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:
“Why doesn’t the United States take over the monarchy and unite with England? England does have important assets. Naturally the longer you wait, the more they will dwindle. At least you could use it for a summer resort instead of Maine.”
—W.H. (Wystan Hugh)
“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)
“To the United States the Third World often takes the form of a black woman who has been made pregnant in a moment of passion and who shows up one day in the reception room on the forty-ninth floor threatening to make a scene. The lawyers pay the woman off; sometimes uniformed guards accompany her to the elevators.”
—Lewis H. Lapham (b. 1935)
“In the United States, though power corrupts, the expectation of power paralyzes.”
—John Kenneth Galbraith (b. 1908)
“When, in some obscure country town, the farmers come together to a special town meeting, to express their opinion on some subject which is vexing to the land, that, I think, is the true Congress, and the most respectable one that is ever assembled in the United States.”
—Henry David Thoreau (1817–1862)