Difference between LLC and Inc

Posted By: Sm Adminon: December 16, 2015In: Miscellaneous

LLC:
LLC means Limited Liability Company. LLC is the entity which has been established legally where the liability of the shareholders is limited.
Inc.:
Inc. means the incorporated. Inc. is the entity or organization which is operated by the board of directors. It is suitable for the large business organization. The liability of the shareholders is limited.
Differences:

Basis	LLC	INC
Definition (www.oxforddcitionaries.com)	A private company whose owners are legally responsible for its debts only to the extent of the amount of the capital they invested.	(Of a company or other organization) formed into legal corporation.
Full Forms	It means limited liability company.	It means incorporated.
Objectives/Purpose	The purpose of LLC is liability protection.
Synonyms		Ltd., handcuff, hog tie
Pronunciation	Eng (UK): / ˈlɪmɪtɪd lʌɪəˈbɪlɪti ˈkʌmp(ə)ni / Eng (US): / ˈlimədəd ˌlīəˈbilədē ˈkəmp(ə)nē /	Eng (UK): / ɪnˈkɔːpəreɪtɪd / Eng (US): / inˈkôrpəˌrādəd /
Types	Its types are: Single member LLC Multi member LLC Non-profit LLC Professional Limited Liability Company Series LLC	Its types are: Joint venture Limited partnership C corporation S corporation Professional corporation Non-profit corporation
Advantages/Benefits	Its advantages are: Tax flexibility Less paperwork Limited liability	The advantages of incorporation are: Liability protection Increased capital Tax benefits
Disadvantages	Its disadvantages are: Self-employment taxes Confusion about roles Limited life	Its disadvantages are: Taxes More formalities
Example in Sentence	Limited liability companies are not held by the only person. Limited Liability Company is not a separate entity.	Incorporated company is under the types of company. To incorporate a company, all the documents should be submitted by following the rules.