Let’s first examine what a Wyoming Statutory Close Corporation is before we propose dissolving an LLC. This particular kind of organization is intended for smaller companies with fewer stockholders. It can be a desirable option for some firms due to the legal protections and tax benefits it offers.
A Wyoming LLC may indeed have an address outside of Wyoming. In fact, for tax and legal reasons, many Wyoming LLCs are registered to out-of-state owners.
In comparison to other states, Wyoming has one of the lowest formation costs for LLCs. Wyoming charges a $100 filing fee and a $50 annual report fee for LLCs. If you engage a registered agent or need to file other documents, there can be additional costs.
No, establishing a business in Wyoming does not require you to reside there. Wyoming is a desirable state for firms to register in because of its well-known favorable business rules and cheap taxes.
To dissolve an LLC in Wyoming, the managers or members must first convene a meeting. The resolution dissolving the LLC should be adopted by a majority vote at this meeting.
Step Two: Submit Articles of Dissolution You must submit Articles of Dissolution to the Wyoming Secretary of State once the decision to dissolve the LLC has been reached. You can do this via mail or online. Articles of Dissolution must be filed for $50.
Step 3: Inform Debtors, Creditors, and Other Parties You must inform any creditors and other parties of the LLC’s dissolution after the Articles of Dissolution have been filed. They will have a chance to do so before the LLC is formally dissolved, giving them time to bring any claims against it.
Step 5: Removing business permits and licenses Last but not least, you must revoke any business licenses and permits that the LLC may have obtained from the state of Wyoming or any local authorities.
A meeting of members or management, the filing of articles of dissolution, the notification of creditors and other parties, the filing of final tax returns, and the cancellation of business licenses and permits are all necessary procedures in dissolving an LLC in Wyoming. Even though the procedure might appear difficult, doing it this way will guarantee that the LLC is correctly dissolved and all loose ends are tied.
LLCs are exempt from state income tax in Wyoming. LLCs could, however, be charged federal income taxes. In addition, Wyoming LLCs must pay a $50 yearly report fee to the state’s secretary of state.