The most important of Wyoming companies is the Limited Liability Company (LLC). Wyoming was the first state to authorize LLCs in 1977 (Legislation of Limited Liability Companies of Wyoming, 1977). The purpose was to provide an entity that possessed the fiscal benefits of a corporation and the benefits of a limited liability company. This legal vehicle, at present available also in Delaware and in some other states, offers fiscal and limited liability benefits, as well as flexibility regarding its members. It was modelled after the German code GMBH 1892 and ratified by the Supreme Court.
The LLC are designed for entrepreneurial businesses with a small number of active investors. All members may enjoy the protection of the limited responsibility as long as they participate in the business. The LLC is also useful for persons engaged in family businesses who desire to to keep the control within de family, to obtain the protection of a limited responsibility, the fiscal benefits of a limited corporation, and also to restrict the transfer of voting rights outside the family.
LLCs of Wyoming non-residents have the following advantages: