What is meaning of LLC & Entity.
A business entity is the way the business is set up to run. It can be a partnership, sole proprietorship, corporation, LLC...these are all entities.
A LLC stands for "Limited Liability Corporation." For more information, look here:
http://en.wikipedia.org/wiki/Limited_liability_company
Matt
The term "LLC" stands for Limited Liability Company, not "Limited Liability Corporation." An LLC is a type of business entity that provides limited liability protection to its owners, who are called members. This means that the members are not personally responsible for the debts and liabilities of the business. Instead, the liability is limited to the amount of money and assets they have invested in the company.
To understand the concept of an LLC, you can refer to the link provided by Matt, which leads to the Wikipedia page on Limited Liability Company. This page provides a detailed explanation of what an LLC is, how it works, and its advantages compared to other business entities.
Additionally, it's worth noting that an "entity" is a broader term that encompasses various types of business structures, including LLCs. An entity is simply an organization or a distinct legal being that is separate from its owners. It can take the form of a corporation, partnership, sole proprietorship, or LLC. The choice of entity depends on factors such as the size of the business, the desired level of liability protection, and the tax implications.