Wyoming LLC Statute: A Comprehensive Guide

What is the Wyoming LLC Statute?

The Wyoming LLC statute provides a framework for the formation and operation of limited liability companies (LLCs) in the state of Wyoming. The statute outlines the rules and regulations that govern LLCs, including their formation, management, and dissolution.

Key Provisions of the Wyoming LLC Statute

The Wyoming LLC statute is found in the Wyoming Statutes, Title 17, Chapter 16. The statute is divided into several sections, each addressing a specific aspect of LLCs. The key provisions of the statute include:

1. Formation

The statute requires that an LLC be formed by filing articles of organization with the Wyoming Secretary of State. The articles must include the name and address of the LLC, the purpose of the LLC, and the names and addresses of the managers or members. (Wyo. Stat. Ann. § 17-16-101)

2. Management

The statute allows LLCs to be managed by either a board of managers or by the members themselves. The management structure must be specified in the articles of organization. (Wyo. Stat. Ann. § 17-16-103)

3. Members

The statute defines a member as an owner of an LLC, and provides that members have the right to participate in the management of the LLC. Members also have the right to receive distributions of profits and losses. (Wyo. Stat. Ann. § 17-16-102)

4. Distributions

The statute requires that LLCs distribute profits and losses to members in proportion to their ownership interests. (Wyo. Stat. Ann. § 17-16-105)

5. Dissolution

The statute provides that an LLC may be dissolved by a vote of the members or by the occurrence of certain events, such as the death or bankruptcy of a member. (Wyo. Stat. Ann. § 17-16-107)

Filing Requirements

The statute requires that LLCs file certain documents with the Wyoming Secretary of State, including articles of organization, articles of amendment, and statements of change of registered agent. (Wyo. Stat. Ann. § 17-16-201)

Annual Reports

The statute requires that LLCs file annual reports with the Wyoming Secretary of State, which must include information about the LLC's members, managers, and financial condition. (Wyo. Stat. Ann. § 17-16-203)

Taxation

The statute provides that LLCs are taxed as pass-through entities, meaning that the income of the LLC is only taxed at the individual level. (Wyo. Stat. Ann. § 17-16-205)

Liability

The statute provides that LLC members and managers have limited liability, meaning that they are not personally liable for the debts and obligations of the LLC. (Wyo. Stat. Ann. § 17-16-207)

How to Form an LLC in Wyoming?

To form an LLC in Wyoming, you must file articles of organization with the Wyoming Secretary of State and pay the required filing fee.

Management Options for an LLC in Wyoming?

LLCs in Wyoming can be managed by either a board of managers or by the members themselves.

Tax Implications of Forming an LLC in Wyoming?

LLCs in Wyoming are taxed as pass-through entities, meaning that the income of the LLC is only taxed at the individual level.

Liability of LLC Members and Managers in Wyoming?

LLC members and managers in Wyoming have limited liability, meaning that they are not personally liable for the debts and obligations of the LLC.