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:
“As a Tax-Paying Citizen of the United States I am entitled to a voice in Governmental affairs.... Having paid this unlawful Tax under written Protest for forty years, I am entitled to receive from the Treasury of ‘Uncle Sam’ the full amount of both Principal and Interest.”
—Susan Pecker Fowler (1823–1911)
“Printer, philosopher, scientist, author and patriot, impeccable husband and citizen, why isn’t he an archetype? Pioneers, Oh Pioneers! Benjamin was one of the greatest pioneers of the United States. Yet we just can’t do with him. What’s wrong with him then? Or what’s wrong with us?”
—D.H. (David Herbert)
“The United States themselves are essentially the greatest poem.”
—Walt Whitman (1819–1892)
“God knows that any man who would seek the presidency of the United States is a fool for his pains. The burden is all but intolerable, and the things that I have to do are just as much as the human spirit can carry.”
—Woodrow Wilson (1856–1924)
“We can beat all Europe with United States soldiers. Give me a thousand Tennesseans, and I’ll whip any other thousand men on the globe!”
—Andrew Jackson (1767–1845)