I recently talked to someone who was very frustrated while trying to tranfer their domain name from GoDaddy. 

So, in an effort to help, I spent several hours looking over GoDaddy’s site (which is a very busy place with lots of links) with much frustration.

In order to tranfer you domain name you must first get an EPP Code (Extensible Provisioning Protocol) from your present registrar.  This prevent fraudulent domain transfers and domain hijacking. 

I decided to Google “epp godaddy” and found this great tutorial showing you how to get your EPP Code from GoDaddy. If you want to transfer you name from GoDaddy check it: http://www.meetarpit.com/how-to-get-epp-code-from-domain-registrar/

A domain name is an identification label that defines ownership and must be registered every year, that is your url.  Whoever registers it, usually the hosting company, owns the domain name for the duration of the registration. Hence, all domains must be registered every year.  It can be transferred but can take anywhere from 5-days to 1 month and may be rejected on the first try. So don’t wait till the last month to transfer the site so your site will will not have any lapse time.

Hosting is simply the right to park your web site.  A hosting company parks your site in a database with a certain allowed amount of size depending on you plan. You also are allowed a limited amount of bandwidth transfer per month, again depending on you plan. If you exceed that limit, you can be upgraded so your site is not be shut down.