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 the whites speak well of the Blacks but think bad about them, whereas the Blacks talk bad and think bad about the whites. Whites fear Blacks, because they have a bad conscience, and Blacks hate whites because they need not have a bad conscience.”
—Friedrich Dürrenmatt (1921–1990)
“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)
“I incline to think that the people will not now sustain the policy of upholding a State Government against a rival government, by the use of the forces of the United States. If this leads to the overthrow of the de jure government in a State, the de facto government must be recognized.”
—Rutherford Birchard Hayes (1822–1893)
“In the United States adherence to the values of the masculine mystique makes intimate, self-revealing, deep friendships between men unusual.”
—Myriam Miedzian, U.S. author. Boys Will Be Boys, introduction (1991)
“You may consider me presumptuous, gentlemen, but I claim to be a citizen of the United States, with all the qualifications of a voter. I can read the Constitution, I am possessed of two hundred and fifty dollars, and the last time I looked in the old family Bible I found I was over twenty-one years of age.”
—Elizabeth Cady Stanton (1816–1902)