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."
The LLC, then, is something of a hybrid. It is not an incorporated entity and can operate without all the formalities required of a corporation but it offers liability protection to its members. Whether the LLC more closely resembles a limited partnership or a limited liability partnership will depend on LLC's operating agreement.