The rapid development of Large Language Models (LLMs) has revolutionized industries by enhancing decision-making, communication, and knowledge dissemination, but it also introduces complex ethical responsibilities that are crucial for ensuring responsible AI development. Ethical principles such as fairness, transparency, privacy, and accountability must be integrated into every stage of LLM development, including data collection, training, deployment, and monitoring, to prevent harm and promote trust. Common ethical challenges include bias, privacy concerns, lack of transparency, and content safety, which can be addressed through diverse training data, synthetic data for safe fine-tuning, human oversight, model documentation, and continuous monitoring. Companies developing LLMs must uphold ethical standards from inception to post-deployment by conducting fairness checks, protecting personal information, and maintaining open communication with stakeholders. By adhering to these practices, organizations can build systems that respect human values, meet legal obligations, and maintain public trust.