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A Limited Liability Company (LLC) is a business structure allowed by
state statute. Each state may use different regulations, you should
check with your state if you are interested in starting a Limited
Liability Company.

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 further information. There are special rules for
foreign LLCs.


Depending on elections made by the LLC and the number of members, the
IRS will treat an LLC as either a corporation, partnership, or as part
of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a
domestic LLC with at least two members is classified as a partnership
for federal income tax purposes unless it files Form 8832 and
affirmatively elects to be treated as a corporation. For income tax
purposes, an LLC with only one member is treated as an entity
disregarded as separate from its owner, unless it files Form 8832 and
elects to be treated as a corporation. However, for purposes of
employment tax and certain excise taxes, an LLC with only one member is
still considered a separate entity.


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