If you have a Wyoming LLC but are no longer doing business with it, you should definitely dissolve the Wyoming LLC in order to avoid dealing with fines and fees.
After an LLC is registered with the Wyoming Secretary of State, it has annual reporting and tax obligations it must meet. Failure to meet these obligations can result in penalties and fees.
Practically, not all business ventures work out.
And that’s okay….
If you – for any reason – decide you don’t want to your registered Wyoming LLC anymore, you have to look into dissolve your Wyoming LLC.
For starters, you have to let the Wyoming Secretary of State know of your intentions to close the LLC in Wyoming.
If you need any help dissolving your Wyoming LLC, email me at firstname.lastname@example.org
Why Is Dissolving Wyoming LLC So Important
The moment you registered your company as a Wyoming LLC, you became responsible for tax and reporting obligations.
Until the company is dissolved, you remain responsible for these obligations.
How to Dissolve Wyoming LLC
If your Wyoming LLC has any members, you need to hold a meeting. The purpose of the meeting is to vote on dissolving the company.
It is important to take minutes during this crucial meeting and retain them for business records.
If your LLC does not have any members, a meeting prior to starting the dissolution process is unnecessary.
You can contact me at email@example.com if you need assistance with approval forms for your members meeting.
File All Annual Reports
The state of Wyoming will not approve a dissolution until all of the required reports are filed. So, you will need to get current on all paperwork before you can dissolve.
Fortunately, you can hire our law firm to help you get all of the paperwork current, so you can start the dissolution process.
Pay Off Taxes and Administrative Fees
If you owe the Wyoming Secretary of State any money, they are not going to approve the dissolution of your LLC. So, you will need to pay off any outstanding debts before you can file.
How to File Articles of Dissolution for Wyoming LLC
For a $50 filing fee, you must include the name of your LLC, the date of the dissolution, the signature of the authorized individual of the company, and your contact information.
You must mail this information and the filing payment to the following address:
Senior Business Registrar Wyoming Secretary of State's Office 2020 Carey Ave, Ste 700 Cheyenne, WY 82002-0020
Keep in mind, this is not paperwork you can phone or email in. This is paperwork you must write out, sign, and mail in.
How Long Does The Wyoming LLC Dissolution Approval Process Take
You can expect the Secretary of State to process your dissolution paperwork in one week as long as you’ve met all of the above requirements.
While wind-up measures can take longer than a week, your business is no longer permitted to do business in the United States once the dissolution is approved.
Wind-up measures include settling any pending company disputes, closing all company activities, discharging any debts, and disturbing any assets.
The unfortunate truth is dissolving your Wyoming LLC is not something that will happen overnight. This is a process that takes time.
Furthermore, how long it takes for the Secretary of State to process the paperwork and approve the dissolution varies depending on their current workload.
While three to five days is the typical processing time, it is not a guarantee.
What Happens After You Dissolve Wyoming LLC
After you dissolve a Wyoming LLC, you will need to take any remaining assets and divide them up among the members of the LLC.
All distributed assets do need to be reported to the IRS.
Close Out Any Business Accounts
If you have any open business accounts connected to the Wyoming LLC, you will need to go through the process of closing them. Even if the accounts are empty, go through the process of closing them.
Leaving open accounts can put you in legal hot water and cause liability issues. It is just a loose end you want to take care of as part of the dissolution process.
Cancel All Business Licensed and Permanents
If you haven’t noticed a theme by now, you have to go through the process of closing and cancelling anything connected to the LLC.
If you obtained any licenses or permits to manage your LLC, you need to cancel them.
If you don’t cancel them, you could find yourself in a situation where you have reporting or fiscal obligations.
File IRS Form 966
It is important that you file the IRS Form 966 within 30 days of the dissolution approval. This form tells the government that your LLC has been legally dissolved.
If you contact me at firstname.lastname@example.org, my law firm can assist you in filing the form.
Cancel IRS Accounts Associated with the LLC
Your Federal Employer Identification Number (EIN) is the equivalent of a Social Security Number for the LLC. When the LLC dissolves, the EIN needs to dissolve with it.
If you decide to start a new business and form a new LLC in the future, you will need to apply for a new EIN to go with it.
If you later decide to revive that particular LLC, the IRS will reinstate the EIN you had associated with it.
It is crucial that you take the time to close out and cancel anything having to do with the LLC. Leaving anything open – even if it isn’t being used – could create liability issues for you.
What To Do Next
There are a lot of steps to take to properly dissolve your LLC.
Not filing all the right paperwork and taking all the right steps could put you in a place where you have certain obligations to a company you no longer want anything to do with.
As a business law firm, we have experience in establishing LLCs in the state of Wyoming as well as closing them down.
We can make sure all of the paperwork is filled out properly and filed the right way. We can make sure you do not forget any loose ends that leave you in legal hot water.
If you’re looking to dissolve your Wyoming LLC, email me at email@example.com
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