Simple Steps to Start Your Wyoming LLC
A place of staggering natural beauty, Wyoming is one of the largest, most open and least-densely populated places in the country. The state has a population of just over half a million people and is home to two national parks as well as plentiful forests, monuments and historic sites.
The economy is focused on natural resource extraction, agriculture and tourism. Entrepreneurs interested in those and other areas can find a welcome home for their business in Wyoming.
There are a couple of other good reasons for starting a business in Wyoming:
- Wyoming is the first state in the U.S. to recognize and create statutes for the LLC. It has become popular as an alternative to Nevada for starting a business as the fees for Nevada have greatly increased over the past few years.
- Wyoming does not have a state tax, making it an attractive proposition for anyone wanting to reduce their tax liability.
If you want to start your own business in Wyoming, one of the best ways to do so is by forming an LLC.
Wyoming Limited Liability Companies (LLCs) are a business entity designed for startups and small- and medium-sized businesses. Forming an LLC is fast, easy and inexpensive. LLCs offer many of the protections and advantages of large corporations without all the rules, regulations and compliance issues common to larger business entities.
Let’s start by looking at the advantages of forming a Wyoming LLC.
Advantages of Forming an LLC in Wyoming
Wyoming LLCs have several benefits for business owners.
- The preparation to start a Wyoming LLC is quick and easy: You can complete all the necessary forms and actions online to start your company. You can gather and prepare the information to start your business in an hour or two.
- An LLC limits your personal liability: Any liabilities created by your Wyoming business (debts, obligations and other liabilities) are legally considered to be completely separate from your personal assets as the business owner or founder.
- Wyoming LLCs are easy to maintain: LLCs are light on rules and regulations. There’s no need for boards of directors, complex rules and regulations or formal annual meetings.
- LLCs are very easy to manage: General administration is fast and easy. Add and amend members and make other changes with just a little paperwork.
- Taxes are simple: Any income you earn through your Wyoming LLC is reported on your personal tax return. This means you won’t run into “double taxation” issues common with larger corporations.
- It’s easy to form your LLC: Once you have the information, you can then file through us. Once your paperwork is filed, you can see how long it typically takes to officially form your LLC in any state.
- Turnaround times and fees for forming an LLC in Wyoming: The time between filing and forming your LLC in Wyoming is typically five days (one day with expedited filing). The current cost of forming your LLC is $100.
Start your Wyoming LLC in Six Steps
STEP 1: Name Your Wyoming LLC
- You will need a distinctive, original name for your Wyoming LLC that’s not used by another business in Wyoming
- To find out if another company is using your choice of business name, carry out a Wyoming business entity name search
- The name should be unique and not able to be confused with the name of another Wyoming business
- The name of your business must end with “Limited Liability Company” or the abbreviation “LLC.”
- “Limited” and “Company” can be abbreviated to “Ltd.” and “Co.”
- For example: “Wyoming Soybean Processing LLC” or “Johnson and Miller Logging, Limited Liability Company”
STEP 2: Provide the Address for Your New Wyoming LLC
A Wyoming LLC must have a designated street address. That could be your home address (if you’re running the company from your residence), where your office is located or any physical address of your preference — even outside of Wyoming. It can also be a P.O. Box.
STEP 3: Assign a Registered Agent for Your Wyoming LLC
Every Wyoming LLC must have a “registered agent.” That could be you, the managing director, owner or a dedicated registered agent service. The registered agent in Wyoming is someone who receives official legal and tax correspondence and has responsibility for filing reports with the Wyoming Secretary of State.
At Incfile, all of our packages include a Registered Agent service, which is free for the first year and just $119 per year thereafter. We also have a dashboard where you can log in and easily view any document your registered agent has received on your behalf. Here are a few reasons you might want to appoint Incfile as your registered agent service:
- The registered agent must have a physical street address in the state where you are forming the company. Some people establish companies outside of the state they live in and will need to use a registered agent service to provide the address.
- You always need to have someone on hand to receive important documents for your business during business hours (typically 9 a.m. to 5 p.m. Monday to Friday). Therefore, a person must always be available to sign for legal correspondence.
- The registered agent’s name and address are part of the public record and available through the Wyoming Secretary of State's website. If you would prefer your name and address are not published, this is a good reason to choose a registered agent service.
- If you change your Wyoming business address or move out of state, you don’t need to file additional documentation with the Secretary of State for the new address of your registered agent. You will need to set up a new registered agent service in the new state.
STEP 4: You Do Not Need to Provide Names and Addresses of all Wyoming LLC Members
Your Wyoming LLC members are the people who own and run the business. They will be the individuals who withdraw profits from the business to pay themselves. Wyoming does not require you to list the names and addresses of all managers or members when you register the Wyoming LLC.
STEP 5: You Need to File Articles of Organization with the Wyoming Secretary of State
Once you've gathered all the information together for your LLC, you’ll need to file a formal document with the Wyoming Secretary of State to create your LLC. This document is known as your Articles of Organization, and filing it starts the process of creating your Wyoming LLC. You can do this online, mail in a form or have Incfile do it on your behalf.
STEP 6: You Can Create a Wyoming LLC Operating Agreement
Wyoming LLCs aren’t required to have an Operating Agreement, but they are extremely useful for several reasons. Your Operating Agreement covers how the business will be run, how managers and members are chosen, the rights and duties of members and several other key areas. Learn how to create your Operating Agreement here.
If you’re interested in having your Operating Agreement created for you, Incfile will draft a general Operating Agreement within most of our online business formation packages. It can also be selected as an add-on option in our Silver package. This Operating Agreement will be a basic template that you can make changes to anytime you see fit.
You can find lots more useful information on how to form an LLC here. It answers questions like:
- Who can form an LLC?
- Where should you form an LLC?
- When should you form an LLC?
- What are the ongoing responsibilities for an LLC?
Starting Your Wyoming LLC: Useful Resources
Form a Wyoming LLC Without Breaking the Bank
Incfile provides a cost-effective service to help you create your LLC. We guide you through the process and handle most of the administrative steps on your behalf, such as filing the Articles of Organization. Our basic package also provides free Registered Agent service for the first year. If you're looking for help starting an LLC, our comprehensive services provide outstanding value.