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:
“The men the American people admire most extravagantly are the most daring liars; the men they detest most violently are those who try to tell them the truth. A Galileo could no more be elected President of the United States than he could be elected Pope of Rome. Both posts are reserved for men favored by God with an extraordinary genius for swathing the bitter facts of life in bandages of soft illusion.”
—H.L. (Henry Lewis)
“When, in some obscure country town, the farmers come together to a special town meeting, to express their opinion on some subject which is vexing to the land, that, I think, is the true Congress, and the most respectable one that is ever assembled in the United States.”
—Henry David Thoreau (1817–1862)
“In the United States there is more space where nobody is is than where anybody is.”
—Gertrude Stein (1874–1946)
“It is a curious thing to be a woman in the Caribbean after you have been a woman in these United States.”
—Zora Neale Hurston (1891–1960)
“Today’s difference between Russia and the United States is that in Russia everybody takes everybody else for a spy, and in the United States everybody takes everybody else for a criminal.”
—Friedrich Dürrenmatt (1921–1990)