HB0126 – Limited liability companies-series

Referring to blockchain, with regards to the limitation of liability of a series, the Act states that “computational or allocational formula”, “or any other method where the identity of the assets is objectively determinable”, qualify as records that reasonably identify the assets of a particular series, and shall be deemed to account for the assets of the particular series separately from the assets of the limited liability company or any other series thereof.

Broadly, according to the Summary provided by the Legislative Services Office:
“This act authorizes a limited liability company (LLC) to establish or provide for the establishment of one (1) or more designated series of members, managers, transferable interests or assets to be treated as a separate unit of the LLC for certain purposes.

This act provides for limitations on liabilities of a series if:
The records for the series account for the assets of the series separately from the assets of the LLC or any other series thereof;
The operating agreement specifically provides for the limitations on liabilities;
Notice of the limitations of liabilities is included in the articles of organization.

This act provides for the rights, powers and duties of a series; the management of a series in the members or managers of the series; the right to distributions with respect to a series; and the dissolution, termination and winding up of a series.

This act also provides requirements for a foreign LLC doing business in Wyoming that establishes or provides for the establishment of one (1) or more designated series of members, managers, transferable interests or assets”.