What is the history of the Inc. and the LLC Historically,
people entered business ventures through partnerships. An easy example is, I have a horse and you have spices, let us take them on the road to sell the spices and split the profits and so forth. But then larger ventures with multiple partners like voyages to the new world required a vehicle more efficient than the common partnership giving birth to the corporation.
The first corporation as we comprehend the concept was the English East India Company that was incorporated on December 31, 1600. The difference between an Inc. and the partnership is that a corporation is managed by a board and owned by shareholders whereas the partnership is owned and managed by the partners. Legally, the partnership offered almost no protection to the partners whereas the corporation was a separate legal person insulating the owners and managers.
In modern times and in response to changing conditions, back in 1999 the Florida Legislature adopted the LLC as an alternative to the partnership and corporation under Florida law. The LLC is basically a hybrid in that it appears akin to a corporation but acts like a partnership in many circumstances.