Table 1
Legal forms of organization in Canada and the United
States
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| United States | Canada |
|---|---|
| Corporate sector | Corporate sector |
| Corporations 1: | Corporations |
| - C corporations | Government business enterprises |
| - S corporations | Income trusts |
| - Regulated investment companies | Partnerships: |
| - Real estate invesment trusts | - Corporate member |
| - LLCs that elect to be taxed as C or S corporations | - Income trust member |
| Partnerships: | |
| - Corporate member | |
| Non-corporate sector | Unincorporated sector |
| Sole proprietorships | Sole proprietorships |
| Partnerships: | Partnerships: |
| - Individuals (non-corporate member) | - Individuals (unincorporated member) |
| Government business enterprises 2 | |
| LLCs that do not elect to be taxed as C or S corporations 3 | |
| Other private businesses |
C corporations are corporations that are taxed
at the entity and shareholder levels. S corporations are small closely held
corporations subject to various restrictions (including a restriction on ownership).
They are taxed only at the shareholder level.
Government business enterprises are part of
the non-corporate sector in the United States. For consistency with the Canadian
definition, they are moved to the corporate sector for this analysis.
Limited liability companies (LLCs) that elect
not to be taxed as corporations are taxed as sole proprietorships when they
have one member and as partnerships when they have more than one member.
Note(s):
Some cells have been left blank because of differences between the legal
forms of organization in Canada and in the United States.
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