A Wyoming limited liability company operating agreement formally declares the policy and status decisions made by the members of a company. Whether there are multiple members involved or only one, Wyoming LLC members should make every effort to define the characteristics of the LLC, such as its tax status, the rules that the LLC will follow, and the members’ powers.
A well-constructed agreement will define each member’s expectations and contributions in effect; thus, Wyoming business owners should ensure their needs and abilities are accurately addressed before setting their intent to paper.
Is it Required in Wyoming?
No. Wyoming state laws or regulations do not require limited liability company operating agreements. Despite this, many Wyoming limited liability companies have adopted an operating agreement as this will promote a healthy company.
Single-Member LLC operating agreement – Download this contract to place an operating agreement in effect for a Wyoming limited liability company with just one (1) member.
Multi-Member LLC operating agreement– This document should be used exclusively for Wyoming limited liability companies with at least two (2) members.
“(xiv) ‘Operating agreement’ means the agreement, whether or not referred to as an operating agreement and whether oral, in a record, implied or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in W.S. 17-29-110(a). The term includes the agreement as amended or restated.”