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, 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)
“We are told to maintain constitutions because they are constitutions, and what is laid down in those constitutions?... Certain great fundamental ideas of right are common to the world, and ... all laws of man’s making which trample on these ideas, are null and void—wrong to obey, right to disobey. The Constitution of the United States recognizes human slavery; and makes the souls of men articles of purchase and of sale.”
—Anna Elizabeth Dickinson (1842–1932)
“You are, I am sure, aware that genuine popular support in the United States is required to carry out any Government policy, foreign or domestic. The American people make up their own minds and no governmental action can change it.”
—Franklin D. Roosevelt (1882–1945)
“The rising power of the United States in world affairs ... requires, not a more compliant press, but a relentless barrage of facts and criticism.... Our job in this age, as I see it, is not to serve as cheerleaders for our side in the present world struggle but to help the largest possible number of people to see the realities of the changing and convulsive world in which American policy must operate.”
—James Reston (b. 1909)
“Fortunately, the time has long passed when people liked to regard the United States as some kind of melting pot, taking men and women from every part of the world and converting them into standardized, homogenized Americans. We are, I think, much more mature and wise today. Just as we welcome a world of diversity, so we glory in an America of diversity—an America all the richer for the many different and distinctive strands of which it is woven.”
—Hubert H. Humphrey (1911–1978)