What is an LLC?
LLC stands for limited liability company, and is a term used in the US to refer to an unincorporated organization which has limited liability. The organization can be a partnership or a sole proprietor.
The owners of a limited liability company are referred to as members. The LLC is a separate and distinct legal entity, but is usually taxed as a pass through entity and, like a partnership, each member has to account for their share of profits on their personal tax returns.
For further information on an LLC see the Wikipedia definition.
Learn a new bookkeeping term
Random bookkeeping terms for you to discover.
Link to this page
Click in the box and paste this limited liability company definition link to your site.