Question

Tuller wants to start a commercial trucking business and also wants to form his own limited liability company (LLC). Tuller, as the only member of the LLC, will make all relevant decisions, contribute all of the investment, and be responsible for all of the risks and rewards. Tuller's proposed LLC will be accepted by:
a majority of states.

Answer 1

Answer:

Tuller can open a Limited Liability Company in every single state and Washington DC. Even American territories which aren't states, like Puerto Rico, will allow him to do so. The IRS stopped requiring that LLCs have more than one partner about 40 years ago.

Explanation:

Tuller can open a single member LLC anywhere he wants in the US, but some states will not grant him the same liability protections as LLCs with more than one owner. The IRS also regards the one person LLC as a pass through tax entity, similar to a partnership or sole proprietorship. So you must include your gains or losses in your personal income filing. This applies to one person LLCs and those formed by a married couple (you file income taxes as married filing jointly).