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Wyoming's charging order protection laws are effective for members to protect their LLC assets and ownership from creditors. However, that protection does not extend outside of Wyoming. Members living out of state will have to deal with different laws protecting their LLC assets from garnishment by creditors.
The main differences between Wyoming LLCs and Delaware LLCs are cost and reputation. Wyoming LLCs provide stronger privacy, stronger asset protection, and lower fees. Delaware LLCs are more expensive to maintain, but Delaware has the reputation of being home to Fortune 500 companies.
Reinstatement Fee: Wyoming law requires a reinstatement fee of $50 be assessed for all suspensions, except for nonpayment of child support suspensions which is a $5 fee.
How to Reinstate a Wyoming LLC. To revive a Wyoming LLC, you'll need to file the Reinstatement Form with the Wyoming Secretary of State. You'll also have to fix the issues that led to your Wyoming LLC's dissolution.
Steps to Reinstate a Wyoming LLC Go to the Wyoming Secretary of State Website. To reinstate a Wyoming LLC you must visit the Secretary of State website reinstatment page. ... Appoint a New Wyoming Registered Agent. ... Gather Your Back Annual Reports. ... Send All Forms and Payment to the Secretary of State. ... Wait for Approval.
Once your LLC has been administratively dissolved, it is possible to reinstate your company at any point for the next two years. Failure to file an annual report allows you to reinstate online. Failing to maintain an agent will require that forms be mailed in.
An LLC generally requires less business formalities than a corporation. An LLC may be managed directly by members and there is no need to have a separate board of directors, annual shareholder meetings or periodic directors meetings with minutes.
To remain in good standing each business entity, domestic and foreign, is required to file an annual report and pay a fee based on its assets located and employed in Wyoming or is assessed a flat filing fee.