I failed to find a more descriptive explanation of the following.
"Inc." is an abbreviation for "Incorporated", according to Wikipedia (http://en.wikipedia.org/wiki/Inc.). But if "Inc." can mean "Corporation", does it mean that "Incorporated" is the same thing as "Corporation"?
So is there a legal difference between the two names like:
Google Incorporated (sometimes written as "Google Inc." (I think))
Remember Inc. and Corp. are mostly American terms. I mean we don't have either of those either in the UK really. It is either Ltd. LLP. PLC. etc.
It seems that more American companies are opting for Inc. these days instead of Corp. Most of the more recently founded companies seem to use Inc. E.g. Google Inc. and when Dell changed their name they went from Dell Computer Corp. to Dell Inc.
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Very nice but you can be Google, Inc. DBA GooGoo Corp.
Than you can just call yourself GooGoo Corp!
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I have not a clue why he set up an S Corp instead of an LLC. In the U.S., my laywer, accoutant, and myself alll agree that S Corps are very sticky and you can easily get burned on them if you break one of the requirements.
As you can see, we choose LLC status. The taxes on it I can elect to be taxed like a corporation so I receive the tax benefits and I have the protection of a corporation too. It is less expense to form an LLC as well.
I know many people who would not go any other way. I definately would not go back to be a Sole Prop. though.