The operating agreement is a binding contract that outlines the responsibilities, rights, and duties of both members and managers. While these agreements are significant in a Limited Liability Company’s functioning, they’re not mandatory for LLCs registered in Wyoming.
Key Takeaways
- While not a legal necessity in Wyoming, having an operating agreement is highly advised. It helps define the business’s structure and its members’ roles.
- Use our free Wyoming LLC Operating Agreement template to comply with the state laws.
- To form an LLC in Wyoming, you’ll need to file Articles of Organization with the Wyoming Secretary of State, appoint a registered agent, and satisfy the necessary filing fee.
Wyoming LLC Operating Agreement Templates by Type
Single Member LLC
Basic Single Member LLC Operating Agreement
Used 4,920 times
Are you required to uphold your limited liability corporation status in accordance with state law? If the business is sued, the owner’s assets may be safeguarded by this agreement.
For single ownership of an LLC in Wyoming, utilize this specialized template.
Multi Member LLC
Multi-Member LLC Operating Agreement Template
Used 4,872 times
Ensure that your newly formed LLC is run the right way by having a multi-member operating agreement in place.
Utilize this operating agreement template in Wyoming when multiple individuals or entities co-own the LLC.
50/50 LLC
50/50 LLC Operating Agreement Template
Used 4,872 times
This free 50/50 LLC Operating Agreement template for businesses with equal ownership.
Establish a structured framework for equal ownership and management in a Wyoming LLC using this versatile template.
Member-managed LLC
Member-Managed LLC Operating Agreement Template
Used 4,919 times
A manager is chosen by the firm owners to oversee day-to-day operations in a manager-managed LLC. Use this Member-Managed LLC Operating Agreement Template right away.
Simplify the delegation of management responsibilities for members within a Wyoming LLC with this streamlined template.
Legal Requirements
- Wyoming LLC Laws: These laws oversee the state’s establishment, functioning, and termination of Limited Liability Companies.
- Naming the LLC: The name of the LLC, as stated in the operating agreement, must contain “Limited Liability Company,” “LLC,” or a similar abbreviation. It’s important to ensure that the chosen name doesn’t violate another entity’s trademark or service mark.
How to Form LLC in Wyoming
Here are the steps to form a Limited Liability Company in this state:
- Choose a Business Name: Ensure your business name is available before filing your papers. You can check this using the Secretary of State’s business entity search engine. If you’re not registering your company immediately, you can reserve your chosen name for 120 days.
- File Articles of Organization: Submit your Articles of Organization to the Secretary of State’s office. The maximum time for processing is 15 business days.
- Use a Filing Service: Consider using a filing service to simplify your Limited Liability Company formation process.
- Appoint a Registered Agent: Your company legally requires a registered agent in Wyoming. The agent is responsible for accepting lawsuits and official documents on behalf of your business.
- Draft an Operating Agreement: While not legally required in Wyoming, an operating agreement is highly recommended. It helps define the business’s structure and its members’ roles.
- Obtain an Employer Identification Number (EIN): You must obtain an EIN from the IRS if you wish to open a business bank account and for tax purposes.
- Open a Bank Account: Open a business bank account to keep your business and personal finances separate.
Additional steps:
- Comply with Tax and Regulatory Requirements: Depending on your business, you may need to register for state sales tax, unemployment insurance tax, and/or tax withholding.
- Obtain Necessary Business Licenses and Permits: Check with the state and local government to see if you need any licenses or permits to operate your business.
Wyoming LLC Laws
- No State Income Tax: The state is one of the few states that doesn’t levy a state income tax. This applies to individuals and corporations, making it financially advantageous for companies.
- Annual Reporting Requirements: All companies in this state must submit a yearly report to the Wyoming Secretary of State. The report is due each year by the first day of the month of your LLC’s anniversary creation. The minimum fee is $60.
- Registered Agent Requirement: Your business in this state must have a registered agent by law. The agent is responsible for accepting lawsuits and official documents on behalf of your business.
- Foreign LLC Registration: A foreign entity may apply for a certificate to transact corporation in Wyoming by delivering an application for a certificate of authority to the Secretary of State for filing.
- Real Estate Considerations: Wyoming LLCs offer strong asset protection laws, which can benefit real estate holdings. A Limited Liability Company can protect your real estate assets from lawsuits and provide anonymity, which can deter potential litigators.
- Employment Laws: This state has specific employment laws that govern wages, hours worked, leave laws, child labor, and more. When it comes to hiring employees, employers have to abide by these laws.
