If we look at the led meaning: it is a word used as a past tense form of the verb “lead”. For example: “John led the horses outside last night”. Led can be used in a sentence in many other forms as well. It is used as an infinite phrase or can also be used in passive voice for future or present tenses. For example, in the sentence “after Martha retires, the team will be led by a new manager,” led is used for passive future tense. And in the sentence “A dog may be led with a leash if it is easily excited”, lead is used as a passive present tense. Capitalized “LED” is used as a noun for light emitting diode, a light which can glow after applying voltage.