Video: Business Structures Summary

In this lesson, Nick Palazzolo, CPA, wraps up a thorough overview of business structures, emphasizing their critical importance for the exam. He assures confidence in navigating the taxation aspects of formations, terminations, liquidations, distributions, and contributions for entities such as corporations, S-corps, and partnerships. This recap reinforces the need to understand the intricate details of each entity type, as they are foundational components for simulation and multiple-choice questions. Ending on a supportive note, Nick encourages carrying the insights from this lesson forward and looks forward to exploring these concepts in greater depth in upcoming sessions.

"Examprep.ai helped me pass all 4 CPA exams on the first try. I highly recommend. I especially like the feedback and ratings the software provides so I know where to focus my time."

Daniel H., CPA

"I can't recommend ExamPrep.ai enough. Nick's lessons turned concepts I struggled with into strengths. I was able to pass FAR right before other exams expired!"

Andrew K, CPA

"I just want to say thank you for the great lesson videos. I couldn't stay awake through lectures of another course. After watching all your FAR lessons I was finally able to pass!"

Alyssa M., CPA Candidate

Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

Cite this lesson

Link to this page

[[ citeExample ]]

Copy to clipboard

Copy URL to clipboard

Copy HTML to clipboard

Another great lesson in the books, like I said, this is very much a lesson dealing with an overview of these types of entities, most of which we will see. Stuff like joint ventures, and we're not gonna see again sole proprietorships, that's gonna really remain within the gross income or deductions with individuals, but we will have full dedicated lessons to corporations, S-corps, partnerships, and the like. These are gonna be critically important for the exam, the taxation of the formation, termination, liquidation, distributions, contributions, all of those great components of each entity type. We're gonna need to know that and more for the exam, so I'm glad to have been able to walk this lesson through with you. Take this to heart, very important lesson, SIMS multiple choice questions to be had. Take care, have a great rest of your day, and I'll see you in the next one.

Unlock the full video transcript and subtitles support with a free account!

Get more from this lesson

Create an account Get started free. No credit card required.

Formation and liquidation of business entities

Module: 3 Concepts, 39 Videos

Business Structures Overview

2:10

Introduction to Business Structures

12:05

Entities Formed Without Filing

6:23

Sole Proprietorship Business Structure