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 Nevada, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its members against personal liabilities. The Nevada Revised Statutes (NRS), specifically NRS Chapter 86, govern the formation and operation of LLCs in the state. Nevada does not restrict ownership, allowing individuals, corporations, other LLCs, and foreign entities to be members. There is no limit on the number of members, and single-member LLCs are permitted. While most businesses can be structured as an LLC, certain regulated industries such as banks and insurance companies may be excluded. Those interested in forming an LLC in Nevada should comply with state-specific requirements, including filing the necessary documents with the Nevada Secretary of State, and should also consider federal tax regulations, which may affect the classification and taxation of the LLC. Additionally, foreign LLCs operating in Nevada must register and comply with state regulations applicable to foreign entities.