The pandemic led to changes in Wyoming, including a rise in remote work and increased capital for local startups. Business formation has also increased, making it an ideal time to start Wyoming LLC formation. Learn the steps on how to start an LLC in Wyoming, including hiring a registered agent for Wyoming LLC. We will guide you through every step of the process.
#1: Name Your Wyoming LLC
#2: Hire a Wyoming Resident Agent
#3: File Articles of Organization
#4: Get an Employer Identification Number
#5: Create an Operating Agreement
#6: Fulfill Your Obligations
Wyoming’s LLC formation is affordable and easy. Interested parties must register with the Secretary of State, submit necessary forms, pay fees, and meet specific naming and formation requirements.
Before You Start a Wyoming LLC
If you’ve done your research and have a prepared business plan, filing will be straightforward. Before starting a Wyoming LLC, follow these steps:
Registration. Submit articles of organization to the Secretary of State via mail. Include an email address for electronic certificates from the Secretary of State, and ensure that the articles contain essential details such as:
- Name of the LLC, along with the principal office address and mailing address
- Details of the registered agent, including their name and address
- Information about the organizer, including their name, daytime phone number, email, and a dated signature
- An authentic, signed Consent to Appointment by the Registered Agent
Include the filing fee payment with all submitted documents.
Forms and fees. LLC registrants must file articles of organization along with the required filing fee.
Timeline. Processing business forms and files typically take three to five business days, with no available expedited services.
Naming requirements. Requirements for naming an LLC can be confusing. The simplest method to ensure approval of your LLC name is to make it distinctive from others and include the necessary words. Consider checking the availability of your preferred name before submitting your LLC formation documents to the Secretary of State.
Formation requirements. Starting an LLC involves the initial step of filing articles of organization with the Secretary of State.
For an LLC with multiple members, it is highly advisable to establish a limited liability company operating agreement among its members.
If your LLC provides professional services, you might need to secure specific licenses and permits from the state’s professional licensing boards.
Now that you know the requirements before starting a Wyoming LLC. We will now explore the process of registering your LLC with the Wyoming Secretary of State:
1. Name Your Wyoming LLC
When starting a business, one of the first steps is choosing a name for your LLC (Limited Liability Company). Your chosen name will represent your brand and serve as your business’s legal identity. Selecting a name that is unique, memorable, and aligns with your business goals and values is important. Search LLC name availability through a Wyoming business portal and check if your desired name is already taken.
Here are important things to keep in mind:
- Make sure to have “limited liability company,” “LLC,” or “L.L.C.” in your business name.
- Check if your chosen name differs from other businesses by visiting the Secretary of State’s website.
- Avoid using terms reserved for government agencies like the State Department or CIA.
- Words like “bank” or “lawyer” may require additional paperwork and licenses.
Reserve Your Business Name
Remember that reserving a name is not mandatory for LLC registration, but if you want to ensure that your business name will be available, you can apply for a name reservation and pay a filing fee of $60. This will reserve your desired name for 120 days. This step can save you time and money in the long run, as you won’t have to choose a new name if your first choice is unavailable.
Additional consideration:
URL availability: Check if your desired business name and URL are available, even if you don’t plan to create a website immediately. If it is, consider purchasing it for future use. Even without selling items, an online presence can promote your company and expand your client base. Additionally, verify your name is available on popular social media platforms for effective brand promotion.
2. Hire a Wyoming Resident Agent
Wyoming law mandates that your LLC must have a registered agent. This individual receives lawsuits and official documents on behalf of your business. You can serve as your own agent or appoint an employee or LLC member. However, it’s crucial that you or the designated person is a Wyoming resident, at least 18 years old, and possesses a physical address within the state – a P.O. box cannot substitute for a street address.
Alternatively, you can hire an individual to serve as your registered agent. The fees typically fall between $45 to $300 annually, with an average cost between $100 and $150. Remember that the quality of service may differ, so it’s advisable to conduct thorough research on various companies to select the most suitable agent for your Wyoming LLC.
3. File Articles of Organization
The crucial step in starting an LLC in Wyoming is filling and submitting the articles of organization to the Secretary of State. These articles serve as a comprehensive document containing all the information the state requires to validate and register your Wyoming LLC in its database. The articles include the following details:
- The name of your Wyoming LLC.
- The registered agent’s name and address.
- The mailing address of the LLC.
- The office address of the LLC.
- The signature of the LLC’s organizer.
- The name, phone number, and email of the contact person for the LLC.
- A registered agent consent form includes the agent’s name, signature, and address.
Wyoming provides the business center online services for electronic filing of articles.” The filing fee for articles is $100, with an extra $2 charge for online submissions.
Mailing Address:
Wyoming Secretary of State
2020 Carey Ave
Suite 700
Cheyenne, WY 82002
4. Get an Employer Identification Number
If your LLC has two or more members, getting an Employer Identification Number (EIN) is necessary for tax purposes. The EIN is a unique nine-digit number identifying your business entity for tax-related matters. This number is crucial for reporting taxes, opening a business bank account, and hiring employees. You can get an EIN by applying through the IRS website, or you can use Form SS-4 and apply by mail or fax.
It is important to note that each LLC must apply for its own EIN individually. Obtaining an EIN ensures that your LLC stays compliant with tax regulations and enables efficient business financial management.
5. Create an Operating Agreement
While LLCs in Wyoming don’t need a limited liability company operating agreement, it is highly advisable, especially if your LLC consists of multiple members. Even though the State of Wyoming does not enforce the requirement, having an operating agreement in place is prudent as it is a governing document recognized by the state.
This agreement outlines each member’s rights, responsibilities, obligations, and the rules and procedures for decision-making and dispute resolution within the LLC. Creating an operating agreement ensures clarity and avoids potential conflicts among members, promoting your LLC’s smooth and efficient operation.
The operating agreement typically includes the following:
- Voting protocols
- Member responsibilities
- New member initiation
- Daily operations
- Company mission statement
- Annual meeting dates
- Dissolution requirements
6. Fulfill Your Obligations
You need to fulfill your yearly obligations based on your business type. You must file your annual report and pay the license tax each year on the anniversary of your LLC’s formation date. For instance, if your LLC was formed in Wyoming on December 15th, 2022, your first annual report will be due on December 1st, 2023.
The annual license tax amount is either $60 or 0.0002% of the total value of all assets that your LLC utilizes and possesses within Wyoming. If the value of your LLC’s assets is $300,000 or less, the license tax will be a flat fee of $60. It is important to note that although there are no late fees associated with not filing the annual report or paying the tax by the due date, failure to do so within 60 days may result in the dissolution of your LLC.
Tax Filing Requirements for Your Wyoming LLC
Wyoming does not impose state income taxes, but LLCs must still report their income to the IRS. Single-member LLCs file Form 1040, while multi-member LLCs file Form 1065, and each member files Schedule K-1.
LLCs selling physical products or employing staff may have additional tax obligations besides the license tax due with the annual report. Selling products requires a sales/use tax license and a $60 fee payment through Wyoming’s online portal or by mail.
LLCs with employees in Wyoming must register with the Wyoming Department of Workforce Services and pay unemployment taxes to support unemployment insurance. The tax rate varies yearly, with discounts offered to new businesses. Contact the Unemployment Tax Helpline at 307-235-3217 for your specific rate.
Ready to start your LLC? Get your business up and running smoothly with this helpful guide. Follow the steps to simplify the process and set your LLC on the right path.
LLC State Guides
How To Start an LLC in Wyoming FAQs
Wyoming LLCs are easy to establish, cost-effective, and provide liability protection by separating personal assets from business funds.
If you submit your application online, it usually takes 1-3 business days for the Secretary of State to review the articles of organization. Once approved, you will receive a certificate as proof of your LLC’s existence.
No, Wyoming doesn’t mandate an operating agreement, but it is highly advisable. An operating agreement outlines financial details, voting rights, profit/loss distribution, and member responsibilities.
The filing fee is $100, with additional costs ranging from $500-$1,000 for drafting documents. Other expenses may include licensing fees, office space rental, and legal/accounting assistance.
Wyoming offers various LLC structures, including the Wyoming Series LLC, Wyoming Restricted LLC, Wyoming Foreign LLC, and Wyoming Anonymous LLC, each catering to different business needs.
