Crystal Higgins

Does Wyoming require an operating agreement?

Asked by Crystal Higgins 1 year ago operating agreement


Daniel Coyland
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The short answer to your question is NO. Wyoming does NOT require an operating agreement. You might ask, “Then do I still need to file for one?” YES. The reason why you should varies for single-member and multi-member companies and Wyoming Trust & LLC Attorney clarifies the distinction between the two categories.

For Single-Member LLCs, the operating agreement is simply an “agreement between you and yourself.” But do take not of a transfer on death provision. This means that your company will be given to whomever is named when you pass away. Remember that you have to provide a person’s name because failure to do so will mean one of two things: (1) your company is forced through probate when you die, or (2) your company is dissolved. 

For Multi-Member LLCs, the operating agreement will give specifications and draw the line on ownership percentages. It will also state what managers can and cannot do. Another purpose of this operating agreement is to serve as a non-disclosure agreement which will prevent shareholders from selling to outsiders. A free for all will be the result of failing to sign an operating agreement. Read more about this topic on https://wyomingllcattorney.com/Blog/Can-A-Holding-Company-Be-an-LLC-Yes.

by Daniel Coyland 1 year ago

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Does Wyoming require an operating agreement?

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