LLC is an acronym for Limited Liability Company, which means that in case of insolvency, the liability of the company will limited to the capital that the members have invested in the firm, and the wealth of owners will not be used in order to settle any uncovered liabilities. An LLC is also considered as a separate legal entity (or a separate person) from their owners which means that it can sue or be sued in the court of law. Click here to read more.