The bill amends Wyoming's limited liability company laws by adding a new subsection to W.S. 17-29-701, which addresses events that can lead to the dissolution of a limited liability company. Specifically, it introduces provisions for awarding damages, including reasonable attorneys' fees and costs, in cases where a court denies a dissolution application that was found to be made in bad faith. This includes situations where the applicant is determined to have caused or created the circumstances that were alleged as grounds for dissolution.

The new legal language specifies that these provisions apply to proceedings initiated under a specific paragraph of the existing law, effective from July 1, 2026. This change aims to deter bad faith applications for dissolution by imposing financial consequences on those who misuse the legal process.

Statutes affected:
Introduced: 17-29-701