Posted by New company on June 11, 2011 at 08:24:40 from (68.149.56.30):
In Reply to: JohnT posted by tractorfixer1 on June 11, 2011 at 07:53:17:
They most likely mean the exact same thing, same as corporation. Ltd, Inc, Corperation and LLC can be used interchangeably. It means the business is incorperated and the business owner/directors have a lot more protection in case of lawsuits against the company. They are protected from being held personally liable for company debts. They are not protected in all cases though. If the company owner and/or a company director was grossly negligent and personally responsible for debts or a lawsuit against the company, they could still be held liable. I'm sure someone will be able to explain that better than I did. I was just trying to say that a lot people think being incorperated protects the directors of the company from any possible lawsuits or debts a business incurs and that's not the case. If you work by yourself you may not need to be incorperated right off the bat. You'll need liability insurance but could operate as a sole proprietorship until you get bigger or hire more employee's. You may or may not need a business license as well. You'd have to check with your jurisdiction for the particular type of business you want to start..
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