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:
“The House of Lords, architecturally, is a magnificent room, and the dignity, quiet, and repose of the scene made me unwillingly acknowledge that the Senate of the United States might possibly improve its manners. Perhaps in our desire for simplicity, absence of title, or badge of office we may have thrown over too much.”
—M. E. W. Sherwood (1826–1903)
“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)
“The United States have a coffle of four millions of slaves. They are determined to keep them in this condition; and Massachusetts is one of the confederated overseers to prevent their escape.”
—Henry David Thoreau (1817–1862)
“In one notable instance, where the United States Army and a hundred years of persuasion failed, a highway has succeeded. The Seminole Indians surrendered to the Tamiami Trail. From the Everglades the remnants of this race emerged, soon after the trail was built, to set up their palm-thatched villages along the road and to hoist tribal flags as a lure to passing motorists.”
—For the State of Florida, U.S. public relief program (1935-1943)
“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)