LLC
Abbreviation with 3 meanings
| Stands for | Limited liability company |
|---|---|
| Meanings | 3 |
| Categories | Business & Finance, Education & Academia |
LLC has three meanings. The most common are Limited liability company (company type) and Lifetime Learning Credit (tax); it can also stand for Living-learning community.
Meanings of LLC at a glance
| # | LLC stands for | Context |
|---|---|---|
| 1 | Limited liability company | Business & Finance › Company Type |
| 2 | Lifetime Learning Credit | Business & Finance › Tax |
| 3 | Living-learning community | Education & Academia › Academic |
1. Limited liability company
Business & Finance · Company Type Abbreviations
US business structure that combines the limited liability of a corporation with the flexible management and pass-through taxation of a partnership. Owners, called members, are generally not personally liable for the company's debts, and an LLC is formed by filing articles of organization with a state.
Example: Smith Brothers Landscaping, LLC was registered in Texas with two members and no board of directors.
Wyoming enacted the first US LLC statute in 1977, and every state had one by the late 1990s. By default the IRS treats a single-member LLC as a disregarded entity and a multi-member LLC as a partnership, but either can elect to be taxed as a corporation. Written LLC or L.L.C. after the name. In English translations, LLC is also used for foreign limited-company forms such as the Russian OOO.
2. Lifetime Learning Credit
Business & Finance · Tax Abbreviations
Nonrefundable federal education credit equal to 20% of up to $10,000 of qualified tuition and fees, for a maximum of $2,000 per return. Unlike the American Opportunity credit, it has no limit on the number of years and covers graduate school and individual job-skills courses.
Example: Since I'm in grad school, I can only claim the LLC, not the AOTC.
Introduced by the Taxpayer Relief Act of 1997. The cap applies per return rather than per student, so families with several students in college usually favor the AOTC. The same letters far more often mean limited liability company, a business structure.
3. Living-learning community
Education & Academia · Academic Abbreviations
Residence hall program in which students with a shared academic interest or theme, such as engineering, honors, sustainability or a language, live together and take linked courses or join activities. Research associates LLCs with better first-year retention.
Example: She joined the women in STEM LLC, which shares a floor and a seminar.
Also called residential learning communities or themed housing. Faculty often hold events or office hours in the hall. In business, LLC far more commonly means limited liability company.
Related abbreviations
More company type abbreviations
- KG – Kommanditgesellschaft (limited partnership)
- KGaA – Kommanditgesellschaft auf Aktien (partnership limited by shares)
- KK – Kabushiki kaisha (stock company)
- L3C – Low-profit limited liability company
- LLLP – Limited liability limited partnership
- LLP – Limited liability partnership
- LP – Limited partnership
- Ltd. – Limited
See all 78 company type abbreviations →