What is the difference between a LLC, Inc., and Corp., and which one is best for my business?
These three different types of designations come with perks and drawbacks, and vary based on your needs. An LLC protects you from personal liability, has an unlimited number of owners, no annual meeting required, but does not allow you to hold stock or corporate income splits. A corporation of any kind can issue stock and use corporate income splitting, but hold an annual meeting. Incorporation means that you've created a separate legal entity which occurs during the formation stage of your business, and requires filing an Articles of Incorporation and other legalese.