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 Wyoming, 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. Wyoming state statutes allow for the formation of LLCs by filing the necessary documents with the Secretary of State, including the Articles of Organization. There are no restrictions on the ownership of a Wyoming LLC; individuals, corporations, other LLCs, and foreign entities can all be members. Additionally, Wyoming permits the creation of single-member LLCs. While most types of businesses can be structured as an LLC in Wyoming, certain regulated industries such as banks and insurance companies may not be eligible. It's important for potential LLC members to review both state statutes and federal tax regulations, as there may be specific rules that apply, especially for foreign LLCs operating in Wyoming.