Inc or LLC

[LifeWorth]

What's the difference between LLC and Inc after a business' title?

I see some agencies with LLC after the name. Some have Inc. Some have nothing such as "Jeffries Financial Group". Some are "Jeffries Insurance".

How are these organizations different?

 

[DHK]

You need to take a business insurance course.

"Jeffries Financial Group" or "Jeffries Insurance" is a DBA (Doing Business As).

However, is it a DBA for a sole proprietor, LLC, or a corporation? Because all of these business entities can market themselves using a DBA.

The differences between LLC and Inc... may depend more on each state. Also, we don't know if it's a C-corp or an S-corp. LLCs and S-Corps have subtle differences, but I'm not an expert on those. I know just enough to be dangerous, and I use other references when needed.

 

[davephx]

In most if not all states, an LLC with a single member is a disregarded entity for all except a bit more of a protective shield from lawsuits. However doubt if it would help an insurance agency much at least for single member since would be sued individually since also have to have individual insurance license.

Taxwise it is ignored (file Sch C as if a sole proprietorship) unless elects to be treated as a C- Corp. If more than one person is more like a partnership for tax purposes.

In AZ and I assume many states it needs a separate insurance license and you have to file Articles of Organization similar to a corporation Articles of Incorporation.

 

[pfg1]

Do a search, this question gets asked quite a bit here.