FULL FORM OF LLC
LLC stand for Limited Liability Company. It is a business structure that can combine the pass through taxation of a partnership or sole proprietorship with the limited liability of a corporation. It is a legal form of company that provides limited liability to its owner in many jurisdictions. It is a not corporation under state law. LLCs are well known for the flexibility that they provide to business owners depending upon the situation,an LLC may elect to use corporate tax rules instead of being treated as a partnership and under certain situation LLC may be organised as not for profit. A limited liability company is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship. As a business entity,an LLC is often more flexible than a corporation and may be well- suited for companies with a single owner. When an LLC is formed ,it is said to be organised and its founding document is known as 'arti...