1. Vote to Dissolve Your Wyoming LLC

The first step in dissolving your LLC is to get approval from its members, usually through a formal vote. Refer to your LLC’s operating agreement for specific guidelines on how the dissolution should take place. If the operating agreement doesn’t address this, a majority vote will often suffice.

2. File Articles of Dissolution

Once the vote is complete, you’ll need to file the Articles of Dissolution with the Wyoming Secretary of State. This document marks the official start of the dissolution process. You can submit it online or by mail to the Secretary of State’s office.

3. Notify Creditors and Settle Debts

After filing the Articles of Dissolution, it’s crucial to notify any creditors and settle any remaining debts:

• Notify Creditors: Send written notices to creditors informing them of the dissolution, and include instructions for submitting any claims.
• Settle Debts: Pay off all outstanding debts to ensure there are no legal issues in the future.

4. Distribute Remaining Assets

Once all debts are settled, you can distribute any remaining assets among the LLC members according to their ownership shares as stated in the operating agreement. Make sure the distribution process is documented and legally compliant.

5. Cancel Permits and Licenses

It’s important to cancel any permits, business licenses, and registrations tied to your LLC. This includes local business licenses, state tax registrations, and professional licenses. Failing to cancel these may lead to unnecessary penalties or fees.

6. Close Business Bank Accounts and Handle Final Tax Filings

• Close Bank Accounts: After all financial obligations are settled, close the LLC’s bank accounts.
• Final Tax Filings: Ensure that the LLC’s final tax returns are filed with both the IRS and state tax authorities. Don’t forget to pay off any outstanding payroll or sales taxes. Svetro’s professional tax services can guide you through this step to ensure all tax matters are addressed correctly.

7. Maintain Records

Even after dissolving the LLC, keep all business records for several years. This includes tax records, financial statements, and any documentation related to the dissolution process.