What's the difference between "Ива́нович" and "Ивано́в"?

Question

Are both Ива́нович and Ивано́в derived from the given name Ива́н (Ivan)? Ивано́в is a surname, how about Ива́нович?

Answer 1

Иванович in Сергей Иванович Иванов is a patronymic. Every Russian has a name, a patronymic and a surname, which are used in all official papers. The patronymic means the son/daughter of and is formed from one's father's name: Иванович is Ivan's son, Ивановна is Ivan's daughter. So Сергей Иванович's father is/was named Иван.

The endings -ович, -евич, -ич are used to form patronymics for men. For women, the endings are -овна, -евна, -ична. (Петрович, Сергеевич, Ильич, Петровна, Сергеевна, Ильинична)

Answer 2

V.V. forgot to mention that the endings -ович,-евич,-ич, beside being patronymics, can also form surnames.
There's usually a change in stress Ива́нович vs Ивано́вич or Си́дорович vs Сидоро́вич, but not always.

For example Иванович Бранислав:
Брани́слав — name
Ива́нович — surname.

Петрович Борис Петрович:
Борис — name
Петрович — patronymic
Петрович — surname

Russian standard orders are:
[surname] [name] [patronymic]
[surname] [name]
[name] [patronymic]

But Russian also uses the English order: [name] [surname] or [name] [patronymic] [surname]

So Александр Иванович is usually [name] [patronymic], but very rarely will it be [name] [surname]