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:
“The real charm of the United States is that it is the only comic country ever heard of.”
—H.L. (Henry Lewis)
“The United States must be neutral in fact as well as in name.... We must be impartial in thought as well as in action ... a nation that neither sits in judgment upon others nor is disturbed in her own counsels and which keeps herself fit and free to do what is honest and disinterested and truly serviceable for the peace of the world.”
—Woodrow Wilson (1856–1924)
“In a moment when criticism shows a singular dearth of direction every man has to be a law unto himself in matters of theatre, writing, and painting. While the American Mercury and the new Ford continue to spread a thin varnish of Ritz over the whole United States there is a certain virtue in being unfashionable.”
—John Dos Passos (1896–1970)
“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)
“... it is probable that in a fit of generosity the men of the United States would have enfranchised its women en masse; and the government now staggering under the ballots of ignorant, irresponsible men, must have gone down under the additional burden of the votes which would have been thrown upon it, by millions of ignorant, irresponsible women.”
—Jane Grey Swisshelm (1815–1884)