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:
“In the United States, though power corrupts, the expectation of power paralyzes.”
—John Kenneth Galbraith (b. 1908)
“In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds ... for it means that the most expensive restaurants are, with rare exceptions, the worst.”
—John Kenneth Galbraith (b. 1908)
“Ethnic life in the United States has become a sort of contest like baseball in which the blacks are always the Chicago Cubs.”
—Ishmael Reed (b. 1938)
“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–?)
“The United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written.”
—Franklin D. Roosevelt (1882–1945)