Wyoming Limited Liability Company Withdrawal
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FAQ
Do you need an operating agreement in Wyoming? No, it's not legally required in Wyoming under § 17-29-110. Single-member LLCs need an operating agreement to preserve their corporate veil and to prove ownership. And multi-member LLCs need one to help provide operating guidance, determine voting rights and contributions.
Formal LLC Dissolution. A formal dissolution requires submitting Articles of Dissolution and a $50 check to the Wyoming Secretary of State. Once received, there is a 3-5 day processing time before the documents are filed online and the company is formally closed.
CLOSE LLC. The main difference between a regular LLC and a Close LLC is the restriction on the selling of a member's shares. A member must offer to sell his/her shares to the other member(s) of the Close LLC before they can be sold to anyone else. Also, all members must approve of the sale of shares.
Starting an LLC in Wyoming. ... Decide on a name for your business. ... Assign a registered agent for service of process. ... Get an Employer Identification Number (EIN) from the IRS. ... Create an operating agreement. ... Pay the license tax. ... Familiarize yourself with the LLC's continuing legal obligations, specifically annual reports.
The Close LLC is designed with small businesses in mind. The Wyoming LLC Act allows close companies to sidestep onerous formalities while otherwise keeping the benefits of a Wyoming LLC. Generally, the designation is for single-member LLCs and for when members are close to one another, i.e. family and close friends.