By LegalZoom contributor Heather R. Johnson

Most of us understand the concept behind a corporation, a partnership, and a sole proprietor, but the LLC remains a mystery. What is an LLC and what does LLC stand for?

A limited liability company (LLC) combines elements of a partnership, sole proprietorship and a corporation. Consider your type of business, personal assets and liability risk when deciding whether to form an LLC.

This article covers the basics, including how to start or convert to an LLC.

Read the complete article to learn more.