Most Serbian and Croatian surnames have the surname suffix -ić (-ић). This can sometimes further be transcribed as -ic, but in history, Serbian/Croatian names have often been transcribed with a phonetic ending, -ich or -itch.
The -ić suffix is a Slavic diminutive, originally functioning to create patronymics.
The v is added in case the name to which "-ić" follows ends on a vowel, to avoid double vowels with the "i" in "-ić".) which are a diminutive indicating descent i.e. "son of". (like Scottish Mac). In some cases family name was derived from a profession (e.g. blacksmith – "Kovač" – "Kovačević").