what does inc (incorporated) and LLC. and CORP mean?

Question

I need to know what they mean and what the difference is in all of them.

Answer 1

Corp is short for Corporation which is what you call a company that has been incorporated. Incorporated means that the company is a legal entity in its own right, so the corporation can be sued but not the shareholders.

LLC is short for limited liability corporation. This is where the shareholders ARE liable if the company is sued, however there liability is limited to whatever is agreed in the corporation documentation. Generally these are corporations providing professional services such as Accountancy, Legal etc as historically these types of business were unable to incorporate as it took away re-assurance to the customers that the employee's, partners etc would provide a professional and ethical service.

Answer 2

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LLC's mean that the members have the same protections under the law as shareholders in either a 'C' Corp or 'S' Corp. That means they cannot be sued for acts of the company that were not fraudulent. LLC members have all the profits and/or the losses of that entity passed onto them directly so that the tax burder falls to LLC members. In other words, avoiding 'double' taxation. There are two (2) kinds of 'inc.s' The S Corp mentioned above is nothing more or less than an incorporated version of the LLC. In fact, in today's world, there are many 'S' Corps which have changed and become LLC's. An attorney in your state or country can tell you which is best and why for a very small sum. The 'C' Corporation is usually much larger, has many shareholders and is taxed first at the Corporate (S) level. It then distributes the remaining profit (dividends or distributions) to each of its shareholders, depending upon how many shares each has. The S Corp also protects shareholders from most lawsuits through the protection of what is known as 'the corporate veil'. Bottom line: Taxes and how they are attributed play a big part in selection of choices. Three different entities serve basically two different purposes. For example, if a new company loses $100,000 in year one and it is either an LLC or Sub S those losses will go directly to the owners of the entity and they will receive tax deductions for their 'ordinary' losses. Similarly, when it becomes profitable they will be taxed on their share of the taxes. A little more esoteric is to understand that LLC members share in depreciation and amortization deductions (bookkeeping entries only) and C corp shareholders do not. From here on it gets a bit complicated but these are the simple versions. And finally, you would not want to be both an 'Inc', as you describe, and an LLC, one or the other will suffice. Have fun

Answer 3

Does Inc Mean Corporation

Answer 4

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RE:
what does inc (incorporated) and LLC. and CORP mean?
I need to know what they mean and what the difference is in all of them.

Answer 5

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