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:
“Scarcely any political question arises in the United States that is not resolved, sooner or later, into a judicial question.”
—Alexis de Tocqueville (1805–1859)
“We now in the United States have more security guards for the rich than we have police services for the poor districts. If you’re looking for personal security, far better to move to the suburbs than to pay taxes in New York.”
—John Kenneth Galbraith (b. 1908)
“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)
“In no other country in the world is the love of property keener or more alert than in the United States, and nowhere else does the majority display less inclination toward doctrines which in any way threaten the way property is owned.”
—Alexis de Tocqueville (1805–1859)
“Then the American flag was saluted. In general, in the United States people always salute the American flag.”
—Friedrich Dürrenmatt (1921–1990)