An LLC is a Limited Liability Company.
http://www.legalzoom.com/law_library...roduction.html
Here's a pretty good resource on what the basics of them are. Basically you're not liable for the company. Basically, no matter what you don't want the properties to be in your name, then you are personally liable for them. However if they are in the name of a company then you are off the hook depending on if there bad economic times.