You must submit an article of organization to the Wyoming Secretary of State in order to form a limited liability corporation (LLC) in that state. This paperwork creates your LLC as a legal entity and contains crucial details about your company, like its name, address, and members’ names.
First, decide on a name for your LLC. Your business name must be original and not being used by another company in Wyoming. Using the company search tool provided by the Wyoming Secretary of State, you can determine whether your selected name is available.
A registered agent should be chosen. The person or business that will receive legal paperwork on your LLC’s behalf is known as the registered agent. They must be accessible during regular business hours and have a physical address in Wyoming.
3. Write your organizational article. You can either make your own document with the necessary information or utilize the template provided by the Wyoming Secretary of State. Name and location of your LLC, that of your registered agent, and the names and addresses of your LLC’s members are all included in this. 4. Submit your articles of incorporation to the Secretary of State for Wyoming. This can be done by mail or online. There is a $100 filing fee.
Your LLC will be formally registered with the state of Wyoming once your articles of organization are approved, at which point you can start doing business. States that Permit Series LLCs
With a series LLC, you can establish numerous “series” or independent LLCs under one parent business. Each series has its own members, assets, and responsibilities. Businesses that seek to isolate distinct aspects of their operations or safeguard various assets from liability may find this to be advantageous.
Statutory Close Corporation of Wyoming
Small, closely held enterprises can form a corporation called a Wyoming statutory close corporation. The management process is made more flexible, there are less formalities, and shareholders’ private assets are better protected. You must submit articles of incorporation to the Wyoming Secretary of State and fulfill specific standards, such as having no more than 50 shareholders, in order to establish a Wyoming statutory close corporation. Manager-Managed vs. Member-Managed Organizations
When forming an LLC, you must choose whether it will be manager- or member-managed. All members of an LLC that is controlled by its members are involved in running the company on a daily basis. A manager or managers are chosen to manage the company on behalf of the members in a manager-managed LLC. If you have people who want to invest in the company but don’t want to be involved in day-to-day operations, this can be helpful.
No, operating agreements and articles of organization are not the same thing. The articles of organization declare your LLC to be a legal entity and include some background material on your company. Contrarily, the operating agreement is a private document that describes the internal operations of your LLC, including its management structure, decision-making procedures, and member rights and obligations. Although Wyoming law does not require an operating agreement, it is a good idea to have one in place to prevent potential conflicts between members and to make sure that your LLC is running well.
An LLC’s operating agreement and bylaws would need to be amended if you wanted to change the ownership split. To accomplish this, call a meeting of the LLC’s whole membership and decide on the modifications. The Wyoming Secretary of State’s office would then need to receive a revision to the articles of incorporation. The new ownership percentages and any other material changes to the structure of the LLC shall be set forth in the amendment.