Wyoming Bank Required for LLC?

[Todd Krzeminski]

I setup a Wyoming Holding Company (LLC) that will manage my Virginia LLC. As I live out of state (Virginia) -- do I need to use a Wyoming bank for the holding company LLC, or can I use one local to me or national bank? Any negatives to using a local bank in this case? Would a local bank even let me setup an account for an out of state entity?

[Bill White]

I am way late to this post but many have completely missed the point as to why someone would want a Wyoming LLC.

If your Manager Managed WY LLC is the Member Manager of an LLC in another state, and the LLC in the other state owns the rental, you can still be sued and lose the property. The WY LLC protects you from any additional loss. This is due to charging order laws in WY and due to the fact that the owners of the WY LLC can remain anonymous.

Therefore, if i have a property in a FL LLC and get sued, and the person suing you wants more money they will see who the owner of the FL LLC is. If the owner is a WY LLC they will hit a wall. I'm not saying the wall in impenetrable, but very hard to break. The amount of effort that a lawyer would have to put in is not worth it, especially for frivolous lawsuits.