LLC is a legal entity type. The abbreviation stands for Limited Liability Company. The closest analog is LC which is a broader term, under which umbrella there are also other business structures: PLC, AG, Ltd, etc. LLC has some characteristics of a partnership, a sole proprietorship, and a corporation. One of its specific features is the pass-through taxation (similar to that of a partnership). LLC guarantees to the members limited (or no) liability for the company’s debts, as does a corporation. Like a sole proprietorship, an LLC can be founded by only one member.