What is a Wyoming LLC?
A Wyoming LLC is a limited liability company formed in Wyoming. In 1977, Wyoming introduced America to the first Limited Liability Company (LLC). The appeal of the Wyoming LLC is its status as a partnership/corporation hybrid—it’s a business entity without corporate taxes or formalities, but it has all of the asset protection afforded to corporations. It took a while (nearly 20 years), but eventually, the other 49 states followed Wyoming’s lead, and now the LLC is America’s top business entity. There’s even studies showing Americans now form LLCs at twice the rate they form corporations. That seems incredible because the LLC is so new compared to the corporation, which was around before Wyoming was even a state, but the LLC simply appears to be a better tool for business owners.
Wyoming LLC Benefits
|No Formalities||One of the major differences between LLCs and corporations is that LLCs aren’t required to hold annual meetings and pass resolutions like corporations. Wyoming LLCs are simple|
|No Corporate Taxes||Wyoming has no corporate tax, so corporations in Wyoming don’t pay that tax anyway. But the federal government sure does. Wyoming corporations pay the IRS tax on their net profits, then once they distribute what remains to their shareholders, the shareholders have to pay tax again on those same profits. That’s called double taxation. Wyoming LLC profits go straight to the owners (called members), and the members only pay taxes to the federal government once when they get their share of the profit.|
|Asset Protection||The Wyoming Limited Liability Company Act provides some of the best limited liability coverage for LLCs in the nation. The LLC Act was updated in 2010 to stay current and provide tough protection from lawsuits and creditors.|
|Single-Member LLC Protections||Wyoming is one of the only states to address limited liability protections for single-member LLCs, providing provisions to protect Wyoming single-member LLCs from creditors and lawsuits, the same as any other multi-member LLC or manager-managed LLC.|
|No Business License||Wyoming has no state business license. If your Wyoming LLC will be actively engaged in business, you’ll need to apply for a sales tax license with the Department of Revenue. However, if you forming a holding company, you’re not required to register your business for any permits or additional licenses.|
|Privacy||Wyoming LLCs can keep their ownership information off the public record. The LLC formation documents, called Articles of Organization, do not require the organizer to list the ownership information at the time of filing, and annual reports don’t require the names and addresses of the members or managers. This means solicitors have a much tougher time sending junk mail and your personal information can remain secure. However, the LLC’s Wyoming registered agent is required to keep record or the LLC’s ownership information, which is why you should hire a Wyoming registered agent you can trust.|
|Simple Maintenance||Wyoming LLCs are America’s simplest business entities to maintain. Once you form an LLC in Wyoming, you don’t need to hold annual meetings or form resolutions—you just run your business. By the first of the month on your LLC’s anniversary month, you must file an annual report with the Wyoming Secretary of State. The annual report costs $52 to file, and it’s pretty simple really. The report just asks you to verify the company’s contact details and that’s it. That’s all you need to do to maintain a Wyoming LLC. Prior to your annual report filing deadline, the secretary of state will send a reminder to your Wyoming registered agent, who should be competent enough to remind you to file the report and keep your LLC in good standing with the state.|
Still not sure if you want to form a Wyoming LLC? See what advantages exist if you incorporate in Wyoming.
Why Hire Us to Form Your Wyoming LLC?
Well, aside from the fact that we’re the best in Wyoming, we know the Wyoming LLC game better than most.
- We work only with Wyoming filings, forming LLCs and Wyoming corporations every day.
- We respect your privacy and expect others to do so as well, so we allow you to use our address on LLC filings to keep your home address and personal information private.
- The folks down at the secretary of state know us, and we know them, and we can form your LLC instantly online.
- We’ve created online accounts where you can track all your Wyoming LLC’s documents. Any service of process, annual report reminder, and any other documents we receive on behalf of your business can be found online in your secure account.
- If you’re starting an LLC in Wyoming from a different state or a different country, we offer Wyoming mail forwarding and Wyoming virtual office services.
- Anything your need for your Wyoming LLC, we provide at no additional cost: operating agreements, membership certificates, resolutions to open a bank account, any state form you might need to file.
How to Start a Wyoming LLC
|When you start a Wyoming LLC, you really have two choices: hire someone to form the LLC for you, or do it yourself. If you hire Best Wyoming Registered Agent to start your LLC, you sign up online, we’ll complete the filing, provide registered agent service, and you don’t have to do anything besides focus on running your business.
But if you want to form a Wyoming LLC yourself, complete all the following steps:
Wyoming LLC Requirements
Do Wyoming LLCs Need an Operating Agreement?
An LLC formed in Wyoming is not required by any state statute or government agency to have or adopt an operating agreement, but if you’re running a business a Wyoming LLC operating agreement is necessary.
Operating agreements are an LLC’s governing document which spell out how the entity operates. A solid operating agreement will set how profits and losses are distributed to members, who is a member, what happens should a member want out of the LLC, member or manager responsibilities. This document doesn’t need to be fancy; you could write it out on a barroom napkin if you really want. But spending time creating this document can and will save you from hassles down the line.
Operating agreements for Wyoming LLCs also serve a very basic function of serving as proof of ownership. A Wyoming LLC can be formed without listing the members on the Articles of Organization, so the LLC operating agreement is the one official document that lists the members and how much of the company each member owns. The Wyoming LLC operating agreement is not filed with any government agency, but you may need to provide a copy of the agreement to a bank when you open a checking account or obtain credit on the LLC’s behalf.
What to Include in a Wyoming LLC Operating Agreement
A Wyoming LLC’s operating agreement can address much more, but listed above are an operating agreement’s bare minimums.
If you hire Best Wyoming Registered Agent to form your LLC in Wyoming, we include an executed operating agreement specific to your Wyoming LLC. You can use or alter the LLC operating agreement we provide to suit your LLC’s needs.
Who Can Form a Wyoming LLC?
Anyone. It doesn’t matter if you live in a different state, or a different country, you can form a Wyoming LLC.
If you don’t live in Wyoming, though, you’re required to appoint a registered agent in Wyoming that can physically accept legal documents and official notices on your behalf in Wyoming.
Whether you live in Wyoming, a different state, or a different country, we’ll form your LLC and provide Wyoming registered agent service for a total of $200.
Wyoming LLC Costs and Fees
|Wyoming LLC Secretary of State filing fee||$100|
|Wyoming LLC Annual Report fee (due every year on the first day of your LLC’s anniversary month)||$52, if filed online|
|Best Wyoming Registered Agent LLC formation fee||$50|
|One Year of Best Wyoming Registered Agent service||$50|
|Total Wyoming LLC Cost:
For $200 we’ll form your Wyoming LLC and give you a year of Wyoming registered agent service.