DESCRIPTION
This module is an introduction to LLC and Partnership topics. There is an emphasis on the relationship with members or partners. There are numerous discussion questions and exercises that reinforce the core understanding of LLC and Partnership topics.
LEARNING OBJECTIVES
- Identify basic taw laws governing Limited Liability Companies (LLCs) and Partnerships.
- Identify Guaranteed Payments.
- List the three classification options for taxation of an LLC (check the box rules).
- Identify the differences between General Partners, Limited Partners, Managing Members, and Non-Managing Members.
- Describe the guidance on paying self-employment taxes for members of an LLC.
- Describe the taxation of guaranteed payments.
- Categorize partnership liabilities.
