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Shelf Limited Liability Company: New Wyoming Shelf LLC starting at $400.  Eight year old companies for $1995.  Please request the list here.  Registered agent service included with every product.

 

Order LLC

 


WYOMING LLC'S ARE THE BEST....THIS IS WHY

A  private creditor may not foreclose against your interest in a Wyoming LLC!

 

There are only two states that prohibit the foreclose of a member's LLC interest; Wyoming and Alaska

 

Wyoming does not collect information on the members.  Alaska collects members' names and addresses, and discloses it on the public record. 

 

The annual report state fees average out to be the same between Wyoming and Alaska.  When comparing apples to apples, Wyoming offers the better deal because there's no reporting of the members' names and addresses online.

17-29-503. Charging order.

(a) On application by a judgment creditor of a member or transferee, a court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment.  A charging order requires the limited liability company to pay over to the person to which the charging order was issued any distribution that would otherwise be paid to the judgment debtor.

(b) Reserved.

(c) Reserved.

(d) The member or transferee whose transferable interest is subject to a charging order under subsection (a) of this section may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the court that issued the charging order.

(e) A limited liability company or one (1) or more members whose transferable interests are not subject to the charging order may pay to the judgment creditor the full amount due under the judgment and thereby succeed to the rights of the judgment creditor, including the charging order.

(f) This article does not deprive any member or transferee of the benefit of any exemption laws applicable to the member's or transferee's transferable interest.

(g) This section provides the exclusive remedy by which a person seeking to enforce a judgment against a judgment debtor, including any judgment debtor who may be the sole member, dissociated member or transferee, may, in the capacity of the judgment creditor, satisfy the judgment from the judgment debtor's transferable interest or from the assets of the limited liability company. Other remedies, including foreclosure on the judgment debtor's limited liability interest and a court order for directions, accounts and inquiries that the judgment debtor might have made are not available to the judgment creditor attempting to satisfy a judgment out of the judgment debtor's interest in the limited liability company and may not be ordered by the court.

 

The wording of the Articles of Organization of the LLC creates the LLC when filed with the Secretary of State.  The Articles of Organization spell out whether it's a manager-managed or member managed LLC. 

Q:  Which is better?  Manager-managed?  Member-managed?

A:  Manager-managed LLC:  Charging order protection secures assets from hostile creditor threats.

The charging order protection is what triggers the hostile creditor to be liable for an income tax, without collecting on your assets.  This is called "phantom income," and it's successfully restricted from the hostile creditor ONLY when the LLC is manager-managed.

Q:  Why do incorporators avoid discussing the charging order protection?

A:  They don't want to confuse you.  They know you're most likely deciding between a C Corporation and an LLC.  They don't want to lose the sale and have you walking away scratching your head.  So, they don't mention it.  They prefer to limit your choices and make the decision simple.   We prefer to illuminate our clients' choices and inform.

The state of choice means a great deal because it determines how secure the benefits really are.  A Nevada LLC or a Wyoming LLC is extremely secure in terms of the charging order protection.

The operating agreement determines what everyone can and cannot do (manager, members, and LLC), and how it's done.

The operating agreement validates that you did something right, such as bringing in another member, issuing member certificates, or selecting the manager of the LLC.

Problem:  Most LLC's are written in very general form.  They try to be everything for everyone.  How do we know this?  Because 99% of all incorporators use the same operating agreements time and time again.  It's a broken record.  And although this objective is noble in theory, it leaves clients at a disadvantage.  Most incorporators are too lazy to draft an original operating agreement.

Q:  Why?

A:  LLCs intended for asset protection must be designed for that purpose from the ground up.  And since many asset protection planners are glorified incorporators, they aren't prepared to get the job done right the first time.  It's easier for them to just copy another person's operating agreement.

Solution:

An specialized operating agreement was drafted by a CPA/Attorney for the purpose of asset protection and limited liability.  There's no comparison to our shelf LLC operating agreement to the others available on the internet.

 

 

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