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 South Carolina, 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 South Carolina Limited Liability Company Act governs the formation, operation, and dissolution of LLCs in 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 South Carolina. Certain businesses, such as banks and insurance companies, may not be structured as LLCs under state law. Those interested in forming an LLC in South Carolina should file Articles of Organization with the Secretary of State and comply with any other state-specific requirements, such as appointing a registered agent and drafting an operating agreement. Additionally, LLCs must consider federal tax regulations, as they can choose to be taxed as a corporation, partnership, or as part of the owner's tax return (a 'disregarded entity'). It is advisable to consult with an attorney to ensure compliance with all relevant laws and to understand the implications of LLC formation on taxation and liability.