Wyoming Dissolution

Why do companies need to dissolve? –  Dissolution officially ends the existence of your business entity in Wyoming. The state required your company to register its business through the filing of paperwork. Likewise, your company has to submit paperwork to formalize its closure.

Who makes the decision to dissolve? – Members of a Wyoming LLC will make the decision for the company. Meanwhile, corporations will need the approval of the board of directors and shareholders. The state may also dissolve a company administratively if it deems it necessary.

How long does it take to dissolve a business? – Your company may need to spend weeks to finish the whole process. There is no guaranteed time frame. It will depend on how long it will take your company to finish each step. As for the state, it will need a week to finish processing your company’s documents.

Make sure you follow each step carefully when closing your company in Wyoming.

1. File Articles or Certificate of Dissolution with the state – To formally dissolve an LLC in Wyoming, a company has to submit Limited Liability Company Articles of Dissolution. Corporations can either file the Profit Corporation Articles of Dissolution by Incorporators or the Initial Directors or Profit Corporation Articles of Dissolution by Shareholders. File the form in duplicate with the Secretary of State by mail or in person.

2. Remove all liabilities and obligations – Your company should proceed with the winding up of its affairs. You can designate a team or one member, manager, or officer to deal with this task. Liquidate all the assets of the company and settle its obligations. If there are remaining assets, distribute them to members or shareholders according to ownership interests.

3. Give notice to any claimants – You can send a written notice to known claimants and creditors. Check your company’s records to find out how to reach them. The notice should include where they can submit claims and the deadline for submission. You can also publish a notice in a newspaper so you can inform possible unknown claimants about the dissolution of your company. For federal tax purposes, check the box in the income tax return that indicates that the document will be your company’s final return.

4. Tax clearance – Wyoming does not require business entities to obtain a tax clearance before the dissolution. However, your company should make sure that it does not have any pending tax obligations.

5.   Close all bank accounts, credit lines, permits, and licenses – Use the funds of your company to deal with its liabilities. After the dissolution, contact the bank and find out how you can close the accounts and credit lines that are under the name of your company. You will not be able to use the accounts for other purposes. So, it will be best to close them and avoid possible legal issues. Your company may also have business licenses and permits. Cancel them. This way, you can protect your reputation and prevent possible fiscal obligations.

Wyoming Office of Secretary of State
Phone Number:
(334) 242-5324

Address:
Wyoming Secretary of State
Business Division 2020 Carey Avenue, Suite 700
Cheyenne, WY 82002