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 Maine, 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. Maine's regulations for forming an LLC are outlined in the Maine Limited Liability Company Act. The Act does not restrict ownership, which means that members can be individuals, corporations, other LLCs, and foreign entities. Maine also allows for single-member LLCs. While most businesses can be structured as an LLC, certain types of businesses, such as banks and insurance companies, may be prohibited from forming an LLC in Maine. Those interested in forming an LLC in Maine should consult the state statutes for specific requirements and also consider federal tax regulations, as they may affect the LLC's taxation. It is advisable to consult with an attorney to ensure compliance with all legal requirements for establishing and operating an LLC in Maine.