Financial Planning With Business Owners

Overview

This CPE course can be purchased individually or as part of the Risk Management and Insurance Planning Certificate Program.

The personal financial planner has a pivotal role in offering counsel and advice to the business owner client regarding the selection of the business entity. The choice of business entity, or even the decision to form one, is critical in the personal financial planning process, as many tax and nontax factors must be considered.

The choice of entity affects the entire spectrum of an individual's personal financial plan, including:

• Asset protection
• Income taxes
• Financial independence
• Risk management

In this audiovisual CPE course, Tom Tillery will explain how entity selection affects not only how risk created by the business is addressed, but also how the goals of the closely held business owner are achieved, both during pre- and post-liquidity events. You will learn about the various types of entities and how each may affect taxation, benefits, and how capital is raised.

Once the entity has been selected, the planner can bring the entire pallet of tax-planning solutions to the personal financial plan of the closely held business owner. This course will cover the information you need to offer this valuable service to your clients.

Highlights

Key Topics

• Closely-Held Business Basics
• The Impact on the Business Owner
• Integrating the business with the owner's personal financial plan

Prerequisites

Basic knowledge of the areas of personal financial planning (PFP).

Objectives

Learning Outcomes

• Compare the two types of closely held businesses.
• Determine the tax consequences of the transfer of assets to a partnership entity in exchange for an ownership interest.
• Identify the simplest type of closely held business to form.
• Differentiate the advantages of a sole proprietorship and those of an S corporation.
• Select business entities that may be used to form a private family foundation.