An LLC is a form of a private company. The other common forms of private companies are S-Corps and C-Corp. (more on the difference here –)
The thing about LLCs is that they can really only be private. Unlike a C-Corp which can go “public,” companies originally formed as an LLC must “convert” to a C-Corp in order to be able to go pubic. What does going public mean? Having an IPO; offering stock to the public who then become shareholders or partial owners.
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