What does LLC stand for?
AnswerLimited Liability Company
LLC stands for Limited Liability Company.
Business · Facts & stats
LLC facts & stats
7 fact-checked facts about LLCs and small business basics, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What is limited liability generally meant to do?
AnswerSeparate owners' personal assets from business debts
It generally shields owners' personal assets from company debts.
Going deeper
Which internal document commonly sets out how an LLC is run?
AnswerAn operating agreement
The operating agreement covers ownership, roles and decisions.
What is an LLC with one owner often called?
AnswerA single-member LLC
A single-member LLC has just one member.
In US business, what is an EIN?
AnswerEmployer Identification Number
The IRS issues EINs to identify business entities.
Expert level
What is a registered agent for an LLC?
AnswerA person or firm named to receive official legal papers for the business
States require a registered agent to accept service of process.
What does DBA stand for in business?
AnswerDoing Business As
A DBA lets a business operate under a name other than its legal name.
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