CLE : Business Transactions
S-Corporations: What you Need to Know
Of the many business entities that owners consider, the Limited Liability Company (LLCs) and Subchapter S Corporations (S-Corps) are two of the most popular. Although they share the distinction of being ‘pass-through’ entities in addition to providing liability protection, they do have several differences. Attorneys engaging in company formation must also consider operational ease, administrative requirements, profit-sharing and employment tax implications. Before choosing one or both of these options, determine which features are most important to your client and their new company. This 30-Minute CLE program will address the following topics: (i) what is an S-Corporation (ii) what differentiates an S-Corporation from other business entities; and (iii) the Pros and Cons of S-Corps. This program will also briefly touch upon the varying levels of protection offered by an S-Corporation. Finally, the Instructor will review the IRS forms used in the S-Corporation election and corporate formation in general, including:
• Form 1120S: Income Tax Return for S Corporation
• 1120S K-1: Shareholder’s Share of Income, Credit, Deductions
• Form 4625 Depreciation
• Employment Tax Forms
• Form 1040: Individual Income Tax Return
• Schedule E: Supplemental Income and Loss
• Schedule SE: Self-Employment Tax
• Form 1040-ES: Estimated Tax for Individuals
• Forms 2553, 941 and 940
Benjamin A. Stolz, Esq., is trainer, speaker, educator, writer and attorney with over 21 years experience practicing consumer bankruptcy and business law, managing and advising small businesses. Ben received his BA from the University of South Florida, with Departmental Honors, and a JD from Southern Methodist University. He has been admitted to practice in Texas both before the Supreme Court of Texas, all lesser Texas courts, as well as the United States District Court for the Northern District of Texas and the United States Tax Court. Ben is a member of American Bankruptcy Institute (ABI), Association of Litigation Support Professionals (ALSP), the American Bar Association (ABA), and proud graduate of the Max Gardner Bankruptcy Bootcamp, and a frequent guest panelist at Consumer Bankruptcy CLE events. As a result of his ongoing commitment to continuing legal education, Ben was also admitted in 2009 to the College of the State Bar of Texas.
Total CLE Credit Hours: 1.0 (in 60-minute jurisdictions unless otherwise noted)
Approved in the following States:
CA, NJ, NV (1.0 requested), WA (1.0av requested)
Approved through reciprocity in the following states:
AK, AR, CO, FL, HI, ME, MO, ND, OR, and WI
Your state not listed? This program may also qualify for CLE credit in your state. Contact us to find out whether you may obtain credit for this CLE program in your State through direct application with your accrediting organization. Out staff will assist all registered attorneys with credit applications upon request.
Young Lawyers & Government Attorneys
Financial Aid: Young Lawyers, with under four (4) years acceptance to the Bar, and Government Attorneys may use coupon code YLD25 and GOV25 to receive a $25 discount when checking out.