Buffalo Registered Agents created the Firm LLC™ for the discerning client who has accumulated wealth and assets, or plans to do so in the future.
At Buffalo Registered Agents, we agree with the experts who have billed Wyoming as the best place in America to form an LLC. And for the majority of those starting businesses here, we offer the most inexpensive Wyoming LLC formation service you can find. But for the subset of clients whose primary concern is preserving and protecting accumulated wealth or future gains, we have created the Firm LLC™.
Forming an LLC in our state is a simple process, but maximizing Wyoming’s asset and liability protections, estate planning, taxation savings, and privacy requires more knowledge and attention to detail. The Wyoming Limited Liability Company Act contains statutes distinctly unique to Wyoming. As such, an out-of-state attorney’s lack of familiarity with the complexities of our LLC laws can compromise possible LLC protections. Highlighted in the list below are some of the Wyoming Limited Liability Company Act nuances that make our state’s asset protection strong, and could possibly be excluded or weakened without the proper structure and organizational documents.
- Charging Order Limitations
In Wyoming, a charging order is the sole remedy for a creditor. A creditor must first obtain a personal judgment against a member of an LLC. Then the creditor must apply to the court for a charging order. The charging order directs the LLC to pay make any distributions to creditor instead of the troubled member. This provision extends to single-member LLCs in Wyoming as well. And because the charging order is the exclusive remedy for a creditor, the creditor is unable to forclose on membership interests or force a sale of the LLC.
- Distribution Control
While a charging order may require the LLC to pass any distributions to the creditor of a distressed member, the charging order in Wyoming cannot force the LLC to make a distribution. Distributions can be withheld, and some Wyoming attorneys believe the creditor may still have to pay income tax on that uncollected income, forcing many would be creditors to second guess pursuing a judgment against a well-structured LLC in Wyoming.
- Transfer Restrictions
An LLC in our state can be structured so that no company interest can be transferred to other parties without the consent of all members.
- Potential Tax Savings
If structured as a closely-held company, assets can be discounted by up to 50 percent. If you’re concerned with protecting and passing wealth onto the next generation, this structure could create a massively lower estate tax bill for your heirs.
These are just some of the fully-actionable options available to LLCs in Wyoming that could go unnoticed or fail to be enacted by attorneys unaware of the full breadth of our LLC statutes. That’s why we recommend using the Firm LLC™ as the base foundation of your asset protection strategy and then utilizing the expertise of your local attorney to finalize the transfer of assets into the Firm LLC™.
Our Firm LLC™ is the absolute best asset protection package and most efficient use of your money and time. Many estate planning and corporate lawyers purchase our Wyoming Firm LLC™ kit and tailor the LLC to meet the needs of each client. When you purchase our Firm LLC™ package, we provide you and your attorney with the base foundation of a fundamentally-sound LLC geared to maximize our state’s LLC asset protection statutes. Our Firm LLC™ operating agreement includes the information your attorney needs in order to make sound, educated decisions on your behalf in accordance with Wyoming law. Your attorney can adjust the operating agreement to fit your individual asset protection strategy.
Wyoming LLC Articles of Organization vs a Wyoming Firm LLC™
Many clients and attorneys forming LLCs here are unfamiliar with our state’s more nuanced LLC statutes. And while anyone can form a Wyoming LLC in a couple minutes online (it won’t matter whether you, a lawyer, a registered agent, or an asset protection specialist form the LLC), the formation documents filed with the Wyoming Secretary of State will only grant two things: a business name and an entity to do business with. You may not maximize the full benefits of our LLC Act just by filing LLC paperwork.
Think of it like a documenting a real estate transaction with a county assessor:
- To stake a claim on a piece of real estate, you file documents like a deed of trust or property line adjustment with a county assessor.
- The county assessor examines the filing to make sure the document has the basic required information, then stamps it as filed, sending you on your way.
- You can file a lien or easement on anyone. If you want, you can even file a lien on county assessor’s property. Would the lien you file be considered valid? That depends on the quality of the legal document you file.
The same is true of the LLC. The true value and provisions afforded to the Wyoming LLC can only be realized when the LLC adopts the correct supporting documents, such as an operating agreement (private documents not filed with the state) that establish and govern the rules under which the company functions. Even well-intentioned operating agreements, however, can constrain and limit the protections of an LLC if they become too convoluted. Few attorneys understand the options and remedies required to maximize the full abilities of Wyoming LLC statutes, which is why we offer the Wyoming Firm LLC™.
When we form a Wyoming Firm LLC™, the LLC is created with the ability to take advantage of Wyoming’s vast array of LLC asset protection statutes. You can hire the services of an attorney in your home state to have the LLC operating agreement and organizational structure fit your specific needs. This is the main benefit of the Firm LLC™: with our organizational documents, no asset protection statute is ruled out. The Firm LLC™ is capable of integrating every bit of protection allowed by our state’s LLC Act.
Choosing Between a Regular or Close LLC and the Firm LLC™
|Wyoming LLC vs Wyoming Firm LLC™|
|$149 Wyoming LLC||$400 Firm LLC™|
|Not transferring existing assets into the LLC||Will be transferring high-value, existing assets into the LLC|
|Regular start-up business||Very concerned about maximizing Wyoming asset protection statutes|
|Prepared to obtain the services of an attorney to facilitate transfer of assets|
What’s included in the Firm LLC™ Package?
When you order the Firm LLC™, your package will include:
- Specific Asset Protection LLC Drafting
- Highest Degree of Privacy
- Most Beneficial Use of Wyoming Remedies Available for Family or Closely-Held LLCs
- Custom Articles of Organization
- Operating Agreement Maximizing Wyoming LLC Statutes
- Employer Identification Number (EIN) (optional, not required)
- Customized Membership Certificates