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:
“When, in some obscure country town, the farmers come together to a special town meeting, to express their opinion on some subject which is vexing to the land, that, I think, is the true Congress, and the most respectable one that is ever assembled in the United States.”
—Henry David Thoreau (1817–1862)
“The House of Lords, architecturally, is a magnificent room, and the dignity, quiet, and repose of the scene made me unwillingly acknowledge that the Senate of the United States might possibly improve its manners. Perhaps in our desire for simplicity, absence of title, or badge of office we may have thrown over too much.”
—M. E. W. Sherwood (1826–1903)
“... 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)
“The parallel between antifeminism and race prejudice is striking. The same underlying motives appear to be at work, namely fear, jealousy, feelings of insecurity, fear of economic competition, guilt feelings, and the like. Many of the leaders of the feminist movement in the nineteenth-century United States clearly understood the similarity of the motives at work in antifeminism and race discrimination and associated themselves with the anti slavery movement.”
—Ashley Montagu (b. 1905)
“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)