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:
“Europe and the U.K. are yesterday’s world. Tomorrow is in the United States.”
—R.W. ‘Tiny’ Rowland (b. 1917)
“Steal away and stay away.
Don’t join too many gangs. Join few if any.
Join the United States and join the family
But not much in between unless a college.”
—Robert Frost (1874–1963)
“To the United States the Third World often takes the form of a black woman who has been made pregnant in a moment of passion and who shows up one day in the reception room on the forty-ninth floor threatening to make a scene. The lawyers pay the woman off; sometimes uniformed guards accompany her to the elevators.”
—Lewis H. Lapham (b. 1935)
“In the United States the whites speak well of the Blacks but think bad about them, whereas the Blacks talk bad and think bad about the whites. Whites fear Blacks, because they have a bad conscience, and Blacks hate whites because they need not have a bad conscience.”
—Friedrich Dürrenmatt (1921–1990)
“Some time ago a publisher told me that there are four kinds of books that seldom, if ever, lose money in the United States—first, murder stories; secondly, novels in which the heroine is forcibly overcome by the hero; thirdly, volumes on spiritualism, occultism and other such claptrap, and fourthly, books on Lincoln.”
—H.L. (Henry Lewis)