TELESEMINAR: Choice of Entity for Service-Based and Professional Practice Businesses – A National Perspective
May 7, 2013
12:00 – 1:00 p.m.
1.00 MCLE hours
Choice of entity for service-based businesses, particularly for professional services entities like law, medical and dental practices, are significantly different than for businesses that produce or market tangible goods. Service-based businesses have regulatory and liability risks that are different than companies that produce goods. They also generate income that may be treated differently for federal tax purposes, including application of the new Medicare tax under health care reform. Furthermore, the management and ownership of service-based businesses, and the way they are financed indicate different entity selections than for goods-based companies. This program will provide you with a sophisticated guide through the legal, practical and tax-based considerations of choosing an entity for a service-based entity, with an emphasis on professional practices.
- Sophisticated choice of entity consideration for service-based business, including professional practices
- Special liability, regulatory and tax issues for law, medical and dental practices
- Issues for new entities and entities that change form because of changes in law, owner circumstances, or business
- Decision points in choosing LLPs v. LLCs v. PCs for professional practices
- Major self-employment tax and fringe benefit considerations, including new Medicare tax
- Using multiple entities to achieve variable ownership, management and tax goals
- Major income tax considerations at the entity and owner levels, including allocation and use of losses and the treatment of startup costs
Alson R. Martin, Lathrop and Gage, LLP, Kansas