Why should I form a limited liability company in Wyoming?
What is a limited liability company?
Answer: A limited liability company is a separate company, or entity, that can provide asset protection, including protection of real property. The entity, or "LLC" has its own tax identification number and is recognized by the Internal Revenue Service as a an independent company.
Why should I have a limited liability company for my real property and other assets?
Answer: States, including Wyoming, have enacted a Uniform Limited Liability Company Act. Keeping real estate in an LLC can protect assets from claims.
What is the protection available for my assets in an LLC?
Answer: A judgment creditor cannot routinely "pierce the veil" of the LLC to obtain assets of the LLC. For example, if a tenant of your real property sues you as landlord and claims breach of the lease, the tenant cannot interfere with the management of the LLC, cannot force transfer of the membership interest, and cannot force dissolution of the LLC.
Am I required to have a designated office in Wyoming, and why I am required to have one?
Answer: The principal office of your company is required so that anyone doing business with you or anyone that needs to send a message to you has contact information.
What is the procedure for setting up a limited liability company?
Answer: The first step is to file Articles of Organization with the Secretary of State of Wyoming. There is a nominal filing fee. Our office can assist you with the filing of the Articles and maintaining them in current status.
What is a "low profit limited liability company"?
Answer: A company that states in its articles that its business purpose is for charitable or educational purposes.
Am I required to have a manager of the limited liability company?
Answer: You are not "required" to have a manager of the LLC but you can have a person that is responsible, alone or in concert with others, for performing the management functions outlined in the operating agreement.