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 Wisconsin, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its members against personal liabilities. The Wisconsin Department of Financial Institutions is the governing body that oversees the formation and regulation of LLCs in the state. Wisconsin statutes allow LLCs to be owned by one or more members, which can include individuals, corporations, other LLCs, and foreign entities. There is no statutory limit on the number of members an LLC can have. Single-member LLCs are also permitted in Wisconsin. While most types of businesses can choose to operate as an LLC, certain entities like banks and insurance companies may be prohibited from forming an LLC under state law. Those interested in forming an LLC in Wisconsin should consult the specific state statutes for detailed requirements and also consider federal tax regulations, as they may affect the LLC's taxation and operations. Additionally, foreign LLCs that wish to do business in Wisconsin must comply with state requirements, which may include registering with the state and appointing a registered agent within Wisconsin.