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What Does LLC Stand For?
- Thread starter D'Snowth
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Gelfling Girl
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According to Wikipedia, it stands for "Limited Liability Company."
http://en.wikipedia.org/wiki/Limited_liability_company
http://en.wikipedia.org/wiki/Limited_liability_company
frogboy4
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Limited Line of Credit is what I've always heard, but that's really what Gelfling Girl just said - Limited Liability Company.
It's traditionally a way for small businesses to borrow money in order to make money. It's also protection from the tax man. Disney had designated the Muppets to an LLC so that it can independently operate. There are many LLC of different sizes. Palisades Toys was an LLC. The small store I manage is also an LLC.
To break it down, it's an easy way for a small fish with a business idea (like you or me) to act and operate as a corporation without the government or creditors taking your house if the business tanks. They'd only be able to go after articles from the LLC business itself. It has become one of the most popular ways to do business.
Edit - to Count's post and my post too
Believe it or not Company and Corporation mean different things. My brother who went to business school actually corrected me on this a few years back when I used to the 20th Century Fox tagline "A News Corporation Company" was redundant. In a company you can sue the individual people, in a corporation you can only sue the business. There's a lot more legal mumbo jumbo on top of it, but that's what I took from it. Hope that helps.
It's traditionally a way for small businesses to borrow money in order to make money. It's also protection from the tax man. Disney had designated the Muppets to an LLC so that it can independently operate. There are many LLC of different sizes. Palisades Toys was an LLC. The small store I manage is also an LLC.
To break it down, it's an easy way for a small fish with a business idea (like you or me) to act and operate as a corporation without the government or creditors taking your house if the business tanks. They'd only be able to go after articles from the LLC business itself. It has become one of the most popular ways to do business.
Edit - to Count's post and my post too
Believe it or not Company and Corporation mean different things. My brother who went to business school actually corrected me on this a few years back when I used to the 20th Century Fox tagline "A News Corporation Company" was redundant. In a company you can sue the individual people, in a corporation you can only sue the business. There's a lot more legal mumbo jumbo on top of it, but that's what I took from it. Hope that helps.