WYOMING CLOSELY HELD LLC
A Wyoming Close LLC is one of the hidden gems of LLC asset protection. There are a lot of smart lawyers in Wyoming who have lobbied to insert the country’s strongest LLC asset protection laws into the Wyoming LLC. There’s not a lot of business in Wyoming besides oil, coal, and other natural resources, so the revenue made from Wyoming business formations is an important stream for the state. Thus, there have always been substantial efforts to keep Wyoming as a pro-business state and the Close LLC is evidence of that.
WHAT IS A CLOSE LLC?
When forming an LLC in Wyoming, many people notice a box near the top of the WY Articles of Organization asking whether they’d like to elect to be a Close LLC. Introduced by the state legislature in 2002, the Close LLC is a relatively new entity in Wyoming, and it was implemented primarily for small, family businesses. When an LLC organizer checks that box, he or she is electing to form an LLC with a tightly-controlled structure. The Close LLC features intensified membership controls, restricts asset transfers, and makes it easier to pass a business from one generation to the next. Below, you’ll find the specific benefits of the Wyoming Close LLC.
The Wyoming Close LLC Asset Protection Advantages:
- The Wyoming Close LLC does not take away from any of the other LLC Statutes.
- The Wyoming Close LLC has an “exclusive” remedy of a charging order against a members interests.
- The Wyoming Close LLC restricts the ease of transferring membership interests, thus making it more protective for the members.
- The Wyoming Close LLC makes it harder for a member to be forced to withdraw out of the LLC should the member get into financial trouble.
- The Wyoming Close LLC makes it harder, if not impossible for a creditor of a member to force a dissolution of the Wyoming Close LLC.
- You can distribute profits as you see fit and the distributions do not have to be in proportion to the members’ percentage of interests, should a members’ interests get assigned.
- The Wyoming Close LLC restricts the ease of transferring LLC membership interests giving the members more protection from hostile takeovers.
A Close Wyoming LLC also can help lower your taxes.
For $100 we will form your Close Wyoming LLC. We charge $100 formation, $125 registered agent, and the state filing fee of $102. A total of $327. You can add a Federal Tax ID number for $50 and a corporate book and seal if you’re feeling like spending money for another $90. We include specific close LLC articles and a Wyoming LLC operating agreement we have made specifically for a closely held Wyoming LLC. We do not charge extra for this. We do things the right way without you having to ask for them.
Our Wyoming Close LLC is great for people that really want the LLC asset protection allowed under Wyoming LLC law. We really hammer down the details of transfers, duties, distributions, and dissolution of your Wyoming Close LLC. Our Close Wyoming LLC articles and operating agreement are not geared towards restricting the value of the LLC for estate planning.
In your asset protection planning, you’ll need a registered agent. This is what we do. We provide the most comprehensive Wyoming registered agent service you’ll find. We also can offer you Wyoming mail forwarding services should you desire all your mail to come to our office. You can sign up for a Wyoming Close LLC by placing an order for a Wyoming LLC. Please put in the special notes that you would like a Close LLC.
Wyoming Close LLC Requirements
When forming a Close LLC, Wyoming requires that the text below be largely unchanged and featured conspicuously on the LLC’s membership certificates and in its operating agreement:
NOTICE OF RESTRICTIONS ON TRANSFERS AND WITHDRAWALS
The rights of members in a Close limited liability company may differ materially from the rights of members in other limited liability companies. The Close Limited Liability Company Supplement, articles of organization, and operating agreement of a Close limited liability company may restrict transfer of ownership interests, withdrawal or resignation from the company, return of capital contributions and dissolution of the company.
Closely held Wyoming LLC additional info:
If Wyoming doesn’t really feel like a fit for you, a New Mexico LLC is slightly cheaper and doesn’t have the $50 annual report due each year that Wyoming does. A Delaware LLC is very familiar to a lot of people and a viable option. We charge $100 to form an LLC wherever you decide makes the most sense for you.