Wyoming Statutory Trust Dissolution
How to Dissolve a Wyoming Statutory Trust
Dissolving a statutory trust in Wyoming can go one of two ways:
- Don’t file your next annual report and let the Wyoming Secretary of State administratively dissolve your statutory trust.
- File certificate of cancellation with the Wyoming Secretary of State.
The certificate of cancellation does have a $50 filing fee, which for some, makes the idea of administrative dissolution seem appealing. However, there are some downsides to administrative dissolution of a Wyoming statutory trust:
- You will be unable to ever operate in Wyoming with that statutory trust without paying fines and past due annual reports.
- If your statutory trust is still in existence, it could still be involved in a lawsuit at any time while active.
- You have no control over the date of dissolution.
Obviously, the choice is yours and you may suffer no consequences by wrapping up all business accounts and waiting for the secretary of state to dissolve your statutory trust. But if peace of mind is worth $50 to you, keep reading.
Formally Dissolving a Wyoming Statutory Trust
The advantages of formally dissolving your Wyoming statutory trust are as follows:
- You remain in control of the statutory trust and can choose the exact date of dissolution.
- You make a clean break with the business and know that the statutory trust ended business on a good note.
- Once the business is dissolved, it is no longer active and cannot be taken to court in a lawsuit.
- Should you want to reinstate the statutory trust at a later date, you won’t have any fines or past due annual reports to hassle with.
File a Wyoming Statutory Trust Certificate of Cancellation
A Wyoming statutory trust must file documents known as the certificate of cancellation with the Wyoming Secretary of State. You can download a copy of the articles from your client account if we are your Wyoming registered agent. Use the steps below as an overview of the process:
Complete the Wyoming Statutory Trust Certificate of Cancellation
The statutory trust certificate of cancellation is straight forward. List the trust name, the date of dissolution and collect the signatures of all trustees. Sign and date the dissolution certificate and the document is complete.
Send the certificate of cancellation to the Wyoming Secretary of State
You must mail the certificate to the Wyoming Secretary of State. Include a check or money order for $25. Mail articles to:
Wyoming Secretary of State
2020 Carey Avenue, Suite 700
Cheyenne, WY 82002-0020