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:
“And hereby hangs a moral highly applicable to our own trustee-ridden universities, if to nothing else. If we really wanted liberty of speech and thought, we could probably get it—Spain fifty years ago certainly had a longer tradition of despotism than has the United States—but do we want it? In these years we will see.”
—John Dos Passos (1896–1970)
“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)
“The United States never lost a war or won a conference.”
—Will Rogers (1879–1935)
“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)
“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)