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 West Virginia, 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 West Virginia Secretary of State oversees the formation of LLCs, and the process involves filing the Articles of Organization and paying the required fee. West Virginia 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 single-member LLCs are permitted. Certain businesses, such as banks and insurance companies, may not be eligible to form an LLC in West Virginia. Those interested in forming an LLC should also consider federal tax regulations, as they will affect the taxation of the LLC. Additionally, foreign LLCs that wish to operate in West Virginia must register with the state and comply with specific regulations applicable to foreign business entities.