Plan on starting a Wyoming LLC but can’t figure out where to begin? In recent years, more and more entrepreneurs choose to create an LLC in Wyoming thanks to the state’s favorable tax environment and growing domestic markets.
And if you intend to expand into a Wyoming Series LLC, this state is one of the few that support this business structure which contributes to its popularity with business owners.
This Wyoming Limited Liability Company guide aims to examine the formation process step by step, including helpful resources for financial planning and ongoing requirements.
One of the first steps in this process is to find a fitting name. It’s impossible to start an LLC in Wyoming without a fully compliant name as it is fundamental for developing your brand and attracting potential customers, investors, or new partners.
A good Wyoming LLC name should be memorable and emphasize the company’s line of specialization. It should also meet legal requirements which you can find in Section 17-29-108 of the Wyoming LLC Act. They postulate that an LLC name should:
Given hundreds of already existing Wyoming LLCs, it only makes sense to make sure your preferred name is available by using the free Secretary of State’s Business Entity Search.
If it’s free, you can file your Wyoming Articles of Organization under that name. If not, you will have to make it more unique by changing the word order or using synonyms.
Not all changes are admissible. Some of the common invalid amendments are:
If your name is both unique and compliant but you aren’t ready to form your company, you can always reserve it. Filing a name reservation costs $50, and the reservation itself is valid for 120 days.
There are two ways to file the Application for Reservation of Name:
As the fastest option, the online application only requires you to download the form, fill it out, and submit it online.
If you can’t apply online, simply send the printout with your filing fee check to:
Wyoming Secretary of State
2020 Carey Avenue, Suite 700
Cheyenne, WY 82002-0020
Paper applications are processed within 3-5 business days.
If you still have questions and want to learn more about how to choose a company name, be sure to visit the official Secretary of State website.
All limited liability companies in Wyoming must assign a registered agent and maintain them throughout the entity’s duration. This is a mandatory requisite for operating in Wyoming since a registered agent is the primary communication channel between the company and the state. Their duties also cover receiving official correspondence and forwarding it to the LLC.
Any individual or legal entity can become an LLC registered agent as long as they meet the requirements.
A natural person can carry out the duties of a Wyoming registered agent if they:
The state also allows LLC owners to either act as their own registered agents or designate family members and friends.
Compared to any individual registered agent, hiring a registered agent service comes with a wide range of benefits, the most valuable of all being the absolute guarantee of clerical clarity. All your documents will be kept in check, so you won’t miss a single filing deadline.
A professional registered agent also saves you from the need to make your personal information public as is required of every agent.
If you haven’t decided which service to choose, start with the ones that come highly recommended by other customers, for instance, IncFile or Northwest Registered Agent. Both providers have decades of experience and maintain solid reputations in the industry.
An Employer Identification Number, or EIN for short, is a necessary requirement for any company that plans to open a financial account, pay taxes in Wyoming, or hire employees.
This nine-digit number is assigned to a company by the Internal Revenue Service (IRS) to monitor its activity. Although you technically don’t need EIN when you’re getting an LLC, it might become necessary in the future.
There are three ways to apply for it:
The fastest way to get this number is to file online. Use your Social Security Number to send the online application form, and the IRS will issue your ID immediately. Their issue process narrows the application window down to between 7 a.m. and 10 p.m. EST.
Download Form SS-4, fill it out, and send it to:
(855) 641-693.
Fax applications are processed within 4 business days.
If you don’t mind waiting up to 4 weeks, you can apply by mail. Download Form SS-4, fill and print it out, then address it to:
Internal Revenue Service Operation
Attn: EIN Operation
Cincinnati, OH 45999
After selecting your name and assigning a registered agent, it’s time to do the Articles of Organization filing. This procedure requires you to submit your LLC Formation Documents with the state to approve the registration.
Typically, the Articles of Organization contain the following:
Where the Wyoming LLC Articles of Organization differ is the addition of a “close limited liability company” designation. This business structure works best for small family-owned businesses.
The creation of an LLC officially starts with submitting your Articles of Organization. You can do so online, by mail, or in person. The filing fee is set at $100 regardless of the method.
Online filings are the fastest and easiest way to do this since your application will be processed on the spot, though for an additional $2 fee.
For this method, download the application form, complete it, print it out, and send it along with your $100 check to:
Wyoming Secretary of State
2020 Carey Avenue, Suite 700
Cheyenne, WY 82002-0020
Such filings are usually processed within 3-5 business days. An LLC is only considered official after the Secretary of State approves the application.
Though it’s not mandatory to create an operating agreement in Wyoming, it’s highly recommended you do it since this document helps establish a more stable operation by outlining an LLC’s goals and procedures as well as allocating membership rights.
A personalized Wyoming LLC Operating Agreement brings many advantages to the table, including:
A typical operating agreement covers:
Given that an operating agreement is internal in nature, there is no standardized form for it. This means that you can draft it two ways:
A good alternative to both would be using a template from an online formation company. Many providers that set up LLCs in Wyoming include it, for instance, ZenBusiness adds a free operating agreement to every formation package, and their pricing is more than agreeable with the starting point of $49.
Having a bank account for Wyoming LLC comes with the following advantages:
Starting an LLC checking account is fairly simple. After finding a suitable bank, locate its nearest branch and apply with the following:
Maintaining a good standing is paramount for your company’s stability and growth. To uphold this status in Wyoming, you must file your annual reports regularly and on time.
The deadline for annual report filing requirements in Wyoming is the first day of your company’s formation anniversary. So if you launched it on May 27th, your LLC annual report deadline is May 1st of the following year.
If you don’t remember your company’s anniversary, simply look it up in your Articles of Organization or look it up on the business entity database.
Wyoming doesn’t have annual report filing fees and instead imposes the annual license tax at the rate of $50 or 0,0002% of your LLC’s assets. Note that if your tax is $500, you can only file the annual report by post.
Other than that, there are two ways to file an annual report:
The fastest and cheapest way to send the report is to file online. Simply download the form, fill it out, and submit it to the Secretary of State.
If you prefer the reliability of paper documents, print out your completed form and send it along with the tax payment check to:
Wyoming Secretary of State
2020 Carey Avenue, Suite 700
Cheyenne, WY 82002-0020
Filing annual reports on time is essential for doing business in Wyoming and keeping it in good standing. Failure to do so within 60 days of the deadline might force the state to order an administrative dissolution.
Although it’s sometimes enough to make an LLC legitimate by getting your Articles of Organization approved by the state, in most cases, the process goes further. For running a Wyoming LLC legally, most owners will need to acquire licenses or permits.
The number and types of required licenses depend on your industry and jurisdiction, but overall they are applied on three levels:
If you still have questions about what types of business licenses and permits in Wyoming might apply to your company, feel free to visit the official Wyoming Business Council website.
Running a compliant business also means meeting the Wyoming LLC tax filing requirements. An LLC can be taxed on three levels:
After the registration of LLC in Wyoming, you will likely need to pay other industry-based taxes. For instance, LLCs that employ regular staff must register with the Department of Workforce Service for the Unemployment Insurance Tax, while companies that sell goods and services will need to apply for the Sales Tax and a Use Tax with the Wyoming Department of Revenue (DOR).
Establishing an LLC in Wyoming can be made faster and easier by way of hiring LLC formation services. These companies not only conduct the entire Wyoming LLC formation but also provide other business solutions like designating a registered agent LLC and overseeing Wyoming LLC maintenance such as handling annual reports and other compliance requirements.
