Reinstate a Business in Wyoming | A Step-by-Step Guide

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Reinstate Wyoming Business

Running a business or forming an LLC in Wyoming can be a rewarding yet challenging experience. When operating a business, unforeseen circumstances may arise, leading to the suspension or dissolution of the entity. If your business has been suspended or dissolved in Wyoming, you do not need to worry. This guide will provide a step-by-step process to Reinstate your Business in Wyoming and get back on track.

Webinarcare Editorial Team will help you easily reinstate your Wyoming business. You must be guided by all the factors gathered in this article.

How to Reinstate a Business in Wyoming

Understanding Dissolution and Suspension

Before diving into the reinstatement process, it’s essential to understand the difference between dissolution and suspension.

Dissolution

Dissolution is the legal termination of a business entity. This can happen voluntarily by the owners or involuntarily by Wyoming due to non-compliance with state laws and regulations. When a business is dissolved, it must cease all operations and settle outstanding debts and liabilities.

Suspension

The state can suspend a business entity for various reasons, such as failing to file Annual Reports or paying taxes. When a business is suspended, it loses its right to conduct business within Wyoming, and the owners may be personally liable for any debts or liabilities incurred during the suspension period. Hiring a Registered Agent for your documents to be compliant is very important. You could check out the Best Wyoming Registered Agent Services in Wyoming.

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How to Reinstate a Business in Wyoming

In Wyoming, reinstating your business needs a lot of preparation, more specifically if it is located in Cheyenne. To be aware and prepared, we have gathered information on the steps to reinstate your Wyoming business. If it is manageable to Dissolve a Business in Wyoming, it is also bearable to reinstate your Wyoming business. Keep in mind that you should follow the mentioned steps below. 

Step 1: Determine the Reason for Suspension or Dissolution

The first step in reinstating your Wyoming business is determining why it is suspended or dissolved. This information can be found in the notice issued by Wyoming or by contacting the Wyoming Secretary of State. Common reasons for suspension or dissolution include:

  • Failure to file Annual Reports
  • Failure to pay taxes or fees
  • Failure to maintain a Registered Agent
  • Non-compliance with state laws and regulations

Step 2: Resolve Outstanding Issues

Once you have identified the reason for your business’s suspension or dissolution, you must resolve the outstanding issues. This may include:

  • Filing any missing Wyoming Annual Reports and paying associated fees. In Wyoming, the LLC Annual Reports costs $50+ (Up to $500) while the Corporation Annual Report costs $40.
  • Paying any outstanding taxes or fees
  • Appointing or updating your Registered Agent information. 
  • Resolving any non-compliance issues with state laws and regulations

Ensure that you keep records of all payments and documents submitted to the Wyoming Secretary of State, as you may need to provide proof of compliance during the reinstatement process. We recommend hiring the Best Registered Agent Services if you plan to reinstate your business. This will ensure that your documents are up to date.

It is suggested that you speak with a legal professional before you begin reinstating your Wyoming business. They’ll understand what’s best for you and your company. To safeguard your personal assets from business debts, you can always start an LLC in Wyoming.

– WEBINARCARE EDITORIAL TEAM

Step 3: Obtain a Certificate of Good Standing

Certificate of Good Standing is a document issued by Wyoming that verifies that your business is in compliance with all state requirements and is authorized to conduct business within the state. Although obtaining a Certificate of Good Standing is not always required for reinstatement, it can be beneficial in demonstrating your business’s compliance and may expedite the reinstatement process.

To obtain a Certificate of Good Standing in Wyoming, you will need to:

Get and Submit the Form

The form is available on the Wyoming Secretary of State website. You can download the form and mail it or submit it online. 

Online Application Process:
  • Visit the State Website: In Wyoming, they offer an online portal for business services, which includes the option to request a Certificate of Status.
  • Register an Account: You may need to create an account or log in to your existing account to access the application process.
  • Provide Required Information and Documentation: The online application typically requires basic information about your business, such as the entity name, identification number, and business type. You may also need to upload supporting documents. 
Paper Application Process:
  • Download and Complete the Appropriate Forms: Visit the Wyoming Secretary of State to download the required application forms for the Certificate of Good Standing. Complete the forms, ensuring all information is accurate and up-to-date.
  • Provide Required Documentation: In Wyoming, you may need to include copies of your registration documents, Articles of Organization, Annual Reports, or other supporting materials.
  • Mail or Deliver the Application: Once you have completed the forms and gathered the necessary documents, mail or deliver the application package to the Wyoming Secretary of State, 2020 Carey Avenue, Suite 700, Cheyenne, WY 82002, along with the required fees.
Pay Any Associated Fees

The fees for obtaining a Certificate of Good Standing cost $20, vary depending on the type of business entity. Some states also offer expedited processing for an additional fee. Check the Wyoming Secretary of State website for the most up-to-date fee schedule. The Certificate of Good Standing’s processing time varies from state to state. Also, it depends on the expedited filing as well. It can take a few days to a few months to obtain the Certificate of Good Standing in Wyoming.

Provide Proof of Compliance

To prove compliance with state requirements, you must file Annual Reports and pay the necessary taxes.

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Step 4: Submit Reinstatement Application

Once you have resolved all outstanding issues and obtained a Certificate of Good Standing, you can submit your reinstatement application to the Wyoming’s Secretary of State. The reinstatement application process may vary depending on the state and the type of business entity (corporation, LLC, etc.).

In general, the reinstatement application process will require:

  • Completing a reinstatement application form is typically found on the Wyoming Secretary of State’s website.
  • Providing proof of compliance with state requirements, such as filing Annual Reports, paying taxes, and maintaining a Registered Agent.
  • Pay the reinstatement fee in Wyoming. The cost of the reinstatement fee amounts to $50. However, the cost will vary depending on the length of time your Wyoming business has been suspended or dissolved.

Step 5: Wait for Approval

After submitting your reinstatement application and all required documentation, you must await approval from the Wyoming’s Secretary of State. The processing time for reinstatement applications can vary depending on the Wyoming and the complexity of your case. Being patient and prepared to provide any additional information or documentation requested by Wyoming during this time is essential.

Step 6: Notify Creditors and Stakeholders

Once your business has been reinstated, you must notify creditors and stakeholders of your business’s renewed status. This may include:

  • Sending a formal letter to creditors and stakeholders informing them of the reinstatement.
  • Updating your Wyoming business’s website and social media accounts to reflect the reinstated status.
  • Informing any relevant licensing or regulatory agencies of the reinstatement.

Step 7: Resume Business Operations

After your Wyoming business has been reinstated and all relevant parties have been notified, you can resume your business operations. Be sure to maintain compliance with state laws and regulations moving forward to avoid future suspensions or dissolutions.

Reinstating or Creating a New Business?

Whether to reinstate a business or start a new one from scratch depends on several factors specific to your situation. Here are some points to consider when making your decision:

  • Costs: The costs of reinstating and starting a new business can vary significantly. Reinstating a business may involve paying outstanding taxes, fees, and penalties while starting a new business requires registration fees and potential legal costs. Compare both options’ costs to determine which is more financially viable.
  • Business History and Reputation: If your previous business has a strong reputation and established customer base, reinstating it may be more beneficial than starting from scratch. On the other hand, if your Wyoming business has a negative history or unresolved legal issues, start fresh with a new business.
  • Time and Effort: Reinstating a business can be a time-consuming process, as you need to resolve outstanding issues, submit a reinstatement application, and wait for approval. Starting a new Wyoming business may be faster, as you can register the business and begin operations relatively quickly. Consider which option is more time-efficient based on your situation.
  • Legal and Regulatory Compliance: If your previous Wyoming business was suspended or dissolved due to non-compliance with state laws and regulations, you should carefully evaluate whether you can maintain compliance if the business is reinstated. If you are confident in your ability to comply with requirements, reinstating the business might be a good option. However, starting a new Wyoming business might be a better choice if you still determine your ability to maintain compliance.

Ultimately, deciding to reinstate a business or start a new one from scratch depends on your circumstances and goals. Consider the abovementioned factors, consult with professionals such as Wyoming Business Attorneys and accountants, and evaluate which option best suits your needs and long-term business objectives.

FAQs

How do I reinstate a dissolved Wyoming business?
You may file a “Reinstatement – Wyoming Profit Corporation” form with the Wyoming Secretary of State and pay the associated fees.
Can a non-Wyoming resident reinstate a Wyoming business?
Yes, as long as the proper paperwork and fees are submitted.
How much does it cost to reinstate a Wyoming business?
The fee for reinstating a Wyoming profit corporation is $100, plus any associated late fees.
How long does it take to reinstate a Wyoming business?
Processing times vary, but it typically takes a few weeks to reinstate a Wyoming business.
Is there a deadline for reinstating a Wyoming business?
Yes, there is a deadline that varies depending on the reason for dissolution. You will need to contact the Wyoming Secretary of State for more information.
Can I reinstate a Wyoming business online?
Yes, you can file your documents electronically through the Wyoming Secretary of State’s website.
Will my business name be available upon reinstatement?
Your former business name should still be available upon reinstatement.
Can I change my business name upon reinstatement?
Yes, you can change your business name upon reinstatement, but additional paperwork and fees may be required.
Will my business receive a new EIN upon reinstatement?
Your business’s EIN should not change upon reinstatement.
Do I need to file annual reports if my business was dissolved?
No, if your business was dissolved, you do not need to file annual reports for those years.
Can I start doing business again immediately upon reinstatement?
Yes, once your business is reinstated, you may begin doing business again.
Can a dissolved business still owe taxes in Wyoming?
Yes, a dissolved business may still owe taxes to the state of Wyoming.
How do I know if my Wyoming business has been dissolved?
You can check the status of your business by searching the Wyoming Secretary of State website.
Can I still access my business’s accounts upon dissolution?
No, once a business is dissolved, its accounts are typically frozen.
Can I reinstate a business that has been dissolved for a long time?
Yes, you can still file for reinstatement even if your business has been dissolved for several years.
How will I know if my reinstatement has been approved?
You will receive official notification once your reinstatement has been approved.
Can I appeal a denied reinstatement?
Yes, you can appeal a denied reinstatement by submitting a formal request for reconsideration to the Wyoming Secretary of State.
Can I reinstate a Wyoming LLC?
Yes, you can reinstate a Wyoming LLC by filing a “Reinstatement – Wyoming Limited Liability Company” form with the Wyoming Secretary of State.
Can I reinstate a Wyoming nonprofit organization?
Yes, you can reinstate a Wyoming nonprofit organization by filing a “Reinstatement – Wyoming Nonprofit Corporation” form with the Wyoming Secretary of State.
What happens if I don’t reinstate my Wyoming business?
If you don’t reinstate your business, it will remain dissolved and you will not be able to conduct business in Wyoming.
Can I reinstate my business if it was involuntarily dissolved by the state?
Yes, you can reinstate a business that was involuntarily dissolved by the state by following the proper steps and paying any associated fees.
Can I reinstate my business if I voluntarily dissolved it?
Yes, you can reinstate a business that was voluntarily dissolved by filing the appropriate forms and paying the associated fees.
Can I dissolve my business after reinstatement?
Yes, you can dissolve your business after reinstatement by filing the appropriate paperwork with the Wyoming Secretary of State.
Do I need to obtain new licenses and permits upon reinstatement?
You will need to check with the appropriate agencies to see if you need to obtain new licenses and permits upon reinstatement.
Can I still use my old business bank account upon reinstatement?
That may depend on the bank’s policies. You should contact your bank to inquire about your options.
Can I file for reinstatement if I have outstanding fines or penalties?
Yes, you can file for reinstatement even if you have outstanding fines or penalties. However, you will need to pay those fines or penalties before your reinstatement can be approved.
Can I still access my business’s assets if it was dissolved?
No, once a business is dissolved, its assets become the property of the state.
Can I reinstate a foreign corporation in Wyoming?
Yes, you can reinstate a foreign corporation in Wyoming by filing the appropriate paperwork with the Wyoming Secretary of State and paying the associated fees.
Can I reinstate a business that has changed ownership?
Yes, you can reinstate a business that has changed ownership by filing the appropriate paperwork and paying the associated fees.
How do I reinstate my Wyoming LLC?
To reinstate your Wyoming LLC, you need to file the appropriate form and pay the fees that come with reinstatement.
How long does it take to reinstate a Wyoming LLC?
After you file the necessary paperwork and pay the fees, it usually takes about five business days to reinstate your Wyoming LLC.
Can I reinstate a Wyoming LLC if it has been dissolved for more than a year?
Yes, you can reinstate a Wyoming LLC that has been dissolved for more than a year, but there may be additional requirements and fees.
Can I reinstate my Wyoming business online?
No, you cannot currently reinstate your Wyoming business online. You will need to file the appropriate paperwork with the Wyoming Secretary of State.
How much does it cost to reinstate a Wyoming corporation?
The cost to reinstate a Wyoming corporation can vary, but you should expect to pay at least $200 in fees.
Can I reinstate my Wyoming business if I didn’t file my annual report?
Yes, you can usually reinstate your Wyoming business, even if you didn’t file your annual report, but you will need to file the missed report and pay the associated fees.
Can I reinstate my Wyoming business if I have unpaid taxes?
No, you typically can’t reinstate your Wyoming business if you have unpaid taxes. You will need to resolve your tax debt first.
How do I find out if my Wyoming business has been dissolved?
You can find out if your Wyoming business has been dissolved by checking with the Wyoming Secretary of State or conducting a business entity search.
Can I reinstate my Wyoming business if I live out of state?
Yes, you can reinstate your Wyoming business if you live out of state, but you will need to file appropriate forms and pay fees as usual.
What is the difference between a reinstatement and a dissolution appeal in Wyoming?
A reinstatement is when you bring your Wyoming business back to good standing, and a dissolution appeal is initiated when you want to dispute a dissolution, usually by proving that you acted in good faith while trying to maintain your business.
Can I reinstate my Wyoming business if it was dissolved involuntarily?
Yes, you can still usually reinstate your Wyoming business if it was dissolved involuntarily, but there may be additional fees or steps you need to take to reinstate.
How often do I need to file an annual report for my Wyoming LLC?
Wyoming LLCs are required to file an annual report with the state each year, although the exact deadline may vary.
Is there a late fee if I don’t file my Wyoming LLC annual report on time?
Yes, you may be subject to late fees if you don’t file your Wyoming LLC annual report on time.
What happens if I fail to pay my Wyoming business renewal fee?
If you don’t pay your Wyoming business renewal fee, your business may be reported as inactive or dissolved by the state.
What is a Wyoming reinstatement letter?
A Wyoming reinstatement letter is a letter that is sent to a Wyoming business by the Secretary of State, informing the business that it is no longer in good standing and providing a clear path forward for reinstating the business.
Can a Wyoming business be reinstated after it has been dissolved for years?
Yes, you can usually reinstate a Wyoming business after it has been dissolved for years, but there may be additional steps and fees you need to pay to do so.
How do I know if my Wyoming business name has been taken?
You can check for available business names in Wyoming by conducting a name search on the Secretary of State’s website.
How long does it take to complete a Wyoming LLC reinstatement?
It usually takes around 5 business days to complete a Wyoming LLC reinstatement when you have filled out all proper paperwork and paid the applicable fees.
Can I make changes to my Wyoming business structure when I reinstate it?
Yes, you can make changes to your Wyoming business structure when you reinstate it, although you may need to file additional paperwork or forms.
Can I request a Wyoming reinstatement online?
No, at present you can only request Wyoming reinstatement documents via fax, mail, or in-person.
Do I need to have a registered agent to reinstate my Wyoming business?
Yes, your Wyoming business must have a registered agent to reinstate it, as well as to continually be registered in the state.
How do I change the registered agent for my Wyoming business?
You can change the registered agent for your Wyoming business by filing an Statement for Change of Registered Agent with the Secretary of State or changing it on file while completing your Wyoming business reinstatement paperwork.
What is an Articles of Reinstatement form?
An Articles of Reinstatement form is a specific filing and associated fee required to reinstate a businesses status with cross agency state organizations regardless of filing with the Wyoming State Secretary.
Is a Wyoming LLC renewal different from a Wyoming LLC reinstatement?
Yes, a Wyoming LLC renewal is when you submit payment for your existing LLC before your registration expires, whereas a reinstatement is your registered business being brought back to good standing.
How do I check my Wyoming LLC annual report status?
Contacting the Wyoming Secretary of State is simple way to check the annual report status on your businesses when reports are not filed.
Can I reinstate my Wyoming corporation if it was forfeited for not paying taxes?
Yes, you can still reinstate your Wyoming corporation if it is has forfeited for not paying taxes in spite of rules/clause restrictions.
What information do I need to reinstate my Wyoming business?
You will likely need your business’s name, the reason why your business was dissolved, evidence of any dismissed lawsuits against your business, documents on restructured ownership/debt accounts, any required new licensing needs, reinstatement paperwork and raised filing fees.

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Conclusion

Reinstating a business in Wyoming can be complex and time-consuming. However, following the steps outlined in this guide, you can successfully reinstate your business and resume operations. Remember to stay diligent in maintaining compliance with state laws and regulations to avoid future issues and ensure the continued success of your business.

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