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 men the American people admire most extravagantly are the most daring liars; the men they detest most violently are those who try to tell them the truth. A Galileo could no more be elected President of the United States than he could be elected Pope of Rome. Both posts are reserved for men favored by God with an extraordinary genius for swathing the bitter facts of life in bandages of soft illusion.”
—H.L. (Henry Lewis)
“To the United States the Third World often takes the form of a black woman who has been made pregnant in a moment of passion and who shows up one day in the reception room on the forty-ninth floor threatening to make a scene. The lawyers pay the woman off; sometimes uniformed guards accompany her to the elevators.”
—Lewis H. Lapham (b. 1935)
“I am colored but I offer nothing in the way of extenuating circumstances except the fact that I am the only Negro in the United States whose grandfather on the mother’s side was not an Indian chief.”
—Zora Neale Hurston (1891–1960)
“The United States themselves are essentially the greatest poem.”
—Walt Whitman (1819–1892)
“I have ever deemed it fundamental for the United States never to take active part in the quarrels of Europe. Their political interests are entirely distinct from ours. Their mutual jealousies, their balance of power, their complicated alliances, their forms and principles of government, are all foreign to us. They are nations of eternal war.”
—Thomas Jefferson (1743–1826)