How to Start an LLC in Wyoming | 2024 Guide

Start a LLC in Wyoming

How to Start an LLC in Wyoming: If you’re looking to launch a business in Wyoming, starting a Limited Liability Company (LLC) may be the right choice for you. An LLC provides personal liability protection for its owners while giving them flexibility in managing and taxing the business. This guide provides a step-by-step process for starting an LLC in Wyoming. From choosing a unique name to registering with the state and obtaining necessary licenses and permits, Webinarcare Editorial Team will walk you through setting up your new business entity. So grab a pen and paper, and let’s get started!

What is a Limited Liability Company?

A Limited Liability Company (LLC) is a type of business entity that combines a corporation’s limited liability protection with a partnership’s tax benefits. LLCs are popular among small business owners for their flexibility and ease of formation. In Wyoming, an LLC must have a unique name and file Articles of Organization with the Secretary of State. Depending on their business needs, LLCs may also elect to be taxed as a corporation or an S-corp. Owners of an LLC, called members, are not personally liable for the company’s debts and losses, and the company’s profits and losses are passed through to the member’s personal tax returns. This makes an LLC an attractive option for those seeking personal liability protection and simplified taxation.

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Steps on How to Start an LLC in Wyoming

To form an LLC for your business, you must follow the guidelines that include naming your LLC, hiring a Registered Agent, filing your Articles of Organization, creating your LLC operating agreement, getting an employer identification number, opening a bank account and getting business licenses and permits.

Step 1: Name your LLC in Wyoming

After you have decided on the idea to form an LLC in Wyoming, deciding the name for your LLC is significant. There is a complete guide on LLC name guidelines for you to have a proper LLC business name. Here are some regulations you must follow while naming your LLC,

  • The name should not be confused with a government entity.
  • The name should be unique.
  • The name should be available to use.
  • Any other business does not use the name.
  • The new name must include “LLC” if it is a limited liability company.

In Wyoming, if you do not wish to file your LLC right away but want to hold the name that you have decided on, then you can reserve your LLC name for 120 days. You must file a name reservation application in Wyoming Secretary of State to keep the name.

Recommended: We recommend a professional service that can offer you unlimited name search, trademark and copyright registration at a reasonable price. We recommend using –

LegalZoom($0 + State Fees for LLC Formation)

You can register your business under a different legal name if your preferred name isn’t available. Once you have chosen a name, you can submit an application for filing Wyoming DBA (doing business as). In this manner, you can choose any name you desire for your business. A DBA allows a company to operate under the name of the person or entity who owns it. If you have decided to file for a DBA, you can file it in two methods, by mail and in person. However, before filing a DBA, you should know that you need to renew your DBA from up to ten years, which costs around $100.

Step 2: Hire a Registered Agent in Wyoming

Hiring a Registered Agent in Wyoming is a must since a Registered Agent is a person or business entity responsible for receiving important legal documents on behalf of your Wyoming LLC. Most states require you to designate a Registered Agent when forming your LLC.

The qualifications of a Registered Agent vary depending on the jurisdiction. Still, generally, a Registered Agent must meet the following criteria:

  • Availability: A Registered Agent must be available during regular business hours to receive and process legal documents and official correspondence.
  • Physical Address: A Registered Agent must have a physical street address within the state where the LLC is registered. This address, known as the registered office, cannot be a P.O. Box.
  • Residency or Authorization: For individuals serving as Registered Agent, they must be residents of the Wyoming where the LLC was formed. A business entity acting as a Registered Agent must be authorized to do business within that state.
  • Age: A Registered Agent must be at least 18 years old.
  • Good standing: A Registered Agent should not have any legal or financial issues that impede their ability to fulfill their duties.

Choosing a reliable and responsible Registered Agent is essential, as failure to receive and respond to legal documents can seriously affect your business. Some businesses use professional Registered Agent services to ensure compliance and proper handling of legal matters.

However, if you would like to have an easier process in filing the necessary documents, you can get Wyoming Registered Agent Services.

Step 3: File your Articles of Organization in Wyoming

The Articles of Organization for an LLC is an important document to start your limited liability company (LLC). Wyoming Articles of Organization is a simple document that contains the business name and address as well as the name and address of the person who received lawsuits on behalf of the organization.

Here are the guidelines and specific requirements in filing your Articles of Organization in Wyoming.

1. Obtain the Necessary Forms: Visit the Wyoming’s business filing office website, usually the Wyoming Secretary of State’s office, to download the required forms or file online.

2. Provide the Required Information: Fill in the necessary details in the form, which typically include:

  • The name of your LLC (must include an LLC designator such as “LLC,” “L.L.C.,” or “Limited Liability Company”)
  • The purpose of your LLC (a general statement or specific business activities)
  • The address of your LLC’s principal place of business
  • The name and address of your registered agent (the person or business entity responsible for receiving legal documents on behalf of your LLC)
  • The management structure of your LLC (member-managed or manager-managed)
  • The duration of your LLC, if not perpetual
  • The names and addresses of the LLC’s organizers or members

3. Sign and File the Form: Submit the completed form in the {state} state office, either by mail, in person, or online. You may mail it at Wyoming Secretary of State, 2020 Carey Avenue, Suite 700, Cheyenne, WY 82002.

4. Pay the Filing Fee: When you submit your Articles of Organization, you’ll need to pay a filing fee of $100. Make sure to check and include the correct payment with your submission.

5. Receive Confirmation: After your Articles of Organization have been filed and processed, you’ll receive a confirmation from Wyoming, typically a stamped and approved copy of the document or a Articles of Organization.

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Once you have successfully filed your Articles of Organization and it has been approved, your Wyoming LLC is officially formed. However, remember to complete additional steps, such as creating an Operating Agreement, obtaining an EIN, and registering for any required licenses and permits.

Step 4: Create Your Wyoming Operating Agreement

An operating agreement is a document that contains all of your company’s organizational details. Drafting an operating agreement in most states is not required. Yet, having one as an internal document is strongly advised. An operating agreement includes information like-

  • About Business
  • Members and management
  • Capital contribution
  • Profit Distribution
  • Change of membership
  • Dissolution

To understand how an operating agreement works, you should check out how to create an operating agreement in Wyoming.

Recommended: Get oprating agreement drafts ready on your table with a help of a professional service. We recommend using –

LegalZoom($0 + State Fee for LLC formation)

Step 5: Get an EIN

After documenting the operating agreement, you should get or request an Employer Identification Number (EIN) in Wyoming. An EIN will serve as the tax ID for your professional corporation. EIN can be obtained from the Internal Revenue Service (IRS). It is a 9-digit number similar to Social Security Number. EIN, however, is distinct from SSN. It is only used for business-related activities, particularly for submitting general taxes. The form must be completed and uploaded to the IRS website.

The application of an EIN in Wyoming can be through the following:

  • Apply Online- The online EIN application is the preferred method for customers to apply for and obtain an EIN.
  • Apply by Fax- Taxpayers can fax the completed Form SS-4 application to the appropriate fax number), after ensuring that the Form SS-4 contains all of the required information.
  • Apply by Mail- The EIN application Form SS-4 can be filed via mail. The processing time frame to receive the mail is four weeks.
  • Apply by Telephone-International Applicants – International applicants may call 267-941-1099 (not a toll-free number) from 6 a.m. to 11 p.m. (Eastern Time) Monday through Friday to obtain their EIN.

In obtaining an EIN for your LLC, you should be aware to ensure that your LLC is eligible for an EIN. You need an EIN if you have employees, operate as a corporation or partnership, or meet other specific IRS criteria. Before applying, gather the required information, including your LLC’s name, mailing address, and the responsible party’s Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Also, you can apply for an EIN through various methods, including online, by fax, mail, or telephone (for international applicants).

Recommended: Professional services have the EIN included in their LLC formation package. We recommend using –

LegalZoom($0 + State Fee for LLC formation)

Step 6: Open a Bank Account and Prepare for Taxes

After you have filed for and received your Employer Identification Number, you should open a bank account because you will use this account for yourself, your clients, and your employees.

Your business dealings in Wyoming might be simpler with a US business bank account because it boosts your company’s legitimacy and liquidity. Most banks demand an EIN to create a business bank account for firms other than sole proprietorships. Also, having an EIN makes tax preparation easier. You can anticipate paying employment and corporate taxes with Wyoming LLC.

Opening a bank account is necessary for Wyoming business. If you are still wondering where to open an account in your Wyoming, you should check the Best Bank for Small Business in Wyoming.

Step 7: Get a Business and License Permit

You must get a business license in Wyoming before establishing your LLC. A business license is a legal document granted by a state government body that permits you to conduct business within the area under its jurisdiction. The price of business licenses and permits in Wyoming ranges from $70 – $500. If there is a requirement for a specific license or city-based permit, you must inquire with the Wyoming Secretary of State.

Cost to Form an LLC in Wyoming

Even if you have a business name and structure in mind, you should consider whether you can afford the costs of forming an LLC in Wyoming. Articles of Organization costs around $100. The initial filing fee is $100 (by mail and $102 online) , and the annual fee is $50+ (Up to $500).

If you forget to pay the annual fee for your Wyoming LLC, you will have a penalty of $50. However, you can check the Wyoming LLC Cost for additional information.

Advantages of Creating Wyoming LLC

Even though some people decide on what to do with their businesses, some choose to put it in their own individual name, while others still choose to set it up via LLC in Wyoming. Important benefits will help you set up an LLC in Wyoming.

  • Pass-Through Taxation: The pass-through structure will make the company not pay twice the tax. Most start-ups and entrepreneurs in Wyoming apply for an LLC because of this structure. Pass-through taxation refers to how income and losses from an LLC (Limited Liability Company) are passed through to its members (owners) for tax purposes rather than being taxed at the business entity level. This means the LLC does not pay federal income taxes; the members’ profits and losses are allocated based on their interests. Each member then reports their share of the LLC’s income or losses on their personal tax returns and pays taxes at their individual tax rates.
  • Ownership Flexibility: If you need sole and primary control over your company’s operations, a sole proprietorship will allow you to do so. If you apply for an LLC in Wyoming with flexibility, you will have default rules set by law and need an operating agreement.
  • Personal Liability Protection: Personal Liability Protection protects your business from damage, debts, or legal obligations. In personal liability protection, the company’s profits and earnings will stay as is even if your company is about to be sued. This protection of having an LLC in Wyoming can also be extended to the company’s properties and assets. Many start-up companies will benefit from this since most are starting to build a company. Even if liability exists, the LLC in Wyoming will protect its assets.

FAQs

What is an LLC in Wyoming?
An LLC in Wyoming is a legal structure that offers personal liability protection for business owners while allowing for flexible management and taxation options.
Why should I start an LLC in Wyoming?
Wyoming is known for its business-friendly laws and low fees, making it an attractive state to start an LLC in.
Are there any residency requirements for starting an LLC in Wyoming?
No, there are no residency requirements for starting an LLC in Wyoming.
How much does it cost to start an LLC in Wyoming?
The cost of starting an LLC in Wyoming is $100, which is one of the lowest fees in the nation.
How long does it take to form an LLC in Wyoming?
You can form an LLC in Wyoming in as little as one day.
Can I form an LLC in Wyoming online?
Yes, you can form an LLC in Wyoming online.
What are the benefits of forming an LLC in Wyoming?
The benefits of forming an LLC in Wyoming include personal liability protection, flexible management and taxation options, and low fees.
What is the process for forming an LLC in Wyoming?
To form an LLC in Wyoming, you’ll need to file Articles of Organization with the Wyoming Secretary of State.
Can I file the Articles of Organization for my LLC in Wyoming myself?
Yes, you can file the Articles of Organization for your LLC in Wyoming yourself.
Do I need an attorney to start an LLC in Wyoming?
No, you do not need an attorney to start an LLC in Wyoming.
What information do I need to provide to form an LLC in Wyoming?
To form an LLC in Wyoming, you’ll need to provide your business name, registered agent information, and contact information.
What is a registered agent in Wyoming?
A registered agent in Wyoming is a person or company designated to receive legal documents on behalf of your LLC.
Do I need to have a physical office in Wyoming to start an LLC there?
No, you do not need to have a physical office in Wyoming to start an LLC there.
Can I change the name of my LLC in Wyoming after it’s been formed?
Yes, you can change the name of your LLC in Wyoming by filing an Amendment of Articles of Organization with the Wyoming Secretary of State.
Can I operate my LLC in multiple states if I form it in Wyoming?
Yes, you can operate your LLC in multiple states if you form it in Wyoming.
Is there a minimum number of owners required to start an LLC in Wyoming?
No, there is no minimum number of owners required to start an LLC in Wyoming.
Can I be the only owner of my LLC in Wyoming?
Yes, you can be the only owner of your LLC in Wyoming.
What is a “series LLC” in Wyoming?
A series LLC in Wyoming is a type of LLC that is structured to have multiple series, each having its assets, legal entity, and rights.
Does Wyoming have state income tax for LLCs?
No, Wyoming does not have state income tax for LLCs.
Do I need to submit an annual report for my LLC in Wyoming?
Yes, you need to file an annual report for your LLC in Wyoming.
When is the annual report due for my LLC in Wyoming?
The annual report for your LLC in Wyoming is due on the first day of the anniversary month in which your LLC was formed.
Can I dissolve my LLC in Wyoming?
Yes, you can dissolve your LLC in Wyoming by filing Articles of Dissolution with the Wyoming Secretary of State.
How much does it cost to dissolve an LLC in Wyoming?
It costs $50 to dissolve an LLC in Wyoming.
How do I update my contact information for my Wyoming LLC?
You can update your contact information for your Wyoming LLC by filing a Statement of Change of Registered Agent or Office with the Wyoming Secretary of State.
Can I convert my LLC in another state to an LLC in Wyoming?
Yes, you can convert your LLC in another state to an LLC in Wyoming by filing Articles of Organization.
How do I renew my LLC in Wyoming?
To renew your LLC in Wyoming, you need to file a Certificate of Renewal of Limited Liability Company with the Wyoming Secretary of State.
What is the Wyoming Business Council?
The Wyoming Business Council is a government agency that provides resources and support for businesses in Wyoming.
How can the Wyoming Business Council help me start my LLC in Wyoming?
The Wyoming Business Council can provide resources and support to help you start and grow your LLC in Wyoming, such as access to capital, grants, and business development services.
Are there any grants or funding opportunities available for small businesses in Wyoming?
Yes, there are grants and funding opportunities available for small businesses in Wyoming through programs offered by the Wyoming Business Council and other organizations.
What is an LLC?
LLC stands for Limited Liability Company, which is a legal structure that protects business owners from personal liability for business debts and liabilities.
Why should I form an LLC in Wyoming?
Wyoming is known for having some of the most business-friendly laws in the country. It offers low fees, no state income tax for LLCs, asset protection, and flexible management structures.
How much does it cost to form an LLC in Wyoming?
It costs $100 to file the Articles of Organization with the Wyoming Secretary of State.
Can I form an LLC in Wyoming if I don’t live there?
Yes, anyone can form an LLC in Wyoming, regardless of where they reside.
Can I form an LLC on my own, or do I need to hire an attorney?
You can technically form an LLC on your own by filing the Articles of Organization and creating an Operating Agreement, but it’s recommended to consult with an attorney to ensure full compliance with the state’s laws and regulations.
What is “series LLC” in Wyoming?
A series LLC is a legal structure available in Wyoming that allows for multiple “series” or sub-LLCs to be set up within the overall LLC, each with its own assets and liabilities.
Do I need to have a registered agent in Wyoming for my LLC?
Yes, all LLCs formed in Wyoming are required to appoint and maintain a registered agent with a physical address in the state.
How do I select a registered agent for my Wyoming LLC?
Your registered agent can be an individual who resides in Wyoming or a company licensed to do business in the state.
Can I be my own registered agent for my Wyoming LLC?
Yes, you can be your own registered agent for your Wyoming LLC, but this requires having a physical address in the state that can be listed as the official address for the company.
What is a Wyoming LLC privacy package and do I need one?
A Wyoming LLC privacy package is an optional service provided by some registered agent companies that offers additional privacy protection and includes a virtual mailbox address in lieu of the LLC’s physical address. Whether or not you need a privacy package is up to your personal preference and priorities.
What taxes does an LLC in Wyoming need to pay?
LLCs in Wyoming do not pay state-level income taxes, but they are subject to federal taxes and may need to pay other taxes, depending on the nature of their business.
Do Wyoming LLCs need to obtain business licenses or permits?
Yes, LLCs in Wyoming may need to obtain licenses or permits if they engage in certain types of business activities or operate in certain industries, such as food service or hospitality.
Are there any major downsides to forming an LLC in Wyoming?
One potential downside to forming an LLC in Wyoming is that the state does not allow for the consolidation of multiple LLCs or the merger of LLCs with corporations, which can be a limiting factor for some businesses in terms of growth potential.
What is a Wyoming LLC operating agreement?
A Wyoming LLC operating agreement is a legal document that outlines the internal operations, ownership structure, and management of the company, as well as the rights and responsibilities of its members.
Why is having an operating agreement important for my Wyoming LLC?
An operating agreement is important for a Wyoming LLC because it offers clarity and structure for the company’s management, finances, and decision-making processes, and helps protect the members’ interests and investments.
Can I amend my Wyoming LLC operating agreement after it’s been filed?
Yes, you can amend a Wyoming LLC operating agreement by adopting and filing an amendment document with the Wyoming Secretary of State’s office.
Do Wyoming LLCs need to publish their articles of organization in a local newspaper?
No, Wyoming LLCs do not need to publish their articles of organization in a newspaper, as is required by some states.
What is a foreign LLC, and how do I set one up in Wyoming?
A foreign LLC is a company already formed in one state that is seeking to do business in another state. To operate a foreign LLC in Wyoming, you will need to file a Certificate of Authority with the Wyoming Secretary of State’s office.
Does Wyoming have a business tax climate that makes it favorable for LLC formation?
Yes, Wyoming is ranked number one in the nation’s best favorable tax environments for business, giving LLC owners more economic opportunity and empowering them to take control of their financial future.
Can I convert my sole proprietorship to an LLC in Wyoming?
Yes, you can convert your sole proprietorship to an LLC in Wyoming by filing the necessary paperwork, like Articles of Organization and Operating Agreement, and obtaining a new EIN with the IRS.
Can my Wyoming LLC have just one member?
Yes, a Wyoming LLC can have only one member, making it a single-member LLC.
Do I need to obtain an EIN for my Wyoming LLC?
Yes, you will need to obtain an EIN or employer identification number from the IRS in order to open business bank accounts, file taxes, and comply with other federal and state requirements.
What types of businesses are best suited for an LLC in Wyoming?
Nearly any type of business, including professional practices, real estate investments, and service-oriented companies, can benefit from forming an LLC in Wyoming, thanks to the low fees, liability protection, and flexible management structures.
How often do I need to file an annual report in Wyoming for my LLC?
Wyoming LLCs are not required to file an annual report so long as an annual license tax is promptly filed and paid before the due date.
How do I dissolve my Wyoming LLC?
To dissolve your Wyoming LLC, you will need to submit a Certificate of Dissolution to the Wyoming Secretary of State’s office and clear up all outstanding debts and obligations.

Also Read

How Fast Can I Form an LLC in Wyoming

The good news is that forming an LLC in Wyoming is a relatively quick and straightforward process. The state has a reputation for being business-friendly, with clear guidelines and efficient processes in place to help entrepreneurs get their businesses off the ground in a timely manner. In fact, Wyoming is often touted as one of the best states in the country for forming an LLC due to its low costs, minimal regulations, and quick turnaround times.

One of the key factors that contributes to the speed at which one can form an LLC in Wyoming is the state’s online filing system. This system allows entrepreneurs to submit their LLC formation documents online, which can greatly reduce the amount of time it takes to complete the formation process. By completing the necessary forms and paying the required fees online, business owners can expedite the process and get their LLC up and running in a matter of days.

Another factor that contributes to the fast formation of an LLC in Wyoming is the state’s lack of strict regulatory requirements. Wyoming has some of the most relaxed regulations in the country when it comes to forming an LLC, which means that there are fewer hoops to jump through and less red tape to navigate. This streamlined approach to LLC formation makes it easier for entrepreneurs to get their businesses off the ground quickly and efficiently.

In addition to the state’s efficient online filing system and minimal regulations, Wyoming also offers expedited processing options for those who need their LLC formed in a hurry. For an additional fee, business owners can choose to have their LLC formation documents processed on an expedited basis, meaning that their new business entity can be up and running in a matter of hours rather than days.

Overall, the speed at which one can form an LLC in Wyoming is a major advantage for entrepreneurs looking to get their businesses off the ground quickly. With an efficient online filing system, minimal regulations, and expedited processing options, Wyoming offers a fast and streamlined process for forming an LLC that is hard to beat. For entrepreneurs who are eager to start their businesses and hit the ground running, Wyoming’s business-friendly environment makes it an ideal choice for LLC formation.

Conclusion

In conclusion, starting an LLC in Wyoming is a strategic choice for entrepreneurs seeking a flexible, straightforward business structure with limited liability protection. By following the essential steps, including choosing a business name, filing Articles of Organization, appointing a Registered Agent, creating an Operating Agreement, obtaining an EIN, and securing the necessary licenses and permits, you can successfully establish your LLC. This business structure offers numerous advantages, such as pass-through taxation and ownership flexibility, making it an attractive option for small business owners looking to grow and protect their ventures. As always, consult legal and business professionals for guidance specific to your situation and state requirements.

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