Interested in learning more about a Wyoming Limited Liability Company (LLC)? The information below is presented in FAQ format in an effort to answer the questions mostly commonly asked of us regarding this unique form of LLC:
Does Wyoming permit “Lifetime Proxies”?
Yes, Wyoming is the only state that allows this. Not even Nevada allows a Lifetime Proxy. The Lifetime Proxy allows someone else to hold your shares as a proxy and to vote on your behalf. You control the vote by having a “Lifetime Proxy” over them.
Most States now require the Manager and/or Members to list their names and addresses in the public record. Does Wyoming do this?
No, Wyoming is still one of the states that greatly values privacy. The Manager and Members are not listed in any public database and the state does not even have a record of who the Managers and Members are.
Does Wyoming have any state taxes?
No, there are no state taxes for your Wyoming LLC. The state does tax any assets held within the state.
Does Wyoming have a restricted word list?
All states have a restricted word list, but the Wyoming restricted list is very small. Words such as “finance,” “loan,” and “lending” are all acceptable, which can be very useful when putting our customized lien structure in place.
Does Wyoming have Superior Asset Protection Laws?
Yes, they do. Wyoming allows for a single member LLC to have the same level of protection that a multi-member LLC has. Wyoming is also a Sole Remedy state. This means that a charging order is the sole remedy available to a creditor.
Can a Wyoming LLC have a perpetual life?
Yes, a Wyoming LLC is a separate legal entity from the owner(s) and, as such, can have a perpetual life.
Are the assets of the Wyoming Limited Liability Company protected from the personal creditors of the members?
Yes. A creditor of a member is entitled to a charging order, but cannot take the place of or vote in place of a member.
Does Wyoming allow foreclosure on a member’s interest?
No. Wyoming does not allow a creditor to foreclose or take a member’s interest. A charging order is the sole and exclusive remedy. A personal creditor cannot take the member’s place in the LLC structure.
Does a Wyoming LLC have to record minutes, hold meetings or have a board of directors?
No, they do not. No annual meeting or minutes are required. Also no board of directors is required.
If a creditor obtains a charging order against my Wyoming LLC, am I required to make distributions?
No. In 2010, Wyoming amended their LLC Act and nowhere in the Act does it require the LLC to make any distributions. Instead it says that all distributions are discretionary.
Interested in learning more about LLCs?
Visit our Limited Liability Corporation (LLC) page to learn more about what it means to create and/or enter into an LLC.