Wyoming LLC Operating Agreement
The Wyoming LLC Operating Agreement is the core document that is referred to when issues concerning a Wyoming limited liability company (“LLC”) need to be resolved.
The LLC Operating Agreement is the most important document for your Wyoming LLC.
In the case of a single member LLC, without the formality of an LLC Operating Agreement, the LLC can closely resemble a sole proprietorship, which does not limit your personal liability for business debts of the LLC.
With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with respect to the affairs and management of the LLC and governs the relationship amongst the members of the LLC. By having an LLC Operating Agreement, the members will be provided with a clear set of rules that all members have agreed upon greatly reducing the likelihood of disagreement between them in the future. A LLC Operating Agreement will also greatly reduce financial and management misunderstandings, and make sure your business is governed by your own rules -- not default rules created by the state of Wyoming.
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The LLC operating agreement does not have to be filed with any state agency. All states, including the state of Wyoming will enforce valid operating agreements entered into among LLC members. The operating agreement will only be enforced against the persons who are parties to the agreement. Therefore, it is extremely important that all members of an LLC sign the operating agreement.
Your Wyoming Limited Liability Company
In 1977, Wyoming became the first state to enact an LLC statute. Today, all fifty states and the District of Columbia have enacted statutes that provide for the creation and governance of LLCs.
LLC Filing Office
The Capitol Building; Room 110
200 West 24th Street
Cheyenne, WY 82002-0020
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Entity or Franchise Level Tax
Wyoming does not require partnerships, LLCs taxable as partnerships, or disregarded single-member LLCs to pay a general net worth tax based on net income. However, Wyoming requires LLC to file with the secretary or state an annual franchise tax or a license tax. The tax is based on the corporate property and assets located and employed in the state in an amount of $50 or two-tenths of one mill on the dollar ($.0002), whichever is greater.
State LLC Act
The Wyoming LLC Act is contained in Title 17 of the Wyoming Statutes.
Important Statutory Rules
An LLC is managed by its members unless the Operating Agreement states that the LLC is to be managed by one or more managers.
Admission of Members
Unless otherwise provided in the Operating Agreement, the admission of a transferee as a member must be approved by the unanimous consent of all the non-transferring members.
Amending the Operating Agreement
No statutory requirement exists for amending the Operating Agreement. The Operating Agreement shall govern how it should be amended.
Unless otherwise specified in the Operating Agreement, approval of all members is required to voluntarily dissolve the LLC.
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