<P> For United States income tax purposes, a business entity may elect to be treated either as a corporation or as other than a corporation . This entity classification election is made by filing Internal Revenue Service Form 8832 . Absent filing the form, a default classification applies . U.S. corporations of the type that can be publicly traded must be treated as corporations . There is a list of specific foreign entities that must be treated as corporations . The election is effective for Federal and most state income tax purposes . </P> <P> If an entity is not classified as a corporation, it is treated as a partnership for U.S. tax purposes if it has more than one owner, or is a disregarded entity if it has a single owner (i.e. is treated as part of the single owner). </P> <P> The classification of either a U.S. or non-U.S. entity for U.S. tax purposes has no effect for purposes other than U.S. income tax . </P> <P> An entity, which is eligible to make an election, is referred to as an eligible entity . Generally, a corporation organized under U.S. federal or state statute (and referred to as a corporation, body corporate or body politic by that statute) is not an eligible entity . However, the following types of business entity are treated as eligible entities: </P>

Classified as an association taxable as a corporation