.
  • Recognize how a negative capital balance can arise.
  • Identify the situations in which an LLC can repudiate a contract signed by one of its members.
  • Recognize the tax issues associated with the start-up capital of an LLC.
  • Specify the tax returns that must be filed by an LLC or its members.

Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Taxes
Prerequisites: None
Advance Preparation: None
Latest Review Date: December 2024
Program Registration Requirements: Click on the Enroll button 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.

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.