There are a few different options when it comes to forming a business in Wyoming. From a legal perspective, there are three main types of Wyoming for-profit business entities: LLCs, S Corporations or C Corporations. We believe that an LLC provides the right ratio of liability protection and ease of administration for most entrepreneurs.
When you're forming an LLC in the state of Wyoming, there are some minimum requirements you must meet. These are a completed set of Articles of Organization, a business name and a fee you pay to the Wyoming Secretary of State. We recommend taking some additional steps before formally starting your LLC:
- Research your target market to make sure there’s a demand for the products and services you provide.
- Read industry guides to give you a starting point in your niche.
- Create a comprehensive business plan that defines the most important aspects of your Texas business.
- Write an Operating Agreement that covers how you will run your LLC.
After you’ve created your Wyoming LLC, you will also need to review your business license requirements, understand ongoing filing needs, set up a separate business bank account and get an accountant.
In Wyoming, you register a business by completing and filing your Articles of Organization with the Wyoming Secretary of State. You will need to gather pertinent information about your business, fill out the form and send it to the Secretary of State with your filing fee. This will formally create your LLC in Wyoming.
You can file your Articles of Organization on the Secretary of State website or mail it in. Alternatively, Incfile can guide you through every step of the process by getting details from you and filing the form on your behalf — for free! There’s no additional charge for our basic LLC filing service, so all you need to do is pay the filing fee for the state of Wyoming.
At the time of writing the fee charged by the Wyoming Secretary of State is $100. You can always check the latest Wyoming filing fees here. Some LLC filing services do charge you extra to prepare and submit your filing documents, but at Incfile, we do this for free — so you only pay the state fee.
Once you’ve gathered all of your information together and filed your Articles of Organization (or had Incfile do it for you), it can take up to 15 business days for the Wyoming Secretary of State to legally create your LLC. Unfortunately, the Wyoming statutes do not allow for expedited filing at this time, and your filing will be processed in the order it is received.
There are a few ways to register your Wyoming LLC name.
- If you’re starting a new business and your business name is unique in Wyoming and meets state naming rules, you simply include it in your Articles of Organization.
- If you want to change the legal name of your business, file an Amendment to Articles with the Secretary of State.
- If you just want to do business under a different name, file a Registration of Trade Name with the Wyoming Secretary of State, or have Incfile do it on your behalf.
If you want to prevent people from using your business name across the U.S., you can file a trademark for the name. We can help.
In other states, the formal documents that you file to form a corporation or LLC might be known as Articles of Incorporation. In Wyoming, this document is called your Articles of Organization, and it performs the same functions as the Articles of Incorporation.
Yes, the state of Wyoming requires new businesses to have their registered agent provide a written consent to appointment. This must be provided along with your y Articles of Organization filing sent to the Secretary of State.
If you wish to change your Wyoming Registered Agent, you can do so by filing an Appointment of New Registered Agent form with the Secretary of State. At Incfile, we provide a free Wyoming Registered Agent service for the first year if you file through us. If you’ve been using a different Registered Agent and want to switch to us, we’ll file the required forms on your behalf.
If you need to know the Registered Agent of a specific Wyoming business, you can perform a Wyoming Registered Agent search within the state's business database.
As an LLC, any business profits you earn will be reported on your personal 1040 filing and reported and taxed as “pass-through” income. You will typically need to pay:
- Self-employment or payroll tax on all business profits
- Federal income tax on profits after you meet your tax-free allowance
- Sales tax for selling taxable products and services
Wyoming charges a 4 percent state sales and use tax on all retail sales, leases and rentals of most goods. You will also need to pay sales tax if you provide a taxable service. You can find a full list of taxable services here.
You will need to register as a sales tax vendor with the Wyoming Secretary of Taxation and Finance. You can complete this process online.
The base rate for Wyoming sales tax is 4 percent, and there may be additional sales tax depending on your region, county or city. Once you know your overall sales tax amount, calculate the value of all your taxable products and services. Then, multiply that by your sales tax rate to understand how much you will need to pay.
Once your LLC’s sales tax application is approved, you will receive a letter with instructions on how often you must file a sales tax return and pay sales taxes. Returns and payments may be due monthly, quarterly or annually.
In several states, businesses need to pay a corporate franchise tax for the privilege of doing business but this is not the case in Wyoming. Not only does Wyoming not have a franchise tax, but they also don't have a personal income tax, making it one of the most tax-friendly, business-friendly states.
If you're forming a business in any part of the US, it's likely that you'll need a business license of some type in order to operate. The types of business licenses you need will vary depending on your type of business, industry, location and various other factors. We can research the types of business licenses you might need for you.