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 boys dressed themselves, hid their accoutrements, and went off grieving that there were no outlaws any more, and wondering what modern civilization could claim to have done to compensate for their loss. They said they would rather be outlaws a year in Sherwood Forest than President of the United States forever.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“There is no Soviet domination of Eastern Europe and there never will be under a Ford administration.... The United States does not concede that those countries are under the domination of the Soviet Union.”
—Gerald R. Ford (b. 1913)
“I hate to do what everybody else is doing. Why, only last week, on Fifth Avenue and some cross streets, I noticed that every feminine citizen of these United States wore an artificial posy on her coat or gown. I came home and ripped off every one of the really lovely refrigerator blossoms that were sewn on my own bodices.”
—Carolyn Wells (1862–1942)
“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)
“The parallel between antifeminism and race prejudice is striking. The same underlying motives appear to be at work, namely fear, jealousy, feelings of insecurity, fear of economic competition, guilt feelings, and the like. Many of the leaders of the feminist movement in the nineteenth-century United States clearly understood the similarity of the motives at work in antifeminism and race discrimination and associated themselves with the anti slavery movement.”
—Ashley Montagu (b. 1905)