A Limited Liability Company (LLC) is a business structure allowed by state statute. 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.

Is an authorized member an owner of an LLC?

The owners of a limited liability company (LLC) are called members. Each member is an owner of the company; there are no owner shares, as in a corporation. An LLC is formed in a state by filing Articles of Organization or similar document in some states.

Who are the members of a limited liability company?

Each state may use different regulations, and 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, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members.

Who are the members of a professional LLC?

If the LLC is a Professional LLC, the members usually must be identified and their professional licenses must be examined and approved when the company is formed. If the LLC is a Professional LLC (PLLC), owners must be registered professionals in that profession.

Is there a maximum number of members for a LLC?

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.

What’s the difference between an LLC and a member?

Updated June 16, 2019. When you form an LLC and become an owner, you put money into the business to get it started. An owner of an LLC is called a “member,” and the owner is not an employee. Your contribution to the LLC as a member is called your capital contribution, your contribution to the ownership.