Forming an LLC in Wyoming remains among the best in the entire United States. Entrepreneurs all over the world are looking forward to setting up an LLC in Wyoming due to the additional features like low fees, privacy guarantees, and a favorable atmosphere for setting up and operating businesses.
As a freelancer or even a fully fledged business owner, setting up your LLC in Wyoming can be beneficial for you in a myriad of ways.
This guide comprehensively covers everything you need from choosing a name to maintaining compliance in order to form an LLC in Wyoming so that you can successfully start your business.
Why Consider Wyoming for Your LLC?
For those considering forming an LLC, Wyoming is one of the best places due to the unparalleled features they offer. Here is why we think Wyoming is the perfect state for LLC formation:
1. Zero State Income Tax
State tax doesn’t affect individuals and corporations in Wyoming. This implies that LLCs are not taxed on income at the state level, which means significant profits for the business. Entrepreneurs are always looking for ways to avoid taxes, and this feature is greatly beneficial.
2. Strong Asset Protection Laws
The law governing Limited Liability Companies (LLC) in Wyoming have adequate asset protection for the members as well as the managers. For instance, Wyoming has “Charging Order” protection which limits creditors to obtaining only a distribution owed to the LLC member, rather than the able to seize LLC assets completely. This protection enables the shielding of assets from business debts and lawsuits, which is beneficial.
3. Low Fees and Minimal Paperwork
With a very low incorporation fee of $100, Wyoming is a very favorable state for starting a LLC compared to other states within the US. This fee, coupled with reasonable annual fees, makes maintaining a LLC in Wyoming conducive for startups and smaller businesses.
4. Superior Privacy Protections
Wyoming has the unique feature of not requiring the disclosure of names for members or managers of the LLC included in the formation documents. This is unlike several other states that require business owner information, which is later transformed into public records.
5. Easy Access for Non-Residents
One does not need to be a resident or citizen of the US in order to form a Wyoming LLC, thus making it extremely popular amongst non-American entrepreneurs as well as international travelers. The accommodating policies and services of Wyoming aid a foreign business person looking to start a company in America.
6. Flexible Management Structure
With the lack of restriction on member an manager structure, Wyoming LLCs have the benefit of member-managed or manager-managed structure where you control how you wish to operate your company.
Guide to Setting Up a Wyoming LLC
Step 1: Elaborate your LLC
The name of your Wyoming LLC is not only the cornerstone of your brand, but also serves legal as well as marketing functions. Therefore, it must be chosen wisely.
- Uniqueness: Wyoming requires your LLC’s name to be distinct from all existing business entities registered in the state. This avoids confusion and protects your brand.
- Naming Laws: It is mandatory to use the words ” Limited Liability Company“, “LLC” or “L.L.C.” at the end of your name. Names that suggest any form of government agency, L.L.C. provide misleading information to the general public without proper founding documents cannot be lawfully accepted.
- Checking Availability: You are advised to first conduct a business name availability check on Secretary of State of Wyoming’s website using its business name search tool.
- Business name registration: Wyoming allows you to reserve the name free of charge for a period of a hundred and twenty (120) days through the name reservation application form after paying a 50 dollar fee.
Social Media and Branding: Check if your LLC has its mems domain name and social media handles available to the public which will ensure that all marketing material will now be consistent.
Step 2: Designate an Agent in Wyoming
This is any entity or single individual in charge of receiving legal documents such as service of process, tax notices and any other compliance documents needing legal attention as they become due and require action.
- Physical Presence: A Street address (no P.O. boxes) is required of the registered agent in Wyoming.
- Who Can Be an Agent: A registered agent can either be an individual residing in Wyoming, a member of the LLC, or a professional registered agent.
- Benefits of Hiring a Service: Registered agents are convenient because they provide confidentiality (your address is not available to the public) and help you stay organized by ensuring that no important documents are overlooked.
- Service Fees: Registered agents charge between $100 and $300 annually on average.
Step 3: Articles of Organization Associated with the LLC
This is the legal documentation that constitutes your LLC.
Filing Methods: You may file your Articles of Organization with the Secretary of State of Wyoming online, or submit a hard copy by post.
Required Information:
- Title of LLC
- Registered agent’s name and address
- Address of the principal office (outside Wyoming is acceptable)
- Organizer’s declaration (II of the filing) is a signature form and ID of the person filing.
Filing Fee is $100 if done online and $102 if done by post.
Processing Time: If filings are done online, they will take one working day, otherwise, submissions posted may take around 5-10 working days.
Tip: Ensure accuracy and completeness of submission to avoid complications like delays and rejection of applications.
Step 4: Develop an Operating Agreement (Greatly Suggested)
As an internal document, an Operating Agreement is important, even if it legally isn’t required in Wyoming.
Goals: It outlines governance for your LLC, divides ownership shares, divides profit, and assigns member responsibilities, among others. It also specifies how new members may be added or existing members removed.
Benefits:
- Clearly outlines expectations, helping prevent conflicts.
- Strengthens your LLC’s standing with lenders, clients, investors, and other business partners.
- Supports maintaining personal asset protection by proving business and member separation.
Customization: Operating agreements can be as complicated or as straightforward as necessary for multi-member and single-member LLCs.
Step 5: Secure an EIN (Employer Identification Number)
An LLC’s federal ID is its EIN, which is issued by the IRS.
Reasons:
- For business bank account registration.
- For employee recruitment and payroll management.
- For administration of federal taxes or merchant account registration.
Application Process:
- U.S. residents can apply for free through the IRS website.
- Non-U.S. residents must submit IRS Form SS-4 via fax or mail.
Free: There are no charges for issuing an EIN.
Step 6: Meet Additional Compliance Obligations
To keep your LLC in good standing, you’ll have to complete the following tasks each year:
Annual Report:
- Deadline: By the first of the month in which your LLC was founded.
- Filing Method: Online via the Wyoming Secretary of State’s Portal.
- Fee: Minimum $60 or 0.0002 of your Wyoming assets (whichever is more).
- Goal: Maintains current Wyoming state record for your LLC.
Registered Agent Updates
- Update the contact information for your registered agent.
- If there’s an agent change, submit a Statement of Change to the state.
Business licenses & permits
- You might require additional licenses or permits from the state or municipality based on your business operations. Verify prerequisites with local government offices.
Optional Considerations
Open a Business US Bank Account
Keeping business and personal finances separate is crucial for liability protection and accurate record-keeping.
- Documents Needed: Articles of Organization, EIN, Operating Agreement.
- US Banking Institutions: Most of them require personal presence, but some grant remote account opening for LLCs registered in Wyoming.
- Non-local Business Owners: Additional documents such as an ITIN may be required from some banks.
Apply for a Virtual Address or Mail Forwarding Service
A virtual office or a mail forwarding service can assist you if you don’t reside in Wyoming and wish to keep your personal address concealed by:
- Offering you a sophisticated professional business address.
- Safeguarding the receipt of your mail and packages.
- Sending your correspondence to any location of your choice anywhere around the globe.
How We Simplify Wyoming LLC Formation at Bizstartz
Both existing and aspiring entrepreneurs can easily start their businesses in Wyoming with the help of Bizstartz, which assists clients in the US and across the globe.
Here’s everything we manage for your Wyoming LLC:
- Filing for LLC Formation
- Registered Agent Services
- EIN Application (SSN optional)
- Operating Agreement Templates
- Virtual Address and Mail Forwarding Services
- Annual Report Fling & Reminders
- Tax and Bookkeeping Services
- Non-Resident ITIN Applications
Having a Bizstartz consultant enables you to set up your Wyoming LLC digitally, irrespective of whether you are a nomad, an eCommerce entrepreneur, a tech startup founder, or a business consultant.
👉 Get started with your LLC today at Bizstartz or reach out for a complimentary consultation!
Conclusion
The combination of affordability, legal protections, strong privacy measures, and low asset-protecting costs makes starting an LLC in Wyoming particularly enticing.
From eCommerce and consulting to technology startups, businesses from all sectors will find ample opportunities in Wyoming.
If you wish to receive unparalleled pro support from the initial filing through gaining an EIN and maintenance compliance for your Wyoming LLC.
Bizstartz is ready to assist you. Let us take care of the bureaucracy and paperwork while you shift your focus on expanding your new Wyoming LLC business.
Frequently Asked Questions (FAQs)
Can I form a Wyoming LLC if I don’t live in the U.S.?
Absolutely. Wyoming is friendly towards non-residents and does not require US residency or citizenship to set up an LLC.
How long does it take to form an LLC in Wyoming?
Online submissions are usually accepted on the spot or within one business day. Postal applications take about 5 to 10 days for processing.
What are the annual fees for maintaining a Wyoming LLC?
$60 minimum annual report fee or based on the value of the assets in Wyoming. Additional fees for registered agents apply.
Does Wyoming protect my privacy as an LLC owner?
Yes indeed, there is no requirement to publicly disclose LLC members and managers in Wyoming, therefore your privacy remains protected.
Can I convert my existing business to a Wyoming LLC?
This is possible, you can file for conversion or create a new LLC and obtain the assets, it is best to speak to a tax or legal consultant for the best advice.
