INC Full Form is Incorporated (Business). This term refers to the formation of new corporation. It could be a non-profit organization, a business, a sports club, or even a government of a new town or city. In other words, a corporation is an individual legal entity. It is liable for its debts. It can sell stocks and it pays its taxes based on earnings. An Inc is allowed to sell its stocks to raise finance.
A corporation can continue to remain an entity even after the director passes away or even after the stocks are sold out. A corporation has to be established under state law. This has to be done by submitting application to the State secretary. It is also expected to file articles of the Inc. The Small Business Administration of United States suggests that Small Businesses must not become Inc. unless they establish themselves as larger companies.