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:
“A sincere and steadfast co-operation in promoting such a reconstruction of our political system as would provide for the permanent liberty and happiness of the United States.”
—James Madison (1751–1836)
“The United States themselves are essentially the greatest poem.”
—Walt Whitman (1819–1892)
“I do not look upon these United States as a finished product. We are still in the making.”
—Franklin D. Roosevelt (1882–1954)
“On the whole, yes, I would rather be the Chief Justice of the United States, and a quieter life than that which becomes at the White House is more in keeping with the temperament, but when taken into consideration that I go into history as President, and my children and my children’s children are the better placed on account of that fact, I am inclined to think that to be President well compensates one for all the trials and criticisms he has to bear and undergo.”
—William Howard Taft (1857–1930)
“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)