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:
“It is said that the British Empire is very large and respectable, and that the United States are a first-rate power. We do not believe that a tide rises and falls behind every man which can float the British Empire like a chip, if he should ever harbor it in his mind.”
—Henry David Thoreau (1817–1862)
“We can beat all Europe with United States soldiers. Give me a thousand Tennesseans, and I’ll whip any other thousand men on the globe!”
—Andrew Jackson (1767–1845)
“The United States is a republic, and a republic is a state in which the people are the boss. That means us. And if the big shots in Washington don’t do like we vote, we don’t vote for them, by golly, no more.”
—Willis Goldbeck (1900–1979)
“Because of these convictions, I made a personal decision in the 1964 Presidential campaign to make education a fundamental issue and to put it high on the nation’s agenda. I proposed to act on my belief that regardless of a family’s financial condition, education should be available to every child in the United States—as much education as he could absorb.”
—Lyndon Baines Johnson (1908–1973)
“Yesterday, December 7, 1941Ma date that will live in infamy—the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan.”
—Franklin D. Roosevelt (1882–1945)