How to Form a Wyoming LLC in 10 Steps
If you are interested in forming a Limited Liability Company (or LLC) in Wyoming, the process is quite straightforward. With an LLC, you can have multiple owners, and you and all other owners will reduce your exposure to liability from company activities.
Moreover, with an LLC, you also benefit from earning profits that will be passed down to each individual member. Lastly, you will not have to file a separate tax return like corporations do.
Here are the steps to follow in order to create your LLC in Wyoming:
1. Choose Your Company Name.
It is important to ensure that your business has the right to use the name you’ve chosen for it. If you like, for a reasonable fee, SunDoc can run your name search or reserve your name for you to make sure your preferred name or names are available.
You can conduct your own name search. At the very least, your preferred name needs to be available in the State of Wyoming. We also advise checking for a registered trademark on your preferred name.
2. Understand the LLC Organizer Requirement.
All LLCs in Wyoming have to have an organizer. This name will be listed on your Articles of Organization.
Who do you choose? Anyone can be your organizer; it doesn't have to be a member or a manager of your LLC. If you personally file your Articles of Organization, you will be the organizer by default. On the other hand, you might choose an attorney who has helped you in the past to be your organizer.
SunDoc can be your LLC organizer as well. This is possible if you choose us to prepare and file your Articles of Organization on your behalf.
3. Designate a Registered Agent.
A registered agent has to be named on your Articles of Organization form. When choosing a registered agent, you may select an individual or a firm. We offer additional information on what registered agents are and why they’re crucial in our article found here: Registered Agent Service.
4. Decide Your Ownership and Management Structure.
In addition to the other things you must list on your Articles of Organization form, you’ll also need to state whether your Wyoming LLC is going to be managed by managers or members.
5. Create an Operating Agreement.
Your specific entity type may require an operating agreement. An operating agreement is a key document used by LLCs because it outlines the financial and functional decisions of the business, including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.
The Operating Agreement is the legal engine that drives your business, creating its governance, managing its working capital, and paying out its profits. Critical matters of money, voting, liability, and fiduciary constraints are at stake here. You may also wish to consult an attorney for advice.
6. File the Articles of Organization.
The Articles of Organization form is an important form in the LLC formation process; it is generally required in most states. The form provides specific details about your company; when it is accepted by the State of Wyoming, your company will be officially created!
Remember that SunDoc can file your Articles of Organization on your behalf. We are always on time and reliable with our filings. This is often a service companies choose when time is short.
Regardless of how you file, you need to have the following ready when filing your Articles of Organization: Company name, company address, registered agent name, LLC organizer name, management method choice, and member names (in some cases).
7. Obtain an EIN and Open a Business Bank Account.
Congratulations! You are now a registered Wyoming LLC. Any LLC with more than one member must file with the IRS for an EIN, Employer Identification Number, whether or not you have employees. You can file with the IRS yourself, or SunDoc can file for you.
Keep in mind that EINs are also needed in order to open business accounts with the majority of banks. Now is a good time to set up your first business account for your company, and you might also hire a business accountant at this time. If you’re used to paying out of your own pocket for business expenses, keep all receipts necessary for reimbursement from now on.
8. Pay Wyoming State Taxes.
Wyoming taxes may need to be paid each year, starting with your first year of operation. You also need to collect sales tax on any goods you sell in the State of Wyoming. More state tax information can be located on State of Wyoming’s tax web site.
9. Determine Necessary Licenses and Permits.
In order to legally operate your new Wyoming LLC at the city and county levels, you might need to have one or more business licenses or permits. It may be surprising to find what is required for licensing at these levels. To see what the requirements are in place for your new business, you can use the Wyoming Secretary of State website.
Remember: Expensive fines may result if you do not obtain the proper licenses and permits.
10. File an Annual Report (Biennial Report or Initial List).
Usually you must file an Annual Report, Biennial Report, or other such document soon after forming an LLC in Wyoming, and thereafter an updated report every year or two years depending on your state’s requirement. The Annual Report is a simple form that keeps the state up to date on your company information. And down the road when you make changes to your company, it will invariably be one of the forms you’ll need to file with the state.
It is very important to file within the required time. It can cost you as much as ten times the normal filing fee if you file late! If you prefer, SunDoc can file your Annual Report/Biennial Report and other routine filings for you, reliably and on time. All LLC forms, including the report form, can be found on the Wyoming business web site.
Important Notice: It is beyond the scope of this article to talk about your potential insurance needs, or matters relating to employees. You should consult an attorney or accountant with any questions about legal or financial matters. Please note that nothing in this article can be construed as legal, tax or accounting advice.
For additional learning, please visit our LLC FAQs.
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