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 United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written.”
—Franklin D. Roosevelt (1882–1945)
“In the United States, it is now possible for a person eighteen years of age, female as well as male, to graduate from high school, college, or university without ever having cared for, or even held, a baby; without ever having comforted or assisted another human being who really needed help. . . . No society can long sustain itself unless its members have learned the sensitivities, motivations, and skills involved in assisting and caring for other human beings.”
—Urie Bronfenbrenner (b. 1917)
“The Federated Republic of Europe—the United States of Europe—that is what must be. National autonomy no longer suffices. Economic evolution demands the abolition of national frontiers. If Europe is to remain split into national groups, then Imperialism will recommence its work. Only a Federated Republic of Europe can give peace to the world.”
—Leon Trotsky (1879–1940)
“The boys dressed themselves, hid their accoutrements, and went off grieving that there were no outlaws any more, and wondering what modern civilization could claim to have done to compensate for their loss. They said they would rather be outlaws a year in Sherwood Forest than President of the United States forever.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The popular colleges of the United States are turning out more educated people with less originality and fewer geniuses than any other country.”
—Caroline Nichols Churchill (1833–?)