On July 1, 2019, Wyoming’s Statutory Foundation Act went into effect. A statutory foundation is a new kind of business entity in the United States. Here is a brief look at this Act, which is codified at Sec. 17-30-101 et seq. of the Wyoming statutes.
A statutory foundation is an entity distinct from its founders, contributors, beneficiaries, and other persons. It may be created for any lawful purpose, for-profit or charitable, provided the statutory foundation confers a benefit on at least one person and is authorized to hold property and accumulate income generated by the property.
A statutory foundation is formed by filing articles of formation with the Secretary of State setting forth the name of the statutory foundation, the street address of the initial registered office and the name of the initial Registered Agent. The articles must be accompanied by a written consent of appointment signed by the Registered Agent.
The founders or board of directors must adopt an operating agreement as soon as possible after filing the articles of formation.
The statutory foundation shall maintain a board of directors. If it has a charitable purpose the statutory foundation shall maintain a protector who serves as a fiduciary.
A statutory foundation is required to file an annual report and pay an annual fee.
Foundations organized under the laws of a foreign (non-United States) jurisdiction may apply for registration under the Act. A Wyoming statutory foundation may apply to transfer to a foreign (non-United States) jurisdiction.