What's the difference between a Limited Liability Company and a Limited Liability Corporation?

Question

What's the difference between a Limited Liability Company and a Limited Liability Corporation?

Answer 1

A corporation is given many legal rights as an entity separate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern. Incorporation gives the company separate legal standing from its owners and protects those owners from being personally liable in the event that the company is sued (a condition known as limited liability).

The Limited Liability Company (LLC) is a type of hybrid business structure that is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. A popular choice for sole proprietors who are looking to incorporate simply to protect personal assets or secure additional loans, the LLC is thought to be one of the easiest and least expensive forms of ownership to organize.

Professional corporations (PC) and professional limited liability companies (PLLC) are formed for the purpose of providing professional services. State laws determine what constitutes professional services and this classification often differs from state to state. Professional services usually include medical, accounting and finance, legal, and architectual services (but again, this does differ across states).

Answer 2

a limited liability primarily means when a company is liquidated its liability is limited to the extent of its shareholders or share capital & a corporation could have unlimited liability, generally private limited companys or partnership firms are with limited liability. Corporations are like enron etc.

Answer 3

Depends on your jurisdiction, but here, a company can be a proprietorship or partnership in which the owner(s) are not legal separate from the company - company debts are their debts. A corporation is a legal body independent of the owners and debt is limited to the assets of the corporation....