what does LLC mean

    0  Views: 774 Answers: 2 Posted: 10 years ago

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    LLC stands for: Limited liability company.
    It basically means that in case of a bankrupt the owners are not in risk of losing their personal assets.

    For U.S. Federal income tax purposes, LLCs are treated by default as a pass-through entity. If there is only one member in the company, the LLC is treated as a "disregarded entity" for tax purposes, and an individual owner would report the LLC's income on his or her individual tax return. For LLCs with multiple members, the LLC is treated as a partnership and must file the IRS Form 1065. The members of the LLC would be treated as partners and each would receive a K-1 reporting the share of the LLC's income or loss to be reported on that member's tax return.
    Limited liability company...which of course has a meaning of its own...check wikipedia for further enlightenment

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