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 New York, a Limited Liability Company (LLC) is a popular business structure that provides flexibility and protection for its owners, known as members. The New York Limited Liability Company Law governs the formation, operation, and dissolution of LLCs in the state. New York allows LLCs to have one or more members, and there are no restrictions on the residency or citizenship of the members, meaning they can be individuals, corporations, other LLCs, or foreign entities. Single-member LLCs are also permitted. However, certain types of businesses, such as banks and insurance companies, may not form an LLC in New York. Those interested in forming an LLC in New York must file the Articles of Organization with the New York Department of State and comply with any other state-specific requirements, such as publishing a notice of LLC formation in two newspapers for six consecutive weeks. Additionally, LLCs must adhere to federal tax regulations, which may affect their classification and taxation.