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  1. #1
    Join Date
    Feb 2002
    Posts
    3,696

    business ending types?

    im thinking of starting a company and im curious of the business types in the us like:

    inc
    limited
    ltd

    ect, buisness endings



    and what do they mean and require?


    i know inc requires 3 people, in the company but thats all


    pres, tres, and something else
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  2. #2
    Join Date
    Mar 2002
    Location
    Orlando, FL
    Posts
    12,200
    LLC, requires 3 people: me, myself and I

  3. #3
    You can find a lot of information here:

    http://www.sba.gov/starting/getting.html

    Good luck!

  4. #4
    Join Date
    Feb 2002
    Posts
    3,696
    thanks so much, any more info, i want all the info i can get
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  5. #5
    Inc = Incorporated(Required three no matter what I believe)
    LLC = Limited Liability Company (Requires one in some states varys in others.)

  6. #6
    Join Date
    Jun 2000
    Location
    Southern California
    Posts
    12,121
    Originally posted by ChickenSteak
    Inc = Incorporated(Required three no matter what I believe)
    Three postions, but not three people required. Check state requirements.
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    Chicken

  7. #7
    Join Date
    Aug 2000
    Location
    NYC
    Posts
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    Re: business ending types?

    Originally posted by is0lized
    inc
    limited
    ltd

    and what do they mean and require?
    Those are exactly the same thing, at least in every US state I know about. When you form a corporation, you are required to have certain words in the entity's legal name to indicate that it is a corporation. So in most cases you could use any of those, or "Corporation," or spell out "Incorporated," etc.

    It'd be prohibited to use those words if your business were not incorporated.

    LLC, though, is a slightly different construct.

    As Chicken said, there is no requirement that three different people are involved in a corporation. Some states have a requirement that you name three officers, but they can be the same person. Some states have no such requirement at all.
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  8. #8
    Join Date
    Feb 2002
    Posts
    3,696
    but what are ALL the titles is what im asking. and what do they mean?


    im not starting a buis now, since im younger but will later on, never to early to start
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  9. #9
    Join Date
    Aug 2000
    Location
    NYC
    Posts
    6,627
    Originally posted by is0lized
    but what are ALL the titles is what im asking. and what do they mean?
    Again, they all -- the ones you listed -- mean the same thing: that you are incorporated. Every corporation must have the word "Corporation," "Incorporated," "Limited," or an abbreviation of one of those words in its name. Which one to use, or which form of one, would be up to you. There is no difference.

    A slightly different form of business entity is the Limited Liability Company. Essentially it's similar to a corporation but the administrative requirements are simpler (for example, a corporation is required to have annual meetings and to retain the minutes of those meetings, etc.; a limited liability company usually is not). A limited liability company will have "LLC" in its name.
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  10. #10
    Join Date
    Jun 2002
    Location
    Planet Earth
    Posts
    112
    There's also LLP -- Limited Liability Partnership

    But don't ask what the difference is bettween LLP vs. LLC are... I wouldn't know.

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