When forming a business,
you definitely want to make sure that you are forming it properly. The primary
difference between the terms Inc., Ltd., Co., and LLC are that they can be
divided into two categories: Limited Liability Companies and Corporations.
Limited Liability
Company (LLC)
Many people choose to
form their small business as an LLC simply because it provides an extra layer
of legal protection as far as protecting your personal assets go. This
formation separates personal and company funds so that in the event of the
company getting sued, only the funds from the business are up for grabs.
This is also an
attractive formation because it is very flexible. A business of this type is
owned by members and operated by either third-party managers or the members
themselves. It’s a very popular formation, and it is said that about 75% of
small businesses are formed under an LLC.
Corporations (Inc.,
Ltd., Co.)
The primary difference
between this type of company is that it is owned by stockholders. There are
directors or officers that are appointed and help manage the day-to-day nuances
of operating a business.
The stakeholders appoint
the directors, and then the directors are charged with finding other officers
of the corporation that manage the various tasks of running a business. This
type of set-up ensures that no single person has all of the say in your company.
Considering starting a
business? We may be able to help. We have helped thousands of businesses with
various stages of business development. To learn more, answer a few questions
to start speaking with an experienced business attorney, trademark attorney in Vietnam.
Hope this helps!
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