This office lease provision states that it is an unpermitted assignment for partners to have a change in their share of partnership ownership and thus a default under the lease. Generally, this type of change in ownership is couched in those provisions dealing with changes in share ownerships of corporations.
Wyoming Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership
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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.
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.
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In Wyoming, the Series LLC is established by statute. The statute provides that the Series shall have the power and capacity to contract, hold title to assets and have separate rights with respect to the asset, and can hold the Series in the name of the Series or in the name of the limited liability company.
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