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Written by : Mitchel Wichterman
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difference between Ltd and LLC differences Ltd stands for limited company LLC stands for limited liability company Ltd is a company or business where the liability of the company is limited to what the members have invested in or guaranteed LLC is hype of legal structure that provides the limited liability similar to a corporation and the tax efficiencies and operational flexibility of a partnership ltd is suitable for big businesses or corporations LLC is suitable for small businesses Ltd is generally owned by members however could be owned by public in a public limited company LLC is owned by members Ltd must have formally appointed company officers at all times at least one director is required at management level in LLC only members and managing members of the company exist at the management agent level ltd requires not less than two and not more than 50 members to set up LLC can be set up by one or more members ltd is a separate legal entity from shareholders LLC is a separate entity from shareholders but members may be held liable for non-physicians ltd is relatively less cumbersome to organize and operate it as it has been exempted from many regulations and restrictions LLC has no requirement of much paperwork annual state reports are required to be filed with the appropriate fee can file by mail but most states allow or mandate online filing Ltd is the company format in the UK Republic of Ireland and the Commonwealth countries LLC is probably the approximate equivalent in the u.s. similarities both are legal entities both attract single taxation proper laws are passed directly to the members both are coming with limited liability both have indefinite term both issue shares that are privately held and privately traded
Thanks for your comment Hugh Dombrosky, have a nice day.
- Mitchel Wichterman, Staff Member
welcome to our continuing youtube video series on business and corporation and law my name is Christopher Neufeld of Neufeld legal and in this particular video we'll discuss a very common question I get asked and that is what is it difference between Inc meaning incorporated Ltd meaning limited and Corp or corporation with respect and name of one's company and because among the three you have the term limited thrown in there there is often this misperception that limited is at least is somewhat distinct from incorporated and Corporation and it presupposes some added degree of limited liability however that is not the case as we see from looking at Section 10 of the Canadian Federal Business Corporations Act and similarly in the other provincial Business Corporations Act such as the Ontario Business Corporations Act and the Alberta Business Corporations Act both at section 10 we find that these are choice names you can endings for your business name you have to choose one of them and or the French versions of them and they really represent nothing more other than a stylistic choice as to how one wishes to end their corporations name so there is nothing that is peculiar in Canada to these varying endings other than primarily the fact that they are the same company what would be distinguishing yes if somebody had utilized a limited liability company or an unlimited liability company so she'll have an LLC or a you'll see at the end or if the incorporator is a professional such as an accountant a lawyer a doctor a dentist and then they have a professional corporations designate as professional corporation the end of the name and then it's subject to its own set of rules but Inc limited corporation corporation these are simple endings that distinguish one type of corporation and one type of corporation alone I hope you have found this YouTube video informative if you have corporate matters dealing with in corporation or business operations please visit our website wwlp.com and we look forward to being back with you in further YouTube videos thank you
Thanks orgavaworewayJ your participation is very much appreciated
- Mitchel Wichterman
About the author
I've studied abnormal psychology at Lincoln Memorial University in Harrogate and I am an expert in classical mechanics. I usually feel refreshed. My previous job was gardener I held this position for 9 years, I love talking about gymnastics and saxophone. Huge fan of Judy Greer I practice taekwondo and collect rocks.
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