What is a Wyoming LLC
LLC is short for Limited Liability Company
Limited Liability Company
A Wyoming LLC is a legal entity organized in the State of Wyoming. The State of Wyoming is the first state to enact legislation to create a business entity sepeeperate from its owners. A Wyoming LLC allows protection from personal liability. Each member's liability is limited to their investment in the company. This type of organization is free from double taxation of that of a corporation.
Members liability is limited to their investment in the organization.
The organization can contain several different abbreviations; LLC, L.L.C., LC, L.C, Ltd. Liability Co., Limited Liability Co.
Wyoming Limited Liability Company Act (W.S. 17-29-101)
A limited liability company can be formed by filing an articles of organization with the secretary of state.
Members pay taxes similar to a partnership. Avoids double taxation. Also Wyoming does not have a co corporate income tax.
A company can either be perpetual or dissolve over a set period of time.
Separate Legal Entity | A creditor cannot seek personal assets of any member of a limited liability company.
Tax Advantage | No subject to double taxation. Members pay tax on their share of the profits.
Number of Investors | Can have unlimited number of investors/members.
Ownership Transfer | Members must vote to transfer anoher member's interest in the comany.
Expensive to Form | Legally complicated to form.