How to Start an LLC in Wyoming -

If you are one of the many people in the state of Wyoming that wants to start your own business, then you’ve come to the right place, because this is exactly what we want to teach you how to do right now.

In fact, since the pandemic started, many people have started forming businesses in Wyoming, with business startups being much more frequent now than they were a few years ago. One of the best types of companies to start in the state of Wyoming is an LLC or limited liability company.

The reason for this is because a limited liability companies afford the owners or members with a variety of protections. First and foremost, as the name implies, you do get limited liability protection for both debts and legal issues.

Furthermore, there are also some tax advantages that you get with a limited liability company. Right now, we want to teach you exactly how to start a limited liability company in the state of Wyoming, and we’ll be providing you with all of the necessary steps you need to do so.

1. Choose a Business Name

One of the most important steps that you need to take when forming an LLC in the state of Wyoming is to choose a name for your business. After all, your business name is what you will use to market your services. However, there is a little bit more to it than just that. For instance, you need to choose a name that no other entity in the state of Wyoming has.

This is actually one of the requirements of choosing a name for your limited liability company, that it cannot be shared with another officially registered company in the state of Wyoming.

Therefore, you want to do a business entity name check with the Secretary of State for Wyoming, just to ensure that your name has not already been taken. Furthermore, remember that you can reserve a name for up to 120 days, as long as you fill out the p r oper form and pay a $60 filing fee. With that being said, there are also some other requirements that you have to meet when choosing a name for your limited liability company.

For instance, the name of your liability company needs to include the words limited liability company or LLC, and the name also cannot include any words or characters that are related to government agencies, such as CIA, FBI, state department, and others.

Domain Name Check

Something else you may want to do here is a domain name check. The simple reality is that in today’s world, you absolutely need a website if you plan on your business being successful.

However, the name of your website should be the exact same as your business name, which means that you need to do a domain name check to see if the URL is already taken. If the domain name or the URL is already taken, you may want to choose a different business name so you can more easily market yourself. To do that you can use our free business name generator and domain name generator. We provide an unlimited number of ideas according to your industry. Also we do an instant domain availability check for you.

2. Appoint or Choose a Registered Agent

To legally operate a limited liability company in the state of Wyoming, you have to appoint a registered agent. A registered agent is an entity or individual that is responsible for accepting legal paperwork, tax paperwork, lawsuits, official documents, and service of process.

If you have to, you can act as your own registered agent, or you can also appoint an employee of the LLC, as well as members of the LLC as a registered agent.

However, you may also hire a company or another individual to be your registered agent. This usually costs up to $300 per year, but generally up to $150. Furthermore, for a company to be allowed to provide a registered agent service, it must be officially registered with the state as providing such a service.

Furthermore, the registered agent, if an individual, must also be at least 18 years of age. No matter who the registered agent for your company is, they must have a physical address within the state of Wyoming, with a PO Box not being a suitable alternative.

The registered agent has to be available during writing for business hours to accept services of process and legal forms for signing.

3. File the Articles of Organization

The next step in the process of starting a limited liability company in the state of Wyoming is to fill out and file the articles of organization. The articles of organization are the official paperwork that you need to submit to your state, and have them accepted, for your limited liability company to be legal.

There are a variety of pieces of information that you need to include with your articles of organization for the state to consider and accept them. However, before we cover those, remember that you can file the documents online, with there being a $100 fee.

Out-of-state businesses can register with a $150 certificate of authority. Filing by mail takes up to 15 days. However, online filing ensures immediate legality and activation once processed. The following information are things you have to include with your articles of organization:

The name of the LLC.
The name and address of the registered agent.
The names and addresses of all organization members.
The duration for which the LLC will exist.
The LLC’s management structure.
Who will be liable for deaths and legal issues in the LLC.
The signature of the founding member.

Once everything has been filled out and filed, the state of Wyoming should then provide you with a certificate stating that your limited liability company is now legal to operate.

4. Additional Steps

After forming a limited liability company in Wyoming, there are further requirements and obligations. These steps are crucial to ensure your company operates legally.

Obtain the EIN

One of the first things that you absolutely need to do once your limited liability company is registered is to obtain an employer identification number or EIN.

The Internal Revenue Service or IRS assigns all businesses within the United States an EIN or employer identification number. This is 100% necessary for you, and you plan to operate your business legally, you have to have this EIN.

The EIN’s main purpose is enabling you to pay federal and state taxes. It’s essential for staying legally compliant in the U.S., as you can’t pay taxes without it. Therefore, it is 100% necessary.

If you’re a sole proprietor in an LLC, you can use your SSN for business. Yet, for privacy, getting an EIN is advised.

Create a Business Operating Agreement

Although the state of Wyoming does not officially require limited liability companies to create operating agreements, it is still useful to have. An operating agreement provides you with direction in terms of what to do if there are legal or financial issues.

The reason we say this is because the state of Wyoming will simply defer to its own laws in the event that there are any legal issues, as opposed to doing what is best for the LLC and for its members. There are a few important pieces of information that you need to include in any good operating agreement.

The primary address and name of the limited liability company.
The duration period of the LLC.
Information about the registered agent.
Information regarding the articles of organization.
The purpose of the business and the mission statement.
All forming members and their investments.
How profits and losses are to be handled.
The admitting and on boarding processes for new members, and off boarding processes for outgoing members.
Indemnification and liability clauses.
The management structure.

Submit Yearly Reports

All LLCs need to file annual reports and pay yearly license taxes starting in their second business year. Businesses with assets under $300,000 pay only $60. If assets exceed $300,000, the tax is calculated by multiplying the assets by 0.0002.