The main difference between an LLC (limited liability company) and an LTD (limited company) is the ownership structure and the way they are managed. An LLC is owned by its members, while an LTD is owned by shareholders, and LLCs are managed by members or managers, while LTDs are managed by directors. Other differences include the ways in which profits are shared and the amount of paperwork that must be done in order to set up each type of legal structure. Both LLCs and LTDs provide limited liability protection to their owners. However, LTDs require more paperwork and regulatory compliance than LLCs.