Course 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 even say some things about which entity types are harder to get set up! 

Learning 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.

Additional Required Materials

  • Level: Overview

  • Field of Study: Taxes

  • Who Should Attend: Small business owners, CPAs, Non-CPAs, EAs, and financial advisors who want to understand the advantages and disadvantages of different entity types.

  • Required Knowledge: None

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.