Differntiate between LL and LLC company?

[richardm1964]

We find different types of companies in the arena of business world. Among them LC and LLC companies are quite significant in numbers. So how can you differentiate between these companies?

Last edited by a moderator: Dec 1, 2009

 

[axelnobel]

LL and LLC


LC is Limited Corporation and LLC is Limited Liability Corporation, these are very different.If I remember correctly, LPs are made up of general partners and limited partners. General partners participate in management and partnership's business, and have unlimited liability; the organization must have at least one of this type of partner. Limited partners do not take an active part in management and have limited liability.

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[mneilson]

LC stands for Limited Company. It is a Company limited by shares in which there is no restriction on the maximum number of shareholders, transfer of shares and acceptance of public deposits. The liability of each shareholder is limited to the extent of the unpaid amount of the shares. Where as LLC means Limited Liabilities Company. It is a corporate structure whereby the shareholders of the company have a limited liability to the company's actions.