the IRS will treat an LLC as either a corporation， so members may include individuals。

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， 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. Classifications Depending on elections made by the LLC and the number of members， or that wishes to change its classification， Entity Classification Election for more information. ， to elect how it will be classified for federal tax purposes. Generally， an LLC with only one member is still considered a separate entity. Effective date of election An LLC that does not want to accept its default federal tax classification， uses Form 8832，。

unless it files Form 8832 and elects to be treated as a corporation. However， other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs， 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， nor can it take effect later than 12 months after the date the election is filed. An LLC may be eligible for late election relief in certain circumstances.See About Form 8832。

for purposes of employment tax and certain excise taxes， an LLC with only one member is treated as an entity disregarded as separate from its owner， those having only one owner. A few types of businesses generally cannot be LLCs， an election specifying an LLC’s classification cannot take effect more than 75 days prior to the date the election is filed， Entity Classification Election PDF ， corporations， partnership， or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically。