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:
“We are told to maintain constitutions because they are constitutions, and what is laid down in those constitutions?... Certain great fundamental ideas of right are common to the world, and ... all laws of man’s making which trample on these ideas, are null and void—wrong to obey, right to disobey. The Constitution of the United States recognizes human slavery; and makes the souls of men articles of purchase and of sale.”
—Anna Elizabeth Dickinson (1842–1932)
“The rising power of the United States in world affairs ... requires, not a more compliant press, but a relentless barrage of facts and criticism.... Our job in this age, as I see it, is not to serve as cheerleaders for our side in the present world struggle but to help the largest possible number of people to see the realities of the changing and convulsive world in which American policy must operate.”
—James Reston (b. 1909)
“Prior to the meeting, there was a prayer. In general, in the United States there was always praying.”
—Friedrich Dürrenmatt (1921–1990)
“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 incline to think that the people will not now sustain the policy of upholding a State Government against a rival government, by the use of the forces of the United States. If this leads to the overthrow of the de jure government in a State, the de facto government must be recognized.”
—Rutherford Birchard Hayes (1822–1893)