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:
“What the United States does best is to understand itself. What it does worst is understand others.”
—Carlos Fuentes (b. 1928)
“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)
“Printer, philosopher, scientist, author and patriot, impeccable husband and citizen, why isn’t he an archetype? Pioneers, Oh Pioneers! Benjamin was one of the greatest pioneers of the United States. Yet we just can’t do with him. What’s wrong with him then? Or what’s wrong with us?”
—D.H. (David Herbert)
“It is a curious thing to be a woman in the Caribbean after you have been a woman in these United States.”
—Zora Neale Hurston (1891–1960)
“We are told to maintain constitutions because they are constitutions, and what is laid down in those constitutions?... Certain great fundamental ideas of right are common to the world, and ... all laws of man’s making which trample on these ideas, are null and void—wrong to obey, right to disobey. The Constitution of the United States recognizes human slavery; and makes the souls of men articles of purchase and of sale.”
—Anna Elizabeth Dickinson (1842–1932)