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 Indiana, 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 for business debts. Indiana state statutes allow for the formation of LLCs by filing the necessary documents with the Indiana Secretary of State. There are no restrictions on ownership; individuals, corporations, other LLCs, and foreign entities can all be members of an Indiana LLC. Additionally, Indiana permits the creation of single-member LLCs. While most businesses can choose to operate as an LLC, certain regulated industries, such as banks and insurance companies, may be prohibited from forming an LLC under Indiana law. It's important for anyone interested in forming an LLC in Indiana to review both state statutes and federal tax regulations, as there may be specific requirements and implications for taxation. Furthermore, foreign LLCs that wish to do business in Indiana must register and comply with state-specific regulations.