A Wyoming LLC or Wyoming Limited liability Company is a business entity separate from its owners (known as members or managers), with specific rights, such as the right to own property, bring lawsuits in a court of law, and enter into contracts with individuals and other entities. Wyoming LLCs are considered to be a less-formal structure than corporations, simpler in their management and with fewer legal requirements. Most Wyoming LLCs are small, family-owned businesses. Common uses for WY LLC formation would be to sell products online, collect money for services, hold real estate and other operations where a business bank account is needed.
Below you will learn more about the advantages of owning a Wyoming LLC, as well as how one is formed.
Benefits of the Wyoming LLC
- No Taxation: Wyoming Limited Liability Companies are not subject to state taxes, because there are no entity taxes and no personal income taxes in the state of Wyoming. That’s right, Wyoming is one of the very few states that has fully done away with corporate entity tax and income tax, making it one of the most attractive states in which to form a business. Instead of paying more taxes, you can put more money into your pocket or to improve your business.
- One, Single Annual Fee: The only annual fee your Wyoming LLC will pay is a filing fee for your Annual Report. The fee is kept at a low minimum of $52 yearly. The Wyoming Secretary of State intentionally keeps the filing fees low because the goal is not to make an obscene profit, but rather to cover costs and invest in better business infrastructure. There are no other hidden annual fees in Wyoming (something you will find in many other states, such as Nevada and Delaware). Every year that passes, Wyoming becomes a place for business. In recent years, Microsoft has built a $750 million data center and has expanded TechSpark to Wyoming.
- Strong Asset Protection: Wyoming is the national leader in LLC formation and protection. In fact, Wyoming invented the LLC structure in 1977, and the state has pioneered strong asset and liability protection for limited liability companies. Wyoming was the first state in the country to offer an LLC. Wyoming LLCs benefit from clear laws that limit creditors to charging orders only when seeking to collect from Wyoming LLC members, and this protection extends to single-member LLCs as well. No state has stronger protections for LLC members. This has been the case since the beginning and unlike other states, Wyoming does not alter it’s privacy policies for capital gain.
- Speedy Processing: Wyoming offers online filing for Corporations and LLCs. You can have your brand new LLC in as little as minutes when filing online. If you would rather file your Wyoming LLC Articles of Organization by paper, the state’s business division only takes three to five days to process the paperwork. There is no expediting fee because there is not a need for one. File online instantly or file by mail and wait a week.
Steps to Form an LLC in Wyoming
- Name Your Limited Liability Company: Keep in mind that the name you select must conform to Wyoming state laws and must not be used by another business entity. The name of the LLC must end in a few options. Choose from LLC, L.L.C., LC, L.C., Limited Liability Company, LTD Liability Co and so on. A filing without a designator at the end of the name will be rejected by the Wyoming Secretary of State.
- File Articles of Organization: To form an LLC in Wyoming, Articles of Organization are filed with the Wyoming Secretary of State. There is a $100 filing fee when filing by paper. The fee for the state to file the articles is $102. $2 is not a bad convenience fee to get your Articles of Organization filed almost immediately. You will need a few required articles for the paperwork to process, but you can add as many articles as you need to. The required articles are the name, office location, registered agent and the organizer name. To stay private on the public record, allow Corporate Filings Solutions to sign as your organizer. That service is included in our fee for a new LLC filing.
- Designate a Wyoming Registered Agent: Under Wyoming state statute 17-28-101, when filing Articles of Organization a Wyoming registered agent must be designated. You cannot form an LLC in Wyoming without a registered agent. Avoid time delays with a state rejection of your Articles of Organization. Be sure to hire your registered agent in Wyoming before you file your Wyoming articles for a new LLC.
- Write an Operating Agreement: Operating agreements are the documents that govern LLCs. Ownership percentages are allocated here, and the rights and responsibilities of members are determined. This includes voting rights, profits and losses distributions, and management structure. Be sure to make copies of the operating agreement for your Wyoming LLC and have all the managers and members sign it in front of a notary public. If you want to file an operating agreement for the LLC with the Wyoming Secretary of State, you must file it the exact same time as your articles by mail or in person. An operating agreement will be rejected if it is submitted after an LLC has already been filed. This does not mean it will be invalid, it just will not show up on your public Wyoming LLC database page.
- Open Business Accounts: An LLC will need business bank accounts to keep separate company monies from the monies of members. Each bank branch has its own requirements for opening accounts, but most banks will require copies of Articles of Organization and the LLC operating agreement. You will need to obtain an EIN aka FEIN on your own in order to open a business bank account. This service is free and you can do it online at IRS.gov. Your business bank account for your Wyoming LLC does not have to be in Wyoming. You can open a Wyoming LLC business bank account in any state or any country. An apostille of the official LLC documents may be required for a foreign bank account.
- File Annual Report and Pay Taxes: After you form an LLC in Wyoming, you must file an annual report each year on the first day of the anniversary month of formation. If the LLC was formed in March, then the annual report must be filed by March 1 each year. There is a minimum $52 filing fee for the annual report, paid to the Wyoming Secretary of State. LLCs do not pay an entity tax in Wyoming, and there is no state income tax. The profits of the WY LLC will be paid through the individual profits of the members or managers.
- Submit Beneficial Ownership Information Report: You must a file a BOI report with the Financial Crimes Enforcement Network after formation, starting January 1, 2024. The BOI report is free to file and must be submitted online.
|Wyoming LLC Facts|
|The Form||Articles of Organization|
|The Agency||Wyoming Secretary of State|
|Our Fee||$245 (includes registered agent)|
|Annual Report Due||1st Day of Anniversary Month|
|Annual Report Fee||$52|
|State Income Tax||None|
Wyoming Registered Agent Service
A Wyoming registered agent must be an individual, a domestic business, or a foreign entity with a domestic office in Wyoming. An agent service must consistently maintain a registered office (physical street location) within the state. Registered agents accept service of process and other certified business mail on behalf of clients and ensures that all accepted documents are forwarded to clients in a timely manner. Wyoming LLC registered agent service is not something we take lightly at Corporate Filings Solutions. We provide registered agent service in Wyoming with compliance reminders and online help. You always get your important notifications and service of process in real time.
Annual Report and Taxes
Wyoming LLCs file an annual report each year by the first day of the anniversary month of their formation. If an LLC was formed in August, the annual report is due by August 1. The annual report fee is $52.
There are no separate taxes on LLCs. There is no state income tax.
Federal Beneficial Ownership Information Report Filing
As a newly-formed LLC, you’ll probably need to submit a Beneficial Ownership Information (BOI) Report to the Financial Crimes Enforcement Network (FinCEN). The BOI report provides the federal government with basic information about your LLC and the people with the most power over your business decisions and profits. Starting January 1, 2024, this report is due following company formation. This report is a little complicated, but we can make filing painless with our $9 BOI report filing service.
Do I Need to Have More than One Member for My Wyoming LLC?
No. You can form a Single-Member LLC (SMLLC) in Wyoming. In fact, Wyoming invented the LLC in America and has been at the forefront of creating LLC law. Single-Member LLCs are specifically guaranteed all of the same protections and rights as any other LLC in Wyoming. You can also own a separate company and that company can be the one member of an LLC in Wyoming.
Can I Make Amendments to My Articles of Organization?
Yes. In Wyoming, you would file an LLC Amendment to Articles of Organization form and send duplicate copies to the Secretary of State. There is a $50 filing fee. It takes the business division about 3 to 5 days to process the WY LLC Amendment, depending on their current workload. A common amendment to an LLC in Wyoming is the name change. If you want to change the name of your Wyoming LLC, you will file an amendment to article one.
Can An LLC Be Taxed as a Corporation?
Yes. This is not done with the Wyoming Secretary of State’s office. To change the tax status of your WY LLC, you will need to file paperwork with the IRS. Many LLCs elect to be taxed as S-Corporations. This does not convert the business entity structure, but rather changes only the tax designation with the Internal Revenue Service.
Why Hire Corporate Filings Solutions to Form Your New Wyoming LLC?
When you Corporate Filings Solutions, you will be working with one of the most stable networks of business filers and registered offices in the nation. Corporate Filings Solutions partners with NWRA and their business formation filing service to provide you with the fastest, most-reliable service in the nation. Through this partnership, we will form a Wyoming LLC for you quickly, easily and efficiently.