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:
“An inquiry about the attitude towards the release of so-called political prisoners. I should be very sorry to see the United States holding anyone in confinement on account of any opinion that that person might hold. It is a fundamental tenet of our institutions that people have a right to believe what they want to believe and hold such opinions as they want to hold without having to answer to anyone for their private opinion.”
—Calvin Coolidge (1872–1933)
“The recognition of Russia on November 16, 1933, started forces which were to have considerable influence in the attempt to collectivize the United States.”
—Herbert Hoover (1874–1964)
“Steal away and stay away.
Don’t join too many gangs. Join few if any.
Join the United States and join the family
But not much in between unless a college.”
—Robert Frost (1874–1963)
“I have ever deemed it fundamental for the United States never to take active part in the quarrels of Europe. Their political interests are entirely distinct from ours. Their mutual jealousies, their balance of power, their complicated alliances, their forms and principles of government, are all foreign to us. They are nations of eternal war.”
—Thomas Jefferson (1743–1826)
“The popular colleges of the United States are turning out more educated people with less originality and fewer geniuses than any other country.”
—Caroline Nichols Churchill (1833–?)