There are many reasons why you may have decided to close down your Wyoming business. Some reasons are positive such as retirement, and some not so positive like bankruptcy. No matter the reason, you need to shut your Wyoming business down correctly, fully, and legally. If you miss an important step, it could cause you extra work and financial issues in the future.
This guide demonstrates what it takes to dissolve your Wyoming business properly. If you also need to form a new business in Wyoming, our quick and simple Wyoming LLC Formation Service or our Corporation Formation Service will help you get it done quickly and correctly.
Before you can begin the process of dissolving your Wyoming business, you will need to get your ducks in a row. This means gathering many important documents relating to your business. You can make this process much easier by keeping your documents organized as you go. It’s also important to keep your business and personal documents and assets distinct from one another. Commingling your personal and business assets can lead to headaches when it comes time to dissolve your business. It can also cause you to lose the liability protection you acquire by forming an entity like an LLC or corporation. Doing the work up front can save you time and effort down the road.
The first step in closing down your Wyoming business is to calculate the overall value of your business. This requires you to place a value on the assets that the company owns, including real estate, property, machinery, cash reserves, inventory, and anything else of value. To calculate the value of an asset, you have to deduct any outstanding loans associated with the asset. It’s also important to compile and summarize any outstanding contracts with customers, suppliers, or even employment contacts, such as union agreements.
By taking advantage of our Worry-Free Compliance Service and its associated dashboard, you can keep your important documents organized in one place and easily accessible 24/7.
Before you can officially close your Wyoming business, you need to resolve any outstanding debts and loans. If not, these loans can cause future problems, possibly making you personally liable for your business debts. If you don’t make arrangements to resolve these debts, you’re opening yourself up to future litigation.
To close down a Wyoming LLC or a Wyoming corporation, you file Articles of Dissolution with the Wyoming Secretary of State. For corporations, you need to file either Articles of Dissolution by Incorporators or Articles of Dissolution by Shareholders. You file these documents online, by mail, or in person, along with a small filing fee.
If you stop filing your annual report, fail to maintain a registered agent, or neglect to file other required documents with the state, Wyoming will dissolve your business administratively. We don’t suggest you do this because it will cause extra issues down the road if you choose to reinstate your company. The best course of action is to formally dissolve your business by completing the steps in this guide.
The next step is to complete the tasks outlined in your company’s governing document that relate to closing down the business. For an LLC, the governing document is the operating agreement, and for a corporation, it’s the corporate bylaws. Those documents describe the internal steps to take to dissolve your business, such as having an ownership meeting and voting. Make sure to take formal minutes of the meetings and vote tallies so that you have an official record for any future use. Once all the internal tasks are completed, you can file the dissolution documents with the Wyoming Secretary of State.
We offer an Operating Agreement Template to help you get started with the wording, framework, and dissolution instructions you may need when you create your LLC’s operating agreement.
Most Wyoming businesses require permits, licenses, and registrations to transact business in the state. These are required at the state level, as well as the local level. Many make the mistake of assuming that the various permits, licenses, and registrations their business has accumulated over the years will automatically be terminated when they dissolve their business. This doesn’t happen. You have to cancel them individually by contacting the different authorizing agencies. Some permits, licenses, and registrations will automatically lapse on a yearly basis, but you have to do research on which ones you will have to cancel yourself.
The next step is to resolve and close down your company’s financial obligations, contractual obligations, and any other outstanding legal issues. You also need to notify creditors of your business’s impending dissolution. If you fail to fully wrap up these issues, it could embriol you in future litigation and affect your ability to obtain future business loans.
Make sure to pay any employees their final wages in full. If you don’t do this in a timely manner and follow Wyoming’s employment and labor laws, your ex-employees can file wage claims against you.
Also, don’t forget about filing your final business tax returns at the federal, state, and local levels. Also, be sure to cancel your business’s employee identification number (EIN) with the IRS.
The final step is to file the dissolution forms with the Wyoming Secretary of State. It’s recommended to keep and maintain these documents, as well as all your business documents and tax filings for at least 7 years.
Let us help take care of your Wyoming business’s needs and tasks. Our helpful business and compliance services can help you prepare for whatever your business faces in its lifecycle.
Disclaimer: The content on this page is for information purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
First, resolve all the business’s outstanding obligations, such as loans, employment contracts, sales agreements, and other open issues. Second, make sure that you follow Wyoming’s employment and labor laws by paying your employees their final wages. Also, don’t forget to file your final tax returns. Then file the appropriate dissolution paperwork with the State of Wyoming.
Wyoming requires a small filing fee with the submission of Articles of Dissolution. Filing can be done online at the Wyoming Secretary of State’s website by using a credit or debit card. You can also file the document via mail with a check or money order.
It takes approximately 7 business days from the date of filing to have your Wyoming company officially dissolved.
Dissolving a nonprofit corporation in Wyoming requires the filing of Articles of Dissolution. Pursuant to W.S. 17-19-1403(a), public benefit or religious corporations must submit a notice of intent to dissolve to the Wyoming Secretary of State with the dissolution application prior to the filing of the Articles of Dissolution.
Business Dissolution by State