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:
“Because of these convictions, I made a personal decision in the 1964 Presidential campaign to make education a fundamental issue and to put it high on the nation’s agenda. I proposed to act on my belief that regardless of a family’s financial condition, education should be available to every child in the United States—as much education as he could absorb.”
—Lyndon Baines Johnson (1908–1973)
“Fortunately, the time has long passed when people liked to regard the United States as some kind of melting pot, taking men and women from every part of the world and converting them into standardized, homogenized Americans. We are, I think, much more mature and wise today. Just as we welcome a world of diversity, so we glory in an America of diversity—an America all the richer for the many different and distinctive strands of which it is woven.”
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—Caroline Nichols Churchill (1833–?)
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—H.L. (Henry Lewis)
“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)