In 1869, Wyoming became the first state to extend voting rights to women. In 1977, Wyoming became the first state to enact a law allowing for the formation of a business entity known as a "limited liability company". Now, one academic is predicting that Wyoming will challenge Delaware's domination of the market for corporate charters:
Wyoming is attempting to exploit the opportunities provided by blockchain to attract incorporators. In particular, this jurisdiction is creating a safe harbor for a specific segment of the market that involves the incorporations of digital asset businesses and is introducing custom made provisions or exemptions in multiple fields of regulation— including state securities laws.
Pierluigi Matera, Delaware's Dominance, Wyoming's Dare: New Challenge, Same Outcome?, 27 Fordham J. Corp. & Fin. L. 73 (2022).
Time will, of course, tell whether Wyoming's latest innovation will succeed. More than a decade after Wyoming enacted its limited liability company law, I was questioning whether California would ever follow suit. See Bishop & Rizzi, "Are Limited Liability Companies Coming to California?" 13 CEB California Business Law Reporter 135 (Dec. 1991).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.