Illegal financing and illegal fund-raising are different types of crimes stipulated in criminal law. According to the criminal law, engaging in illegal fund-raising may constitute the crime of illegally absorbing public deposits or the crime of fund-raising fraud. Illegal financing refers to an activity that absorbs funds from unspecified social objects in the name of absorbing public deposits without the approval of relevant departments, but promises to fulfill the same obligations as absorbing public deposits. There is still a big difference between the two. The first is the difference in the number of people: 1, fund-raising refers to obtaining financing from at least two people or more. 2. Financing refers to obtaining financing through more than one entity (including one entity). Secondly, there are differences in behavior between them: 1. Illegal fund-raising generally refers to the act of obtaining social funds that exceeds the upper limit of the number of legal financing objects. For example, the maximum number of shareholders of a limited liability company is 80, but if the company accepts investment of more than 80 people through equity financing, it can be characterized as illegal fund-raising. 2. Illegal financing is mainly reflected in "illegal", which refers to financing obtained by illegal means, such as defrauding bank loans through certificates and related certificates. Legal basis: Article 176 of the Criminal Law of People's Republic of China (PRC) illegally absorbs public deposits or absorbs public deposits in disguised form, thus disrupting the financial order, he shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan. If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the directly responsible person in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.