For the Gonen Statutory Trust, establishing a new series in Wyoming requires a two-step process: internal authorization via your Trust Agreement and a public filing with the Secretary of State.
In Wyoming, statutory trusts (governed by W.S. § 17-23) allow for “Series” treatment, which provides liability “silos” between different assets under the same umbrella trust.
1. Requirements for a New Series
To ensure the new series has its own limited liability protection, you must meet three statutory criteria:
- Separate Records: You must maintain separate and distinct records for this specific series.
- Asset Segregation: Assets of the series must be held and accounted for separately from other series or the parent trust.
- Governing Language: Your original Declaration of Trust must explicitly allow for the creation of series and provide for the limitation of liabilities.
2. Series Designation Document (Internal)
Before filing with the state, the Trustees should execute an internal Series Designation. This acts as the “birth certificate” for the series within the trust’s private records.
Drafting Template:
DESIGNATION OF SERIES [NAME/NUMBER] OF GONEN STATUTORY TRUST
Pursuant to the powers granted in the Declaration of Trust dated [Date] and the Wyoming Statutory Trust Act, the Trustees hereby establish a new series:
- Series Name: Gonen Statutory Trust – [Series Name/Number]
- Purpose: [e.g., To hold real property located at Address X]
- Assets: [List initial assets or “See Schedule A”]
- Trustee(s): [Name of Trustee(s) for this specific series]
- Liability: As per W.S. § 17-23-108, the debts and obligations of this Series shall be enforceable only against the assets of this Series and not against the Gonen Statutory Trust generally or any other series thereof.
3. Secretary of State Filing (Public)
Wyoming requires you to notify the Secretary of State when a new series is established. You do this by filing a Certificate of Amendment.
| Requirement | Detail |
|---|---|
| Form | Statutory Trust – Certificate of Amendment |
| Filing Fee | $60.00 (Standard processing is ~15 business days) |
| Naming Convention | Must include the parent name: “Gonen Statutory Trust – Series [Name]” |
| Submission | Must be a physical mailing; Wyoming generally does not offer online filing for trust amendments. |
4. Post-Filing Checklist
- Obtain a new EIN: Each series is typically treated as a separate entity for federal tax purposes.
- Open a Separate Bank Account: To maintain the “corporate veil” (liability protection), never commingle funds between Gonen Series A and Gonen Series B.
- Update the Registered Agent: Ensure your Wyoming Registered Agent has the name of the new series on file.