17-25-103. Definition and election of close limited liability company status.
(a) A close limited liability company is a limited liability company whose articles of organization contain a statement that the company is a close limited liability company.
(b) A limited liability company formed under W.S. 17-29-101 through 17-29-1102 may convert to a close limited liability company by amending its articles of organization to include the statement required by subsection (a) of this section.
(c) A statement in substantially the following form shall appear conspicuously in the operating agreement and on any certificates of ownership in a close limited liability company:
NOTICE OF RESTRICTIONS ON TRANSFERS AND WITHDRAWALS
The rights of members in a close limited liability company may differ materially from the rights of members in other limited liability companies. The Close Limited Liability Company Supplement, articles of organization, and operating agreement of a close limited liability company may restrict transfer of ownership interests, withdrawal or resignation from the company, return of capital contributions and dissolution of the company.
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