Wyoming LLC Formation, Registration and Benefits
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 national parks, forests, monuments and historic sites.
The economy is focused around 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 state tax, making it an attractive proposition for anyone wanting to reduce their tax liability.
For most business owners, the fastest and easiest way to start a business in Wyoming is by creating a Wyoming LLC. A Limited Liability Company (LLC) is a type of business entity that’s ideal for startups and small- to medium-sized businesses. You get the advantages and protections of larger Wyoming corporations but with much simpler rules and regulations.
Briefly, the benefits of starting a Wyoming LLC include:
- Separating and limiting your personal liability from your business liability and debts
- Quick and simple filing, management, compliance, regulations and administration of your Wyoming LLC
- Easy tax filing and potential advantages for tax treatment
Learn more about the benefits of the LLC business structure here.
Six Quick Steps to Forming an LLC in Wyoming
This guide has plenty of information on how to form your Wyoming LLC, but you can break down the basics of forming a business in WY into just a few simple steps.
First, you need to gather basic information about your LLC, including the names and addresses of the managers or members. The LLC members are typically the people who own and run the business. They are also the ones who can take profits out of the business to pay themselves.
You will need a distinctive and original name for your Wyoming LLC that’s not used by any other business in WY. To find out if another company is using your chosen business name, carry out a Wyoming business entity name search on the WY Secretary of State website.
There are a few rules you’ll need to follow when choosing an LLC name. You can find out more in our guide to searching for and naming your Wyoming LLC.
Every Wyoming LLC must have a designated street address. That could be your home address (if you’re running the company from your residence), your company’s office building or any physical address of your preference. The address can be outside the state of Wyoming and can be a P.O. Box.
Every WY LLC must have a “Registered Agent” when it is formed. This is an official position; the Registered Agent is someone who receives official legal and tax correspondence and has responsibility for filing reports with the Wyoming Secretary of State.
This position can be filled by you, another manager in the business or a dedicated Registered Agent service. Your WY Registered Agent must have a physical street address in Wyoming and must be present to receive important documents for your company during business hours.
At Incfile, all of our packages include a Wyoming Registered Agent service that is free for the first year and just $119 per year afterward. We also have a dashboard where you can log in and easily view any document your Registered Agent has received on your behalf.
You will need an EIN to identify your business to the IRS. You use this number when filing and paying taxes or when submitting payroll information and payments for your employees. You can obtain one directly from the IRS, or we can get one for you as part of the Wyoming LLC business formation process.
Once you've gathered all the information for your Wyoming LLC, you’ll need to file a formal document with the WY Secretary of State. This document is known as your “Articles of Organization,” and filing the document creates your Wyoming LLC. Here’s what is typically included:
You can file your Wyoming LLC Articles of Organization online, mail in a form or have Incfile do it on your behalf. There is a fee to file and start an LLC in Wyoming. You only need to file your Articles of Organization once.
Learn more about Wyoming Registered Agents.
Review Information from the Wyoming Secretary of State
These are all the basic steps for forming an LLC in Wyoming. You’ll find other useful information below.
Special Types of Wyoming LLCs
A regular Wyoming LLC is suitable for most business needs, but you also have a few other options to incorporate a special type of LLC.
Some states allow certain occupations to form “Professional LLCs,” but these types of businesses are not specifically recognized in Wyoming. WY does not stop professionals from forming a standard LLC.
If your business is already operating in another state and expanding to Wyoming, you’ll need to form a foreign LLC.
More information on Wyoming filing and licensing requirements here.
What to Do After Forming Your Wyoming LLC
Want to know your next steps after creating a new LLC in Wyoming? We’ve got you covered. Here’s our guide to understanding your ongoing requirements, setting up new bank accounts, protecting your business name, getting accounting in place and more.
Detailed Information for Your Wyoming LLC
You’ll find plenty more insight and guidance on the other pages of this guide, including:
Naming Your Wyoming LLC
How to search the Wyoming business registry of the WY Secretary of State and find the right name. Includes information on naming rules, fictitious names, reserving a Wyoming LLC name and more.
Wyoming Registered Agents for Your LLC
How to appoint a Wyoming Registered Agent to your new LLC or change to a different Registered Agent. Includes information on Registered Agent rules and searching for Wyoming Registered Agents.
Fees and Requirements for Your Wyoming LLC
How to understand the various fees you’ll need to pay and the requirements you’ll need to meet for both federal and Wyoming rules. Includes details of Employee Identification Numbers (EINs), Wyoming and federal business licenses, Wyoming annual reports and more.
Federal, State, Sales and Other Taxes for Your Wyoming LLC
How to understand the various taxes you will need to pay to the federal and Wyoming government. Includes details of federal taxes like income and self-employment, and Wyoming taxes like sales tax and income tax.
