Apart from the etymological differences, Magic is often used to refer to any act which seeks, ultimately, to work with and understand the various inner levels of the world, with or without 'binding'.
Sorcery seeks to 'bind'.
There is such cross-over in the ways these terms are variously understood, however, that it becomes difficult to clearly articulate the various shades of meaning each term has developed in different cultural or geographical areas.
I still prefer to view Magic as the ritualistic acts which manifest within particular contexts - religious and other. It may do this in ways which demonstrate or utilise mastery over the elements. Sorcery I personally have a more negative view of (though the term seems to also have developed specific meanings in some American literature), in that it seeks to constrain, inhibit, sicken or control another living being.
These views, of course, are not universally shared.