Minnesota nonprofit corporations are not required to use any of these words; for business corporations, they must use "corporation", "incorporated", or "limited", or shall contain an abbreviation of one or more of these words, or the word "company" or the abbreviation "Co." if that word or abbreviation is not immediately preceded by the word "and" or the character "&" Chapter 302A, Section 302A.115 Minnesota Statutes (for Business Corporations); Chapter 317A, Section 317A.115 Minnesota Statutes (for non-profit corporations)
A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companies and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, for example:
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, a cooperative or a disregarded entity. A corporation may be taxed as either a C corporation or elect to be treated as a Subchapter S corporation. A disregarded entity has one owner (or a married couple as owner) that is not recognized for tax purposes as an entity separate from its owner. Types of disregarded entities include single-member LLCs; qualified sub-chapter S subsidiaries and qualified real estate investment trust subsidiaries. A disregarded entity's transparent tax status does not affect its status under state law. For example, for federal tax purposes, a 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 generally not personally liable for the debts and obligations of the entity. To be recognized as a Cooperative for tax purposes Cooperatives must follow certain rules under Sub Chapter T of the Internal Revenue Code.
The application required for incorporating as a Limited Liability Company (LLC) is called the Articles of Incorporation (also referred to as a Certificate of Incorporation). This document contains basic information about the company, its owners, and its directors. Depending on your state of incorporation, there may also be state-level fees or taxes that must be paid.
North Dakota must contain the word "company", "corporation", "incorporated", "limited", or an abbreviation of one or more of these words; may not contain the words "limited liability company", "limited partnership", "limited liability partnership", "limited liability limited partnership", or any abbreviation of these words. North Dakota century Code 10-19.1-13
Where the equipment you use in your business was acquired as a gift, you may report your estimate of its current market value on the Business Property Statement (that is, what you think it would sell for in the open market place). Enter that estimated value in the most current year's cost line and add a note indicating that the entry is an estimate.