Launching a business is an exciting journey with many daunting tasks. One important one is choosing the right business structure. If you're looking for a balance of personal asset protection and tax benefits, an LLC (Limited Liability Company) in Wyoming might be the perfect fit.
Not only does Wyoming have favorable tax laws, but it also offers strong privacy protections for business owners, making it an attractive state to set up your LLC. So, whether you're just starting out or looking to expand your existing business, read on to learn more about how to set up an LLC in Wyoming and make your entrepreneurial dreams a reality.
Wyoming LLC costs and Requirements.
Wyoming LLC Articles of Organization and Formation Filing Fee.
To officially establish your company as an LLC in Wyoming, fill out the Wyoming LLC Articles of Organization form with the basic information about your LLC. Wyoming's filing fee for an LLC is $100. The application must be submitted to the Secretary of State. Online filing costs $102. You can start a business as soon as your LLC is registered with the state.
Wyoming permits a type of LLC known as a Series LLC. A series LLC is distinguished because it consists of a parent LLC and any number of "child" LLCs. The Wyoming Series LLC Articles of Organization must be filed for the parent LLC to be registered.
LLC operating agreements.
These are legal documents that detail how your LLC will operate. Operating agreements are internal documents that businesses frequently keep on hand to prevent employee disagreements about how the company operates.
Wyoming does not require operating agreements for LLCs, and the state does not keep them on file. However, preparing one for your company is still a good idea. Operating agreements include information about a variety of topics, such as:
- Business goal (your entity's mission).
- Control and voting rights.
- Distributions of profit and loss.
- Contributions of capital.
- Handling membership structure changes.
- Liability provisions.
Wyoming's Annual Report and Fee.
Wyoming LLCs must budget at least $60 for the state's annual report (due on the first day of the month your LLC was formed). This fee is based on the total value of your LLC's assets and must be paid each year.
Fee for Wyoming Registered Agent.
Fees for registered agents vary depending on the agent you choose to work with. Of course, you can always be your own Wyoming registered agent for free. The problem is that not only will your name and address become public knowledge, but you will also be unable to take a weekday off.
Many business owners use a professional registered agent service because it allows them to work from anywhere without having to deal with legal mail. A registered agent service can also assist LLC owners in maintaining their privacy by listing their name and address on all state filings permissible.
Fee for Wyoming State Business License.
The Sales and Use Tax License, which costs $60, is the primary Wyoming business license you'll need. It is a one-time fee with no need for renewals. Your LLC can collect sales tax from customers with this license. You can apply online through Wyoming's Internet Filing System for Business (you'll need to create an account first). A paper Sales or Use Tax License Application can be mailed or faxed to the Wyoming Department of Revenue.
Professional Licensing Fees in Wyoming.
Cosmetology, architecture, engineering, medicine, and law are among the professions that require specialized training and must be licensed by the state board that oversees the profession.
The cost of obtaining a Wyoming professional business license varies by profession. For instance, if you wish to open a salon, you'll need a license from the Wyoming Board of Cosmetology.
Wyoming business license fees.
Local business licenses and fees will vary depending on the municipality. The procedure for obtaining licenses is generally the same: visit or call your county clerk's office and inform them what business you are interested in doing in Wyoming. Then, enquire about all the permits and licenses you require, fill out and submit these forms, and pay any associated fees that you need to.
Reserving a name.
Reserving your business name ensures that another does not take the name you want for your company. You are required to file an application for Reservation of Name with Wyoming's Secretary of State. Filings are accepted via mail and can take up to 15 days to process once received. Your name reservation will be valid for 120 days after it is accepted.
Certificate of Good Standing from Wyoming.
You can also submit a Certificate Request form by fax, email, or in person, fax for $10. A Wyoming Certificate of Good Standing can help you:
- Obtain financing.
- Open a business bank account.
- Purchase business insurance.
- Register your company in another state.
A DBA or trade name.
You should also consider registering your Wyoming LLC with a "doing business as" (DBA) name. It can be useful if you intend to use another name apart from your legal one. In Wyoming, a DBA is referred to as a "trade name," and you can obtain one for $100 from the Secretary of State.
Employer Identification Number (EIN).
Consider obtaining an Employer Identification Number (EIN) for your Wyoming LLC. It serves as an identifier for your company in the same way a social security number serves individuals. An EIN, like an operating agreement, has advantages such as making opening a business bank account easier and streamlining the tax process.
Final Thoughts
If you want to set up an LLC somewhere with a low tax burden, look no further than Wyoming. However, before you start, it's important to understand the requirements, various fees, and other expenses of forming a Wyoming LLC. Visit this site https://wyomingllcattorney.com/Form-a-Wyoming-LLC/Annual-Fees-and-Requirements
to check all the anticipated costs and requirements you must take care of to set up your own LLC in Wyoming!