Wyoming Plan of Liquidation and Dissolution of a Corporation

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Description

Dissolution is the act of bringing to an end. It is the act of rendering a legal proceeding null, or changing its character. Under corporate law, it is the last stage of liquidation. Dissolution is the process by which a company is brought to an end.



Liquidation is the selling of the assets of a business, paying bills and dividing the remainder among shareholders, partners or other investors. A business need not be insolvent to liquidate. Upon liquidation of certain business, such as a bank, a bond may be required to be posted to assure the proper distribution of assets to creditors.

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FAQ

After 60 days, the Secretary of State will commence Administrative Dissolution. When this happens, your LLC has legally forfeited your Articles of Organization or your Certificate of Authority. You can no longer legally operate your business in Wyoming. Your liability protections no longer apply.

How to Reinstate Your 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.

Administrative dissolution is an action taken by the Secretary of State that results in the loss of a business entity's rights, powers and authority.

Dissolving a corporation in Wyoming can go one of two ways: Don't file your next annual report and let the Wyoming Secretary of State administratively dissolve your corporation. File Articles of Dissolution with the Wyoming Secretary of State.

Inactive - Administratively Dissolved or Revoked (Tax): This entity has failed to file the required annual report by the 60th day following its due date. Inactive - Administratively Dissolved or Revoked (No Agent): This entity has failed to maintain a registered agent in this state.

Here is the process of how to dissolve a corporation. There are two different types of dissolution depending on the reason for initiating the process: voluntary dissolution and involuntary dissolution.

Wyoming laws on close corps allow small corporations to forego many traditional corporate formalities, while still enjoying the benefits. A departure from regular business corporations, Close Corporations do not require a board of directors, this means ongoing operations generate less paperwork.

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.

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Wyoming Plan of Liquidation and Dissolution of a Corporation