Limited Liability Corporation ...???

StudyingAccounting · 02-11-06, 07:54 AM

As I study business tax, I hang out at business forums on the net. While I do that, quite a few people talk about "Limited Liability Corporation". What is "Limited Liability Corporation"? There is LLC - Limited Liability Company, but is there such entity called "Limited Liability Corporation" (in US)???

Bryan Le · 02-11-06, 01:14 PM

I dont think so - I've always been under the impression it was called "Company".

But I think they are both ... accepted terms.

**Chris Gwynne** · 02-11-06, 01:41 PM

It can be referred to as Limited Liability Corporation however the correct terminology is Limited Liability Company.

Try to refer to it as the latter.

StudyingAccounting · 02-11-06, 08:11 PM

Is there so called Limited Liability Corporation in UK, Canada or Australia?

**Anthony** · 02-11-06, 08:21 PM

in the UK they're known as PLC's or LTD's

PLC = Public / Private Limited Company
LTD = Limited Company

smacklan · 02-12-06, 08:48 PM

Is it advisable (anyone know of the procedure/costs involved) to set your online business up this way. Mine isn't but is growing substantially and I wonder if I need it now for tax purposes, etc.

**Anthony** · 02-12-06, 08:55 PM

I would recommend it

smacklan · 02-12-06, 09:00 PM

Quote:

Originally Posted by Anthony

I would recommend it

Is it something one can do themselves? Where do you begin? (I'm in the States, btw)

StudyingAccounting · 02-13-06, 06:49 AM

Quote:

Originally Posted by smacklan

Is it something one can do themselves? Where do you begin? (I'm in the States, btw)

Are you asking about how to form a company?

Andy · 02-13-06, 07:21 AM

Its a lot of paperwork. My mom and I set one up recently, for the purposes of personal investing in the stock market (you can claim more losses as a corporation than as an individual investor) and I have also been using it for my online business.
Its extremely useful and is a great way to save money on taxes once you start making money online.