Wyoming Close LLC Manual


Order Wyoming Close LLC Manual

The Wyoming LLC MANUAL is a lite version of the Wyoming Close LLC KIT (which we created in 2004). The MANUAL contains updated materials and supersedes the KIT. The most important difference between the MANUAL and the KIT is that the KIT contains a customized Operating Agreement written by us, with the help of several attorney friends and a copywriter. Since writing the KIT, WealthCounsel has improved and updated their Operating Agreement in WealthDocs. Since the Operating Agreement is the heart and soul of an LLC, and since we felt that WealthCounsel members would not need to purchase our Operating Agreement, we still offer our Operating Agreement for sale to non-WealthCounsel members. We have reduced the price of the Manual to WealthCounsel members, since we believe they will be satisfied, as we are, with WealthCounsel’s Operating Agreement. Our Manual serves as an aid to assist the practitioner in creating and administering a Wyoming Close LLC for his or her clients. The idea for the KIT evolved after we taught a seminar in Kansas City for the National Network of Estate Planning Attorneys in October 2002. The topic of the seminar was “Comparing FLPs with LLCs.” In preparation for the seminar, we studied in depth what were then the newly adopted Wyoming Close LLC statutes. We realized these statutes provided some of the best, if not the best, LLC legislation in the United States for business entities for creditor protection, discounting of value, and ease of administration. We each went back to our respective homes after the seminar excited to incorporate Wyoming Close LLCs into our practices.

We casually discussed the Wyoming Close LLC with some of our colleagues, who also became excited about creating these business entities for their clients. Our clients needed a Wyoming individual or corporation to serve as registered agent for these LLCs, and thus Teton Agents was born. Teton Agents is a Wyoming Limited Liability Company that has as its business purpose to serve as the professional commercial registered agent for clients who do not live in the State of Wyoming.

In our TETON INSTITUTE two-day (and sometimes three-day) workshops, and in other seminars, we began teaching how to plan with Wyoming Close LLCs and found that practitioners around the country wanted this effective estate planning tool for their clients. However, as with many of us after attending a seminar, we would return to our busy practices and fail to incorporate some of the new ideas that excited us because we just didn’t have the time to try to figure out how to implement the new idea. We were receiving phone calls from our friends and students in the classes asking for our assistance. One day we thought about the KIT. The idea was to create a road map or “how to” manual about the Wyoming Close LLC. The KIT started out in 2004 as 22 pieces. The KIT (now Manual) has evolved over the last few years to over 90 pieces.

What we feel is unique about this Manual is that except for tax and government forms, all of the pieces in the Manual were written by us or our friends, and are actually used by all of us in our estate planning practices. In other words, these forms, letters, marketing materials, charts, graphics and white papers have been tested by us on our own clients.

We would like to acknowledge the invaluable assistance that Amber Chapman provided to us in the creation and formatting of this manual. Her computer skills saved the day many times.