Wyoming Limited Liability Company LLC Agreement For General Partner
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How to fill out Limited Liability Company LLC Agreement For General Partner?
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FAQ
Section 17-29-407 - Management of limited liability company (a) A limited liability company is a member-managed limited liability company unless the articles of organization or the operating agreement: (i) Expressly provides that: (A) The company is or will be "manager-managed"; (B) The company is or will be "managed ...
Risks of an LLC Loss of Limited Liability. Although an LLC enjoys limited liability, poor practices could result in an LLC losing its liability shield. ... Difficulty Obtaining Investors. ... Pass-Through Taxation.
Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees. Check with your Secretary of State's office.
One of the most appealing aspects of forming an LLC in Wyoming, is that Wyoming is a zero income tax state. Wyoming does not have personal income taxes. For single member LLCs and LLCs taxed as partnerships, the income report is passed through to the individual members. This includes gains and losses.
Fortunately, the state of Wyoming doesn't require LLC filings to include member information, so adding a member to a Wyoming LLC only requires updating your LLC operating agreement. Since this is an internal document, you probably won't have to file anything with the state to add a new member to your LLC.
Wyoming LLCs are taxed as pass-through entities by default. This means that revenue from the business passes from the LLC to the tax returns of the LLC members. Members are then responsible for paying federal income taxes and the 15.3% self-employment tax (12.4% social security and 2.9% Medicare).
Unlike the Articles of Organization, an Operating Agreement is not required. However, without one, you're risking your limited liability status, member arguments, and a failing business.
Wyoming's charging order protection laws are effective for members to protect their LLC assets and ownership from creditors. However, that protection does not extend outside of Wyoming. Members living out of state will have to deal with different laws protecting their LLC assets from garnishment by creditors.