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What Does LLC Stand for in a Company Name?

What Does LLC Stand for in a Company Name? thumbnail
An LLC has distinct advantages for small businesses.

An LLC stands for limited liability company, often mistakenly called a limited liability corporation. It can be considered a cross between a corporation and a limited partnership.

  1. Protection

    • The limited liability in the name refers to the protection the company's owners, called members, from the business entity's debts and obligations, similar to that of shareholders in a corporation.

    Taxes

    • Income and losses in the company are passed through to the owners as if it were a partnership or S corporation, and reported on individual tax returns in Schedule C. An LLC, however, can elect to be taxed as an entity directly.

    Laws

    • LLCs are formed under state statutes, so the details of regulations governing these entities vary greatly from state to state.

    Members

    • There is no limit to the number of members an LLC can have, unlike an S corporation that is limited to 100 Shareholders.

    Single Member LLCs

    • The Limited Liability Company Center reports that all states allow a single-member LLC. The Internal Revenue Service, which does not recognize an LLC for tax purposes, treats a single member LLC as a sole proprietorship.

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