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 Massachusetts, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its members against personal liability for the debts of the business. The Commonwealth of Massachusetts allows individuals, corporations, other LLCs, and foreign entities to be members of an LLC, and there is no set limit on the number of members an LLC can have. Single-member LLCs are also permitted in Massachusetts. The formation of an LLC in Massachusetts is governed by the Massachusetts Limited Liability Company Act (M.G.L. Chapter 156C). Certain businesses, such as banks and insurance companies, may be restricted from forming an LLC in Massachusetts, so it's important to consult the specific state statutes for any prohibitions. Additionally, LLCs must comply with federal tax regulations, which may include different rules for LLCs with members from outside the United States. To ensure compliance with all regulations, it's advisable to consult with an attorney or a tax advisor.