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:
“America—rather, the United States—seems to me to be the Jew among the nations. It is resourceful, adaptable, maligned, envied, feared, imposed upon. It is warm-hearted, overfriendly; quick-witted, lavish, colorful; given to extravagant speech and gestures; its people are travelers and wanderers by nature, moving, shifting, restless; swarming in Fords, in ocean liners; craving entertainment; volatile. The schnuckle among the nations of the world.”
—Edna Ferber (1887–1968)
“We now in the United States have more security guards for the rich than we have police services for the poor districts. If you’re looking for personal security, far better to move to the suburbs than to pay taxes in New York.”
—John Kenneth Galbraith (b. 1908)
“The United States is not a nation to which peace is a necessity.”
—Grover Cleveland (1837–1908)
“In the United States adherence to the values of the masculine mystique makes intimate, self-revealing, deep friendships between men unusual.”
—Myriam Miedzian, U.S. author. Boys Will Be Boys, introduction (1991)
“Greece is a sort of American vassal; the Netherlands is the country of American bases that grow like tulip bulbs; Cuba is the main sugar plantation of the American monopolies; Turkey is prepared to kow-tow before any United States pro-consul and Canada is the boring second fiddle in the American symphony.”
—Andrei Andreyevich Gromyko (1909–1989)