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 Mr. Apollinax visited the United States
His laughter tinkled among the teacups.
I thought of Fragilion, that shy figure among the birch-trees,
And of Priapus in the shrubbery
Gaping at the lady in the swing.”
—T.S. (Thomas Stearns)
“The veto is a President’s Constitutional right, given to him by the drafters of the Constitution because they wanted it as a check against irresponsible Congressional action. The veto forces Congress to take another look at legislation that has been passed. I think this is a responsible tool for a president of the United States, and I have sought to use it responsibly.”
—Gerald R. Ford (b. 1913)
“I hate to do what everybody else is doing. Why, only last week, on Fifth Avenue and some cross streets, I noticed that every feminine citizen of these United States wore an artificial posy on her coat or gown. I came home and ripped off every one of the really lovely refrigerator blossoms that were sewn on my own bodices.”
—Carolyn Wells (1862–1942)
“Yesterday, December 7, 1941Ma date that will live in infamy—the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan.”
—Franklin D. Roosevelt (1882–1945)
“God knows that any man who would seek the presidency of the United States is a fool for his pains. The burden is all but intolerable, and the things that I have to do are just as much as the human spirit can carry.”
—Woodrow Wilson (1856–1924)