Whats the difference between an IBC and a LLC?
First of all, a Limited Liability Company (LLC) is a registered company which does not issue shares, therefore does not have shareholders. Its owners are known as members. The LLC can be managed by its members or owners. While an IBC cannot conduct business in the country of incorporation, there is no such restriction on an LLC. The liability of the members is limited to the contributions of the member. Distribution of profits or dividends are set out in an operating agreement and not necessarily based on contribution value. The IBC is limited by shares and the shareholders appoint the director for the management of the company. Dividends are determined by the share percentage ownership.
