Definition:
A domestic limited liability company (LLC) or a domestic corporation is a limited liability company
or corporation that is operating in the state where it was organized. The opposite of a domestic LLC or corporation is a foreign LLC or corporation, which is operating in a different state from the state in which it was organized.In many states, there is no specific designation for a domestic LLC, but there is almost always a designation for a foreign corporation.
Also Known As: In-state LLC or in-state corporation
Examples:
If an LLC is organized and registered in the state of Illinois, and the company has a store in Illinois, it is considered a "domestic" LLC. If the company is organized and registered in Illinois, but it wants to open a store in Iowa, it must register in Iowa as a "foreign" LLC.
