United States
In the United States, the individual states incorporate most businesses. Very few special types are incorporated by the federal government.
For federal tax purposes, the Internal Revenue Service has separate entity classification rules. Under the tax rules, an entity may be classified as a corporation, a partnership or disregarded entity. A corporation may be either a Subchapter S corporation or a C corporation. A disregarded entity has one owner that is not recognized for tax purposes as an entity separate from its owner. Types of disregarded entities include single-member LLCs; qualified subchapter S subsidiaries and qualified REIT subsidiaries. A disregarded entity’s transparent tax status does not affect its status under state law. For example, for federal tax purposes, the sole-member LLC (SMLLC) is disregarded, so that all its assets and liabilities are treated as owned by its single member. But under state law, an SMLLC can contract in its own name and its owner is not personally liable for the debts and obligations of the entity.
Read more about this topic: Types Of Business Entity
Famous quotes related to united states:
“In the United States, it is now possible for a person eighteen years of age, female as well as male, to graduate from high school, college, or university without ever having cared for, or even held, a baby; without ever having comforted or assisted another human being who really needed help. . . . No society can long sustain itself unless its members have learned the sensitivities, motivations, and skills involved in assisting and caring for other human beings.”
—Urie Bronfenbrenner (b. 1917)
“The veto is a President’s Constitutional right, given to him by the drafters of the Constitution because they wanted it as a check against irresponsible Congressional action. The veto forces Congress to take another look at legislation that has been passed. I think this is a responsible tool for a president of the United States, and I have sought to use it responsibly.”
—Gerald R. Ford (b. 1913)
“Some of the offers that have come to me would never have come if I had not been President. That means these people are trying to hire not Calvin Coolidge, but a former President of the United States. I can’t make that kind of use of the office.... I can’t do anything that might take away from the Presidency any of its dignity, or any of the faith people have in it.”
—Calvin Coolidge (1872–1933)
“In no other country in the world is the love of property keener or more alert than in the United States, and nowhere else does the majority display less inclination toward doctrines which in any way threaten the way property is owned.”
—Alexis de Tocqueville (1805–1859)
“I feel most at home in the United States, not because it is intrinsically a more interesting country, but because no one really belongs there any more than I do. We are all there together in its wholly excellent vacuum.”
—Wyndham Lewis (1882–1957)