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However, if one is the sole member of a domestic limited liability company (LLC), one is not a sole proprietor if one elects to treat the LLC as a corporation. [5] In the United States, sole proprietors "must report all business income or losses on [their] personal income tax return; the business itself is not taxed separately.
A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
Central Railroad of New Jersey Station in Jim Thorpe, now a visitors center. Jim Thorpe was founded in 1818 as Mauch Chunk (/ ˌ m ɔː k ˈ tʃ ʌ ŋ k /), a name derived from the term Mawsch Unk, meaning Bear Place in Unami, the language of the native Lenape, possibly a reference to Bear Mountain, an extension of Mauch Chunk Ridge that resembled a sleeping bear, or perhaps the original ...
Thus the corporation is a domestic corporation in Delaware or Nevada, and is a foreign corporation in any other state (or country) with which it registers. While there may be tax benefits as a result of choosing where a corporation's domestic jurisdiction is located, registering as a foreign corporation in another state can create new tax ...
The word tax assessment is used in different ways, but often refers to a tax liability owed by a taxpayer. In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an "assessed value," which is a base number used in the calculation of the property ...
Most private equity funds and hedge funds are composed as limited partnerships, or as LLCs (Limited Liability Company) which for tax purposes is considered a Limited Partnership, unless the fund formally elects to be taxed as a corporation. This allows the fund itself to avoid taxation, as each of the individual investors is taxed as a partner ...
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In 1827, Lehigh Coal & Navigation Company, based in present-day Jim Thorpe, launched the Mauch Chunk Switchback Railway, the nation's second operating railroad. [5] [8] The Beaver Meadow Railroad and Coal Company, also located in Carbon County, was the first railway to operate steam locomotives as traction engines and prime movers in the United ...