A corporation is a legal entity composed of individuals that acts as a single entity with distinct legal rights and liabilities, separate from its members. It can be created by various legal forms, and can either be composed of a single person or several individuals.
Domestic corporations are entities established under the laws of the United States, operating primarily within the country, and are subject to federal and state regulations.
A domestic corporation or partnership refers to a business entity created or organized within the United States or under the laws of the United States or any state. Such entities are subject to federal and state regulations specific to domestic businesses.
For income tax purposes, a United States Person (USP) refers to any individual or entity that falls under the umbrella of being liable to U.S. taxation, including citizens, residents, domestic partnerships, corporations, and certain estates and trusts.
