Importance The full form of LLC , which stands for Limited Liability Company, is a significant finance term as it refers to a business structure that combines the features of a corporation and a partnership. LLC - Frequently Asked Questions What is the full form of LLC in Business, Messaging? Expand full name of LLC . What does LLC stand for? Is it acronym or abbreviation? LLC is defined as a business structure that combines the limited liability protection of a corporation with the flexibility of a partnership. One of the key advantages of an LLC is its flexibility; members can manage the company themselves or appoint managers to do so. An LLC is a business structure allowed by state statute that protects its owners from personal liability. The IRS classifies an LLC as a corporation, partnership, or a disregarded entity depending on its members and elections.
