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Should I Be a Business Entity? Which One?

Should I Be a Business Entity? Which One?

You and your father are raising cattle on halves or farming the family land together. Are you a business entity? By default, you are a general partnership. If your father's employee is hurt working the cattle/farm, you are probably liable. If you are liable the Court could take not only business assets but personal property as well.

The Alabama Cooperative Extension System is offering a program on business entities at 14 locations in the State. The topics presented are listed below. See second table below for currently scheduled dates and locations.

Time Topic
Begins 15 minutes before start time. Registration
Begins at start time listed for workshop. 45 minutes Introduction to the nine business entities available in Alabama
  • General partnership
  • Registered limited liability partnership
  • Limited partnership
  • Limited liability limited partnership
  • Limited liability company
  • Corporation, S or C
  • Cooperative
  • Business trust
  • Real estate investment trust
30 minutes Comparison of the typical business entities for
  • Liability of owners
  • Participation in management
15 minutes Break
1 hour 15 minutes Comparison of the typical business entities for
  • Allocation of profits and losses
  • Transferability of ownership interest
  • Withdrawal rights
  • Creditor protection
  • Classification for income tax purposes
  • Property ownership
  • Formation
  • Dissolution
15 minutes Questions and discussion

Locations, Dates, and Registration

Registration Fee: The registration fee for individuals is $15. The registration fee for accountants who will receive approximately 3 hours of CPE is $60.

TO REGISTER: (1) online and pay via credit card; (2) mail a check to 301 O. D. Smith Hall, Auburn University 36849-5608 made payable to Auburn University specifying the location and workshop; or (3) call (334) 844-5100 to register by phone.

Online Registration

County Date & Time Location Contact
Montgomery September 27, 2018
1:00 - 4:00 p.m.
Extension Office
Eastmont Shopping Plaza
5340 Atlanta Hwy
Montgomery, AL
Jimmy Smitherman
(334) 270-3353

Instructor: Robert A. Tufts

Robert is an Emeritus Professor at Auburn University where he taught for 36 years. He is currently a Visiting Professor with the Alabama Cooperative Extension System. He earned a B.S. and M.S. in forestry from Louisiana State University and a Ph.D. in forestry from Virginia Tech. Robert has been an attorney since 1997 after earning a J.D. from Jones School of Law, Faulkner University and later an LLM (in taxation) from the University of Alabama. Robert teaches classes and presents workshops on estate planning, agricultural law and tax, property law, choice of business entity, and taxation of timber. He also has a part-time law practice concentrating in estate planning, tax and issues affecting landowners.