What is the difference between a LLC and Corporation? Read more...?

Question

What are the differences between the following:

Limited Liability Company, Limited Partnership, Limited-liability Partnership, Corporation and Incorporated?

I always see advertisements by various business and in their name the have one of the above. For example; "Jane Doe's Pizza Kitchen, LLC". What is the difference between each of those? Why would the business include that in their name?

Answer 1

I certainly wouldnt take the time on here to write it all down, they make entire books about this subject.
You are asking about entity structure. The difference is how each has decided to form their business, for their own reasons. We use a duel member LLC to have limited liability and yet still have a pass through on the taxes (although we can choose taxing as a c-corp which would be good if you wer edoing health benefits.....
Get the picture...its all about what your company's needs are, which form you choose.
Very interesting subject though, do read up on it.
Good Luck