in a brief summary for each of them.
2007-08-09 12:21:58 · 6 answers · asked by Cranberrydude 3 in Business & Finance ➔ Corporations
INC, CORP- these two are the same thing, it's a corporation, meaning it's a legal entity, it's a fictitious individual, it can sue and be sued. but, the (owners) shareholders are not liable (officers of these companies perhaps). once a company picks a name for example: Abc Inc., or Abc Corp., it cannot change it's name it must always use the legal name consistently. Also corporations are known for 'double taxation', meaning the corp pays taxes, and when it pays it's shareholders dividends, the shareholders pay taxes on this.
LLC - stands for 'limited liability company', They combine the personal liability protection of a Corporation with the tax benefits and simplicity of a partnership.
In other words, the owners (or "members") of an LLC are not personally liable for its debts and liabilities, but also have the benefit of being taxed only once on their profits. Moreover, LLCs are more flexible and require less ongoing paperwork than an S-Corporation.
so, when you think of an llc, think limited liability and tax benifits :)
2007-08-09 13:45:28 · answer #1 · answered by Danielle 3 · 0⤊ 0⤋
depends on state law to some extent
INC and CORP are usually synonyms. A corporation has limited liability for shareholders and unlimited life.
LLC, in many states, means a limited corporate life. It too will have limited liability for shareholders but the charter expires on a set date. An LLC can be a partnership for tax purposes if it so elects, a regular corporation can not be so treated.
Usually, an LLC is organized where the object and purpose of the enterprise is definitely of limited time -- example would be to own and manage a particular piece of real property.
does this help?
2007-08-09 12:27:58 · answer #2 · answered by Spock (rhp) 7 · 2⤊ 0⤋
Inc.= Incorporated A company with offshoots such as Walmart also doing business as Sams, Neighborhood
Market, etc.
Corp= one company
LLC= Limited Liabiltiy Company A privately held company
2007-08-09 12:29:41 · answer #3 · answered by darcy c 1 · 0⤊ 0⤋
LLC
limited liability corporation
The Brit East India company made that to get out of paying the expenses of the dead sailors
Corp. is short for corporation
Inc, is short for incorporated
2007-08-09 12:28:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
LLC is Lex Luthor Corp, a fictitious company on that smallville show.
INC is what comes in pens.
CORP's is what your body becomes when you die.
2007-08-09 12:25:37 · answer #5 · answered by Anonymous · 0⤊ 2⤋
INC = Incorporated
CORP = Corporation
LLC = Look Lois & Clark
2007-08-09 12:24:14 · answer #6 · answered by Anonymous · 0⤊ 2⤋