My question involves business law in the state of: Wyoming
I am a member of a two person LLC in Wyoming. I'm going to be filing chapter 7 in Utah where I live. My bankruptcy is according to our operating agreement, a term to dissolve our LLC and my partner is agreeable to it.
This LLC is not worth much, we've continually valued it at $250 based on the intellectual property it held and the rights to disperse it. We each have a 50% share.
While I have a lawyer for my bankruptcy; he thought nothing of the LLC and when I raised my sincere concern a particularly vindictive debtor would pursue every shred of it while normal people wouldn't (thus costing me a ton of money I don't have; his fee doesn't cover this) I'd rather be done with it all.
My lawyer is not familiar with WY laws and I've been trying to pin down this question all day: according to Wyoming law, how do we have to disperse our assets? Can we take whatever share we wish (like 70/30 whatever) or does it have to be by shares or what?
On a similar note if I do end up with a 50% share and a few pieces of intellectual property at $125 value...would that be protected by my chapter 7 (because the value is so low) or not? Could I sell them or give them away and not have to make that known on my filing papers (I'm hoping to file soon; if I had known I would have done this a year ago)?
I'm going to pay a service to dissolve it so I'm not worried about that, but I definitely need to know what to do with the assets according to Wyoming law. Thank you.