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 probable that in a fit of generosity the men of the United States would have enfranchised its women en masse; and the government now staggering under the ballots of ignorant, irresponsible men, must have gone down under the additional burden of the votes which would have been thrown upon it, by millions of ignorant, irresponsible women.”
—Jane Grey Swisshelm (1815–1884)
“The real charm of the United States is that it is the only comic country ever heard of.”
—H.L. (Henry Lewis)
“I am colored but I offer nothing in the way of extenuating circumstances except the fact that I am the only Negro in the United States whose grandfather on the mother’s side was not an Indian chief.”
—Zora Neale Hurston (1891–1960)
“An alliance is like a chain. It is not made stronger by adding weak links to it. A great power like the United States gains no advantage and it loses prestige by offering, indeed peddling, its alliances to all and sundry. An alliance should be hard diplomatic currency, valuable and hard to get, and not inflationary paper from the mimeograph machine in the State Department.”
—Walter Lippmann (1889–1974)
“The city of Washington is in some respects self-contained, and it is easy there to forget what the rest of the United States is thinking about. I count it a fortunate circumstance that almost all the windows of the White House and its offices open upon unoccupied spaces that stretch to the banks of the Potomac ... and that as I sit there I can constantly forget Washington and remember the United States.”
—Woodrow Wilson (1856–1924)