I think things are just a bit more complicated than in @Joseph's answer. (Though in laying them out, I may violate the desire for a "concise" answer.)
My go to reference for details of the BibTeX format is Norman Walsh's page which self describes as:
This help entry contains the same information as Appendix B of the LaTeX manual.
In BibTeX's world view, a name has four components:
1) First name (which includes any middle names provided)
2) von ("de la" or "van der" like components)
3) Last (Surname without the von part)
4) Jr (Things like "Jr.", "III", etc)
The page explains:
you may type a name in one of three forms:
"First von Last" "von Last, First" "von Last, Jr, First"
You may almost always use the first form; you shouldn't if either there's a Jr part or the Last part has multiple tokens but there's no von part.
You can enclose components in braces to overcome BibTeX's identification of named components. Say, implausibly enough, that toni morrison were to wed someone named Jones and thus adopt the name 'toni morrison Jones'. You could render this '{t}oni {{m}orrison Jones}' with the braces around the 't' and 'm' to prevent a bibliographic style from altering the capitalization and the braces around 'morrison Jones' to force BibTeX to identify the entire string as the Last component, rather than treating `morrison' as the von part.
Finally, you can use braces if 'and' or a coma are part of the name. In the example on the page:
"{Barnes and Noble, Inc.}"