How to start an LLC in Wyoming
Ready for an LLC but unsure where to start? Follow these steps to form an LLC in Wyoming and kickstart your business journey.
Forming an LLC in Wyoming is both cost-effective and straightforward. Wyoming, like other states, has distinct LLC prerequisites.
Prospective applicants need to complete the registration process with the Secretary of State. This involves submitting essential forms, fulfilling associated fees, and adhering to stipulated naming and formation criteria.
To establish an LLC in Wyoming, the following specifications must be met:
Registration: Applicants are required to submit articles of organization to the Secretary of State via mail. An email address must be provided for electronic communications from the Secretary of State. The articles should encompass crucial details including:
- 1- LLC name, principal office address, and mailing address
- 2- Registered agent’s name and address
- 3- Organizer’s name, daytime phone number, email, and dated signature
- 4- An original signed Consent to Appointment by Registered Agent
Payment: All submitted documents should be accompanied by the appropriate filing fee payment.
Forms and Fees: Registering your LLC requires the submission of articles of organization along with the necessary filing fee.
Processing Timeline: The standard processing time for business forms and files is approximately three to five business days. Expedited services are not offered.
Naming Requirements: Ensuring your LLC name is distinguishable from others is crucial. To simplify the approval process, use distinct names and include any mandated words. You can check the availability of your preferred name before submitting your LLC formation documents to the Secretary of State.
Formation Process: Begin the LLC formation by filing the articles of organization with the Secretary of State.
For an LLC with multiple members, it’s highly recommended to establish a limited liability company operating agreement among the members. This document outlines key operational details and member responsibilities.
In the case of your LLC providing professional services, it’s essential to secure specific licenses and permits from the state’s professional licensing boards, ensuring compliance with regulations in your industry.
1. Starting an LLC in Wyoming
Before embarking on the LLC registration journey in Wyoming, it’s crucial to comprehend the essence of an LLC and evaluate its suitability as your company’s business structure. Ensure you’re well-versed in the definition and merits of an LLC.
Below, find a comprehensive guide detailing the steps to navigate the LLC registration process with the Wyoming Secretary of State:
2. Assign a Registered Agent
Designate a registered agent, also known as a resident agent, responsible for receiving legal documents.
3. Obtain an EIN
If your LLC has two or more members, acquire an Employer Identification Number (EIN) from the IRS for tax purposes.
4. Create an Operating Agreement
Although not obligatory, having an LLC operating agreement is recommended, especially for multi-member LLCs. Wyoming recognizes these agreements as governing documents.
5. Pay License Tax
Wyoming LLCs must pay a license tax based on assets and employment within the state. Those with assets below $250,000 pay a minimum tax of $50.
6. Understand Annual Reports
LLC in Wyoming have annual reporting obligations due on the first day of the formation anniversary month. Reports are submitted online or by mail, with online filing subject to extra fees. Late filings can lead to dissolution. Annual report fees exceeding $500 prohibit online filing.
Ensure compliance with state legal requirements, especially if your LLC offers professional services. Remember, each state has distinct continuing legal obligations, which may involve state taxes, periodic reports, and more.
Filing an LLC and taxes
Following are the forms and fees that are required when starting an LLC in Wyoming:
- Forms. Complete and submit articles of organization with the Secretary of State. All documents submitted must be accompanied with the payment for the necessary filing fee.
- Limited liability company operating agreement. Although the LLC operating agreement will not be submitted to the Secretary of State, it is a good idea to have one in place for LLCs with more than one member. This document should be kept on file by the registered agent.
- Taxes. LLCs in Wyoming are treated as corporations, limited liability partnerships or single-member LLCs and are subject to federal income tax classifications. Depending on the type of taxation you opt to have for your LLC, you will have different federal tax responsibilities. LLCs in Wyoming are also required to pay a license tax based on all the assets the LLC may have and employ in the state. LLCs with $250,000 or less in assets are required to pay a minimum license tax of $50.
- You should always make sure to acquaint yourself with the state laws regarding taxation. Your LLC may be subject to other taxes depending on the kind of services it offers.
BizCognitis provides LLC formation and filing services, including providing a registered agent in Wyoming.