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Roger
Roger, Attorney
Category: Business Law
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Wyoming LLC: I wish to either capitalize or assign an asset

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Wyoming LLC:

I wish to either capitalize or assign an asset (foreign currency) to a WY LLC in return for membership interest as manager.

Q: Can I retain physical possession of the asset and exchange it for USD at a later date on behalf of the WY LLC?
Hi - my name is XXXXX XXXXX I'm a Business litigation attorney. Thanks for your question.

If you're turning over property in exchange for a membership interest in the LLC, then the asset should be transferred over to the LLC in order to effectuate the transaction. However, if the LLC makes a resolution that says you can retain custody if its asset and convert into cash at a later date, that's fine -- but you just need a resolution by the LLC that says this.
Customer: replied 3 years ago.

Thanks Kirk,


 


A follow up please.


I am trying to avoid flying from Hawaii to Wyoming to establish the WY LLC and accomplish this asset transfer. Is that possible?


 


Thanks.


 


 

Sure,that's possible.

You should be able to obtain the formation papers from the Wyoming secretary of state's website, fill them out and mail them in with the fees.

But, you will need a registered agent within Wyoming for service of process. Usually, an incorporating attorney will serve in that capacity for no fee. Thus, if you hire an attorney in Wyoming to set up the LLC, he/she will likely do that for you.

That will save you a trip and also keep you from making the trip.
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