The term INC. RELATIVE refers to three different types of business entities: Corporation (CORP), Limited Liability Company (LLC), and Limited (LTD). A corporation is a legal entity that is separate from its owners, meaning that the owners are not personally liable for any debts or obligations of the corporation. An LLC is similar to a corporation in that it is a separate legal entity from its owners, but it offers more flexibility in terms of taxation and management structure. Lastly, a limited company is a type of business entity that limits the liability of its owners to the amount of their investment in the company. All three of these business entities provide protection to their owners from personal liability for the debts and obligations of the business.