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 Iowa, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its owners, known as members, from personal liability. The formation and operation of LLCs in Iowa are governed by the Iowa Limited Liability Company Act. Iowa does not restrict ownership, so members can include individuals, corporations, other LLCs, and foreign entities. There is no limit on the number of members, and Iowa allows for the creation of single-member LLCs. Certain businesses, such as banks and insurance companies, may not be structured as LLCs in Iowa. Those interested in forming an LLC in Iowa should file the Certificate of Organization with the Iowa Secretary of State and comply with any other state-specific requirements, such as creating an Operating Agreement and registering for state taxes. Additionally, foreign LLCs that wish to do business in Iowa must register with the state. It's important to consult with an attorney or review Iowa's statutes for detailed legal requirements and to ensure compliance with both state and federal tax regulations.