What is a sticky Bit and how to set it in Linux?

There are some other special permission apart from the normal file permissions read, write and execute. They are SUID, SGID, Sticky Bit, ACL’s and SELinux etc for granular file/folder management by administrator. In this post we will see

1)What’s SUID?
2)How to set SUID?
3)Where to us SUID?