There are to main divisions in buddhism called Thervada and Mahayana. The two divisons are similar, but also have many small differences.
Theravada
Theravada Buddhism is the more traditional form of buddhism. Most Chinese Theravada buddhists are located in the southern part of china. Theravada focuses only on the Pali Canon and Tripitaka scriptures.
Traditionally, Theravada Buddhists are only open to the traditional and historical buddha named Guatama (picture to the left), and other past traditional Buddhas.
The goal of being a Theravada buddhist is to train and achieve Arhat, which translates to "worthy one". The original language of Theravada is Pali. The concept of "Limbo" (Also referred to as Bardo) is rejected by all Theravada teachings.
Mahayana
Mahayana is the more modern and popular form of buddhism. Mahayana buddhists dominate most of the population of buddhist and are located in northern china. Mahayana is open to many Buddhist scriptures including the Pali Canon and Tripitaka and Lotus Sutra
Mahayana Buddhists not only worship Guatama and the past buddhas, but many others as well. Amitabha (picture to the left) is one of the very common Buddhas worshiped by Mahayana Buddhists.
Mahayana buddhists stive to train and achieve Buddhahood via bodhisattva. The original language of Mahayana is Sanskrit. The concept of "Limbo" after death is taught in all Mahayana schools.