Adding a member to your Wyoming LLC is a simple process, but may require an extra step if you have an SMLLC. Here’s what to know:
Can I add a member to my Wyoming LLC?
Yes. Fortunately, the state of Wyoming doesn’t require LLC filings to include member information, so adding a member to a Wyoming LLC only requires updating your LLC operating agreement. Since this is an internal document, you probably won’t have to file anything with the state to add a new member to your LLC.
What if I put member information in my articles?
If you chose to include member information in your Wyoming LLC Articles of Organization, then you would have to amend them. You can do this by filing a Wyoming LLC Amendment with the secretary of state.
How do I update my WY LLC operating agreement?
Your operating agreement is an internal document, which means you set the terms of your operating agreement yourself and keep it on file within your LLC. Most operating agreements outline procedures for amendment, which usually require members to draft a proposal then hold a vote. Refer to your operating agreement for the voting procedures specific to your LLC.
Do I contact the IRS if my LLC has a new member?
Not necessarily. The IRS needs to know when changes to your business affect your tax structure in any way. If your business is registered with the IRS as a multi-member LLC, there’s no need to make any changes with the IRS. However, if your business is registered as a single-member LLC (SMLLC) and you add a new member, you’re effectively changing your business from a SMLLC to a multi-member LLC.
Changing from an SMLLC to a multi-member LLC changes your tax status from a “disregarded entity” to a partnership, which means you’ll have to file IRS Form 8832 instead of reporting your LLC activity with your own tax return.