The difference between a Limited Liability Corporation and a Corporation...?
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What is the difference between a Limited Liability Corporation and a Corporation? Thanks for your help.
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Answer:
A Limited Liability Company has fewer formalities.
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Other answers
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.
Bliss
A corp has a Pres. VP etc. The reports required are more. The LLC is a member thing not Pres. VP so on.. the money flows through the LLC to the members, no double taxation, each member is responsible to pay their own taxes. Reports to the IRS are less and easier.
joveesasha
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