📖 What Does “LLC” Mean? An LLC stands for Limited Liability Company. It is a legal business structure that blends the flexibility of a partnership with the protections of a corporation. The defining feature of an LLC is that the owners (called members) are not personally liable for the company’s debts or liabilities. In other words, if the business is sued or goes into debt, the members’ personal assets (like houses, cars, or savings accounts) are usually protected.