Section 17-25-101 – Short Title.
17-25-101. Short title. This chapter shall be known and may be cited as the “Wyoming Close Limited Liability Company Supplement.”
Section 17-25-102 – Application of Wyoming Limited Liability Company Act.
17-25-102. Application of Wyoming Limited Liability Company Act. (a) The Wyoming Limited Liability Company Act applies to close limited liability companies to the extent not inconsistent with the provisions of this chapter and the powers provided the secretary of state by W.S. 17-29-1102 shall apply to this supplement. (b) This chapter does not repeal or […]
Section 17-25-103 – Definition and Election of Close Limited Liability Company Status.
17-25-103. Definition and election of close limited liability company status. (a) A close limited liability company is a limited liability company whose articles of organization contain a statement that the company is a close limited liability company. (b) A limited liability company formed under W.S. 17-29-101 through 17-29-1102 may convert to a close limited liability […]
Section 17-25-104 – Formation.
17-25-104. Formation. Any person may form a close limited liability company which shall have one (1) or more members by signing and delivering one (1) original and one (1) exact or conformed copy of the articles of organization to the secretary of state for filing. The person forming the close limited liability company need not […]
Section 17-25-105 – Articles of Organization.
17-25-105. Articles of organization. The articles of organization of a close limited liability company shall include a statement that the company is a close limited liability company and shall set forth the matters required by W.S. 17-29-201.
Section 17-25-106 – Management.
17-25-106. Management. Management of a close limited liability company shall be vested in its members which, unless otherwise provided in the operating agreement, shall be in proportion to the division of profits and losses among members. If provision is made for it in the articles of organization, management of the company may be vested in […]
Section 17-25-107 – Withdrawal of Members and Return of Members’ Contributions to Capital.
17-25-107. Withdrawal of members and return of members’ contributions to capital. (a) A member may only withdraw from a close limited liability company upon the terms and conditions set forth in the operating agreement. If no terms and conditions for withdrawal of a member are set forth in the company s operating agreement, a member […]
Section 17-25-108 – Dissolution.
17-25-108. Dissolution. (a) A close limited liability company organized under this chapter shall be dissolved upon the occurrence of any of the following events: (i) When the period fixed for the duration of the company expires; (ii) By the unanimous written agreement of all members; or (iii) At the time or upon the occurrence of […]
Section 17-25-110 – Sharing of Profits and Losses; Distributions.
17-25-110. Sharing of profits and losses; distributions. (a) A close limited liability company may divide and allocate the profits and losses of its business among the members and transferees of the company upon the basis provided in the operating agreement. If the operating agreement does not so provide, profits and losses shall be allocated on […]
Section 17-25-111 – Transferability of Interest.
17-25-111. Transferability of interest. All interests in a close limited liability company, including transferable interests, shall only be transferred as provided in the operating agreement. If the operating agreement does not so provide, no transfer of a close limited liability company interest, including a transferable interest, shall be made without the consent of all members […]