What is the difference between a LLC and Inc. ?
I'd also like to know if there is a difference between a DBA and a business license or are they the same. I am looking to start a business as a headhunter this coming year. There is so much advertisement on the internet; it's gets confusing what to do first.
- hogie0101Lv 41 decade agoFavorite Answer
DBA is "doing business as".
so you form your company (S, C, LLC, LLP) and it can have a name, like "hogans heroes LLC". Then you can DBA as say "Headhunters of America". So people would know you as "headhunters of America" but you business filings would be "hogans heroes DBA headhunters of America" It allows you to have a different corp name from you public name. Usually people who own a Franchise have a DBA. Like "joe blow DBA McDonalds" That way they can cash checks etc.
Inc is incorporated.
There are many times of Incorporation's.
C Corp. Is what most people think of, Share holders even if it's only one, meetings and minutes, separate entity, Liability protection, Very formal very structured. You would Draw a Salary. The C corp pays it's own taxes and you pay on your Salary.
S corp. Almost exactly like a C corp but with pass through Tax status. So The taxes for the company are paid by the holder(s) as a percentage of ownership. All profits/loss are passed through as a percentage of ownership and each pays taxes on their part.
LLC Is a limited liability corp. This has pass through tax status and Liability protection like a S and C. It is far simpler then a C or S as in no meeting, minutes, etc. Much less structure to deal with.
LLP limited liability partner ship. Even more simple than an LLC, providing Liability protection.
Now there is a sole proprietor classification with liability protection, very simple.
There is much more to each of these, this is just a simple overview.
- 1 decade ago
The content of your question doesn't match your subject. If you go to the first link, that compares the similarities and differences between an LLC and being Incorporated.
For information regarding operating as a DBA, go to the second link.
It appears that you would most likely need a business license to operate under a DBA.
- 1 decade ago
Angela, it seem that you are very confused about what to do to get started. The book "Winning in Biz" gives you all the answers to your questions. The book and companion website www.wininbiz.com give you the step-by-step hand-holding of the things to do and how to do them right-the first time-to make your business successful and profitable. If you are looking for strategies that work, if you want an expert on your side - check out www.wininbiz.com
- DarcyLv 44 years ago
Co is simply a Corporation or Company, where as Ltd. is a public-limitted corporation/company, meaning that the company has sold voting shares, and thus if it doesn't more than 50% of it's own voting shares, is open to a hostile takeover.
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- njyogibearLv 71 decade ago
I would check with an accountant because I know the choice of corporation has a big impact on taxes.