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 larger view the major forces of the depression now lie outside of the United States, and our recuperation has been retarded by the unwarranted degree of fear and apprehension created by these outside forces.”
—Herbert Hoover (1874–1964)
“Hollywood ... was the place where the United States perpetrated itself as a universal dream and put the dream into mass production.”
—Angela Carter (1940–1992)
“In the United States, it is now possible for a person eighteen years of age, female as well as male, to graduate from high school, college, or university without ever having cared for, or even held, a baby; without ever having comforted or assisted another human being who really needed help. . . . No society can long sustain itself unless its members have learned the sensitivities, motivations, and skills involved in assisting and caring for other human beings.”
—Urie Bronfenbrenner (b. 1917)
“In the United States there’s a Puritan ethic and a mythology of success. He who is successful is good. In Latin countries, in Catholic countries, a successful person is a sinner.”
—Umberto Eco (b. 1932)
“The United States is not a nation to which peace is a necessity.”
—Grover Cleveland (1837–1908)