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LLC stands for Limited Liability Company. It is a type of business structure that provides the limited liability protection of a corporation while offering the pass-through taxation benefits of a partnership or sole proprietorship. This means that the owners, also known as members, are not personally liable for the company's debts and obligations. Instead, their liability is limited to the amount they have invested in the company. LLCs are commonly used by small businesses and startups due to their flexibility and reduced administrative requirements compared to corporations.LLC stands for Limited Liability Company. It is a type of business structure that provides the limited liability protection of a corporation while offering the pass-through taxation benefits of a partnership or sole proprietorship. This means that the owners, also known as members, are not personally liable for the company's debts and obligations. Instead, their liability is limited to the amount they have invested in the company. LLCs are commonly used by small businesses and startups due to their flexibility and reduced administrative requirements compared to corporations.