what does llc stand for
A limited liability company is one of the newest business organizational structures in America. corporate building image by PaulPaladin from Fotolia.com. A LLC is the acronym for limited liability company, which is one of four business organizational structures in the United States.This type of business provides its owners liability protection against company actions and debt similar to a corporation.o avoid double taxation, a LLC can elect to be taxed as a partnership and company profits are pass on to the members and taxed once on their individual tax forms. This method is called pass through taxation.