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:
“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)
“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 United States is not a nation to which peace is a necessity.”
—Grover Cleveland (1837–1908)
“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)
“I thought it altogether proper that I should take a brief furlough from official duties at Washington to mingle with you here to-day as a comrade, because every President of the United States must realize that the strength of the Government, its defence in war, the army that is to muster under its banner when our Nation is assailed, is to be found here in the masses of our people.”
—Benjamin Harrison (1833–1901)