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 Utah, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its owners, known as members, from personal liability. The Utah Revised Uniform Limited Liability Company Act governs the formation and operation of LLCs in the state. Utah does not restrict ownership, so members can include individuals, corporations, other LLCs, and foreign entities. There is no limit on the number of members, and Utah allows for the creation of single-member LLCs. Certain businesses, such as banks and insurance companies, may be prohibited from forming an LLC in Utah. Those interested in forming an LLC in Utah should consult the specific state statutes for detailed requirements and also consider federal tax regulations, which may affect the classification and taxation of the LLC. Additionally, foreign LLCs that wish to operate in Utah must comply with state regulations and may be subject to additional rules.