What is a Wyoming Corporation?
A Wyoming Corporation is a corporation formed in Wyoming. The difference between a Wyoming corporation and corporation formed in any other state is that the corporation in Wyoming is governed and protected by Wyoming state statutes. Wyoming state statutes protect and favor shareholders (owners of the corporation), more than most states.
The goal of this page is to provide you with a full understanding of the benefits provided to those desiring to do business in Wyoming and to explain the advantages of our Wyoming incorporation services.
If you’re considering incorporating in Wyoming, we recommend you use our service. We work in high volume, doing many incorporation filings each day, in order to offer you formation savings. For $200 total, we’ll incorporate your business in Wyoming, provide you with all necessary documentation including bylaws, stock certificates, initial resolutions, and give you 365 days of the best registered agent service in Wyoming.
Wyoming Corporation Overview
Wyoming is best known as the birthplace of America’s most popular business entity, the LLC. But that doesn’t mean Wyoming corporations have less to offer. If you are going to incorporate anywhere, incorporate in Wyoming. Here’s why:
Wyoming Corporation Advantages
- No Corporate Tax
Wyoming does not tax corporate profits. Wyoming has no personal income taxes. And Wyoming has no Inheritance or Estate Taxes. When you combine those policies, you find Wyoming is our nation’s best state for doing business.
- Instant Incorporation
Wyoming corporations are formed instantly with online filings. No waiting days or even weeks like other states. Wyoming businesses get incorporated fast. If you hire us, we’ll have your corporation formed in 24 hours.
Even business owners who operate as an LLC will admit that there’s something special about a Wyoming corporation. If you incorporate in Wyoming, your business will automatically have that special something. No matter how small the business actually is, saying you own a corporation or are incorporated conjures a sense of awe in some folks’ minds, and usually to the same folks, image is everything.
- Corporate Law
Although the courts have plenty of LLC case law on which they can base legal decisions should your business be sued, that isn’t near the amount of history the corporation has behind it. Corporations are one of the oldest business entities in America, an if your Wyoming corporation is taken to court, your attorney will probably know what the outcome will be prior to your case being heard simply because there’s been a hundred other cases like yours that have already been heard.
- Close Corporations
The typical dig on corporations when comparing them to LLCs is that, with their annual shareholder meetings and corporate resolutions, corporations are tougher to maintain. But Wyoming has an option called the Close Corporation. Wyoming Close Corporations were introduced for family businesses where business decisions are often made at the breakfast table, and those maintenance requirements (like directors meeting and corporate resolutions) don’t require the typical formalities of corporate forms and meeting minutes. A Wyoming Close Corporation has the ability eliminate the Board of Directors, weight certain shareholders’ votes, and introduce buy-out provisions. Close Corporation requirements in Wyoming make corporations much more similar to the maintenance requirements of an LLC. However, Wyoming corporations that elect to be formed as a Close Corporation come with the following restrictions:
- Limited Shareholders: Maximum of 35
- Limited Transferability: Shareholder can’t sell shares to outside parties without consent of other shareholders
- Keeping Money in the Company
What’s also often counted as a negative against corporations is double taxation. Although Wyoming has no corporate tax, the federal government does, and the net profit of a corporation will be taxed by the IRS. Then, even though Wyoming has no personal income tax, the U.S. government will tax the profits distributed to the individual shareholder. That means profits will be taxed twice. However, a corporation is allowed to leave money in the corporation (something an LLC cannot do), and if profit isn’t distributed to an individual, the profit won’t be taxed a second time. That means you can leave money in the corporation to build what some people call a “war chest,” allowing that profit to be reinvested at a later date. That strategy doesn’t work for many small businesses, but if you’ve got world domination on your mind, incorporate in Wyoming.
How to Incorporate in Wyoming
For $200, Best Wyoming Registered Agent will incorporate your business in Wyoming and provide you with one year of the best Wyoming registered agent service you can buy. However, if you like want to incorporate in Wyoming yourself, follow the steps below:
3 Steps to Incorporating in Wyoming
- Complete Wyoming Articles of Incorporation
The Articles of Incorporation is the form you file with the Wyoming Secretary of State create create a corporation in Wyoming. The form is filed with the Wyoming Secretary of State and can be filed online (recommended), in-person or through the mail. A Wyoming corporation’s Articles of Incorporation require the following information:
- Corporation Name
Wyoming requires corporation names to have corporate name endings like Inc or Incorporated. Also, you can’t have words like “bank” or “university” in the name unless the corporation is actually that type of entity.
- Registered Name and Address
A Wyoming registered agent can be an individual resident in Wyoming, or business authorized to do business in Wyoming. The registered agent must have a physical address in Wyoming. A P.O. Box or Drop Box is unacceptable. If the registered office includes a suite number, it must be included in the registered office address.
- Mailing and Principal Addresses
List both the address where the business receives mail, and the address where the business is physically located (if you hire us, you can use our address for both).
- Number and Class of Shares
You must decide the initial number of shares you want to authorize (you can issue more stock at a later date, if required). Most people start with an easily divisible number like 1000. Not all authorized stock needs to be issued. After you’ve settled on a number, you can decide on class of stock. You can choose between common stock, which designates ownership and shareholder voting rights, and preferred stock, to which you can assign special rights.
- Incorporator Names and Addresses
List the names and addresses of the individuals who are filing the articles of incorporation. Incorporators are not the same as officers, directors, or shareholders. An incorporator can be anyone who is authorized to file the incorporation documents.
- Incorporator Signature
Signatures must be in ink
- Corporation Name
- If In-person or Filing by Mail, Attach Registered Agent Consent Form
The registered agent must sign a consent form for a corporation in Wyoming. The signature must be an original and in ink. Attach the consent form as an addendum to your articles of incorporation.
If you’re incorporating on your own and decide to hire us as your Wyoming registered agent, we’ll send this signed form to you the day after you signup. If filing online, this is covered with a simple check box.
- Submit Articles of Incorporation to the Wyoming Secretary of State
Online filings are processed instantly. By mail, the Wyoming Secretary of States takes 3 to 5 days to process articles and doesn’t have a expedite option.
Wyoming Corporations Vs. Wyoming LLCs
One of the questions we get asked all the time is, “What’s better? A Wyoming LLC or a Wyoming corporation?” The answer, like most things, depends. In general, a Wyoming LLC has less maintenance and can maintain a greater amount of privacy, and both corporations and LLCs in Wyoming have basically the same limited liability protections. So why would you form a Wyoming corporation instead of an LLC? It depends on your business’ goals. If you’re trying to raise money and keep up appearances you may want to incorporate in Wyoming. If you’re simply forming a holding company, the Wyoming LLC is probably for you.
A big point of emphasis for folks starting a business entity in Wyoming is privacy, and for those in that camp, the LLC is the preferred entity of choice. Wyoming corporations can be formed without listing the officers and directors, but at least one will need to be listed on the annual report a year later. Wyoming LLCs can remain private long-term, as members are not required to be listed on the annual report.
No matter which Wyoming business entity you choose, we only charge $200 to complete the filing (state fees included) and provide a year of the best Wyoming registered agent service you can find. Or if you want to do the filing yourself, you can hire us as your Wyoming registered agent for only $50 a year.
Wyoming Corporation Requirements
Wyoming Corporation Bylaws
Wyoming statutes do not require corporations to adopt corporate bylaws, but if you incorporate in Wyoming, you’ll want bylaws to govern how your corporation operates and to show banks, credit agencies, and possibly the IRS that your corporation is operating above board on all fronts.
What are Corporate Bylaws?
Corporate bylaws are the documents that govern your corporation in Wyoming. A corporation’s bylaws lay out the day-to-day operations of the business, addressing who does what, how the board of directors operates, when annual meeting will be held, conflict resolution protocol, and how rules can and will be changed.
Your typical small business corporation in Wyoming doesn’t need fancy bylaws; they could even be handwritten (though you may want to type them up if you are showing them to a bank or the IRS).
If you hire us to incorporate in Wyoming, we also include a standard set of corporate bylaws (no additional charge) that can be adopted by your corporation.
Does Wyoming Have Incorporation Restrictions?
Anyone can incorporate in Wyoming. You don’t need to be a US citizen or have a residence or active business in Wyoming to incorporate here. However, if you don’t have a physical presence in our state, you will need to hire a Wyoming registered agent that has a registered office (physical Wyoming address) and can accept legal documents and official notices on behalf of your Wyoming corporation.
We incorporate foreign businesses in Wyoming every day. If you live in a different country and want to incorporate in Wyoming, we’re here to help.
Wyoming Incorporation Costs and Fees
Wyoming Secretary of State Articles of Incorporation Filing Fee: $100
Wyoming Corporation Annual Report Fee (due every year on the first day of your corporation’s anniversary month): $52, if filed online; $50, if filed by mail
Best Wyoming Registered Agent Incorporation Fee: $50
One Year of Best Wyoming Registered Agent Service: $50
Basically, our Wyoming incorporation fees break down like this:
For $200, we’ll incorporate your business in Wyoming and give you a year of Wyoming registered agent service.
Hire the Best to Incorporate in Wyoming
When you hire us to incorporate a company in Wyoming, you’ll get the best Wyoming incorporation service, which includes:
- Wyoming Incorporation Expertise
We work only with Wyoming filings, forming Wyoming corporations and LLCs everyday.
We respect your privacy and want others to as well. That’s why we allow our clients to use our address on incorporation filings to keep your home and personal information private.
- Fast Filings
We know the folks doing the filings at the Wyoming Secretary of State, and they know us. We also know the fastest ways to incorporate your Wyoming company.
- Online Accounts
Every order comes with an online account where you can track all your Wyoming corporation’s documents. Any service of process, annual report, or any other documents we accept on your corporation’s behalf will be found online in your secure account.
- Mail and Office Services
If you need Wyoming mail forwarding or Wyoming virtual office service for your corporation, we’ve got you and all your business’ mailing needs covered. We scan mail daily, and our office is across the street from the post office, so you can count on fast and reliable service.