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:
“Falling in love with a United States Senator is a splendid ordeal. One is nestled snugly into the bosom of power but also placed squarely in the hazardous path of exposure.”
—Barbara Howar (b. 1934)
“Prior to the meeting, there was a prayer. In general, in the United States there was always praying.”
—Friedrich Dürrenmatt (1921–1990)
“The white American man makes the white American woman maybe not superfluous but just a little kind of decoration. Not really important to turning around the wheels of the state. Well the black American woman has never been able to feel that way. No black American man at any time in our history in the United States has been able to feel that he didn’t need that black woman right against him, shoulder to shoulder—in that cotton field, on the auction block, in the ghetto, wherever.”
—Maya Angelou (b. 1928)
“United States! the ages plead,—
Present and Past in under-song,—
Go put your creed into your deed,—
Nor speak with double tongue.”
—Ralph Waldo Emerson (1803–1882)
“What chiefly distinguishes the daily press of the United States from the press of all other countries is not its lack of truthfulness or even its lack of dignity and honor, for these deficiencies are common to the newspapers everywhere, but its incurable fear of ideas, its constant effort to evade the discussion of fundamentals by translating all issues into a few elemental fears, its incessant reduction of all reflection to mere emotion. It is, in the true sense, never well-informed.”
—H.L. (Henry Lewis)