A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, so you should read the relevant state statutes if you are interested in forming an LLC.

Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit single-member LLCs—those having only one owner.

A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for additional information. There are special rules for foreign LLCs.

In Delaware, a Limited Liability Company (LLC) is a popular business structure due to its flexibility in ownership and management, as well as the limited liability protection it offers to its members. Delaware's Division of Corporations oversees the formation and regulation of LLCs. The state does not restrict who can be a member of an LLC; individuals, corporations, other LLCs, and foreign entities can all be members. Delaware also allows for single-member LLCs. While most types of businesses can choose to be structured as an LLC, certain businesses like banks and insurance companies may be prohibited from forming an LLC in Delaware. Prospective LLC owners should consult Delaware's specific statutes and regulations, as well as federal tax rules, to ensure compliance with all legal requirements. Additionally, foreign LLCs that wish to operate in Delaware must register with the state and may be subject to special rules.