LLC stands for "limited liability company," which is one of four business organizational structures in the United States. In this business structure, owners are protected from personal liability for company actions and debt similar to a corporation.
However, an LLC can be set up either as a partnership or as a corporation for taxation purposes and management flexibility. Unlike a partnership, members of an LLC are protected and cannot have their personal assets seized in the case of the LLC going bankrupt or being found financially liable in a lawsuit. In addition, forming an LLC is less expensive than forming a corporation. Therefore, an LLC has some benefits of a partnership and some benefits of a corporation.