Limited Liability Company
Incorporated
2006-08-18 21:07:59 · 7 answers · asked by ••Mott•• 6 in Business & Finance ➔ Corporations
What is the real purpose of each?
2006-08-18 21:11:03 · update #1
The differences are mainly a matter of liability for the owners and tax treatment - although other details, like the corporate charter, can differ as well.
Here's a site with a quick comparison/primer:
http://www.llcweb.com/struc.htm
2006-08-18 22:07:43 · answer #1 · answered by Shofix 4 · 1⤊ 0⤋
Incorporated means to take something and to have it official identified as a business while a LLC (a Limited Liability Company) is a form in which a business can be incorporated as which gives the owner(s) limited liability to any sort of lawsuit that the business might be liable from.
2006-08-19 04:15:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A LLC is a limited liability company and INC is incorporated. An LLC offers limited liability to its owners and INCis the forming of a new corporation.
2006-08-19 04:13:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Limited Liability Corp v. Incorporation
of all the legal hooblee dooblee, i'd say the MAJOR or most significant difference is that liability is limited or the owners are limited in how much they are held to personal liability.
2006-08-19 04:15:18 · answer #4 · answered by sparkloom 3 · 0⤊ 0⤋
LLC is a limited liability company. INC is a corporation. LLC is a combination of both partnership and corporation.
2006-08-19 04:16:29 · answer #5 · answered by JAA 2 · 0⤊ 0⤋
Their last letters are the same. The only difference is in the first two letters.
2006-08-19 04:11:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
www.form-a-corp.com
2006-08-19 04:10:59 · answer #7 · answered by bigguu254 3 · 0⤊ 0⤋