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:
“Television is an excellent system when one has nothing to lose, as is the case with a nomadic and rootless country like the United States, but in Europe the affect of television is that of a bulldozer which reduces culture to the lowest possible denominator.”
—Marc Fumaroli (b. 1932)
“In one notable instance, where the United States Army and a hundred years of persuasion failed, a highway has succeeded. The Seminole Indians surrendered to the Tamiami Trail. From the Everglades the remnants of this race emerged, soon after the trail was built, to set up their palm-thatched villages along the road and to hoist tribal flags as a lure to passing motorists.”
—For the State of Florida, U.S. public relief program (1935-1943)
“The city of Washington is in some respects self-contained, and it is easy there to forget what the rest of the United States is thinking about. I count it a fortunate circumstance that almost all the windows of the White House and its offices open upon unoccupied spaces that stretch to the banks of the Potomac ... and that as I sit there I can constantly forget Washington and remember the United States.”
—Woodrow Wilson (1856–1924)
“In the larger view the major forces of the depression now lie outside of the United States, and our recuperation has been retarded by the unwarranted degree of fear and apprehension created by these outside forces.”
—Herbert Hoover (1874–1964)