Describe how an LLC protects owners against debt and offers them flexibility in multiple ways.Define “articles of organization” and describe its purpose.Define a sole proprietorship.Compare an LLC and a sole proprietorship.Explain the role of a written partnership agreement.Compare an LLC and a general partnership.Describe the 2 different partners that a limited partnership has.Compare corporations to an LLC.Define an RLLP.Describe the various businesses that would benefit from the LLC structure.Explain the tax considerations each business owner needs to be aware of when starting a business.Describe the 3 safe harbor rules an LLC owner needs to adopt in order to have “substantial economic effect” for IRS purposes.Describe how LLCs report and pay federal income taxes.Contrast member management and manager management in an LLC.Explain the important of an operating agreement.Explain how business owners will find the right small business lawyer in case they are in need of legal help.
Program Level: Basic Prerequisites: None Advanced Preparation: None Instructional Method: This program is a QAS Self Study offering. Field of Study: Business Law
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