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This question is about employer.
Inc. vs corp.
The difference between Inc. and Corp. is that Inc. stands for Incorporation which refers to the process business owners and members use to form a corporation, while Corp. stands for Corporation which refers to a specific business entity that is formed when a business or company becomes too complex for the owner to run efficiently.
Incorporation is the first step in the process of a business becoming a corporation. Inc. can also stand for Incorporated, which means a particular business is a corporation. And this means that the company is a separate business entity from its owners resulting in limited liability. Businesses can also choose to become an S corporation or a C corporation.
A Corp., or corporation, can refer to two specific types of business entities. The first is a corporation, and the second is a limited liability company (LLC). Both of these types of business entities exist separately from their owners and result in limited liability for the business owner(s) or members.
Key Takeaways:
| Inc. | Corp. |
|---|---|
| Inc. stands for Incorporation which refers to the process business owners and members used to form a corporation, but Inc. can also stand for Incorporated, which means a particular business is a corporation. | Corp. stands for Corporation which refers to a specific business entity that is formed when a business or company becomes too complex for the owner to run efficiently. |
| When a business becomes incorporated, it can choose to become an S corporation or a C corporation. | A Corp., or corporation, can refer to two specific types of business entities, the first being a corporation, and the second being a limited liability company (LLC). |
| Incorporating a business is the first step in forming a corporation. | A corporation is formed to run the daily operations of that particular business. |
| When a business is incorporated, that business is a corporation. | A corporation is an incorporated business. |
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