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 Montana, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its members against personal liability for business debts. The Montana LLC Act governs the formation and operation of LLCs within the state. Members can include individuals, corporations, other LLCs, and foreign entities, and there is no limit to the number of members an LLC can have. Single-member LLCs are also permitted in Montana. Certain businesses, such as banks and insurance companies, may be prohibited from forming an LLC in Montana, so it's important to consult state-specific regulations. Additionally, foreign LLCs that wish to operate in Montana must register with the state and comply with specific requirements. For tax purposes, LLCs are typically treated as pass-through entities, but they can choose to be taxed as corporations. It's advisable to consult with an attorney or a tax professional to understand all legal and tax implications when forming an LLC in Montana.