Form a Wyoming LLC

Wyoming LLC Formation

If you’re looking to start an LLC in the state of Wyoming and need some guidance, then look no further! Everyone here at LLC Formations takes great pride in helping others learn the ropes to success. It takes a lot of hard work to get a business started, but it doesn’t have to be a stressful ordeal.

If you’re new to the Wyoming LLC formation, no worries! We will walk you through every step of the way and ensure that you understand each process. Any dream can turn into a reality once the proper steps are implemented. Let us help you reach your goals!

For your best interest, we will break down each step on creating an LLC Wyoming business. Forming an LLC In Wyoming is actually easier than you may think! Contrary to popular belief, it’s not that difficult to create an LLC. We want to provide you with a fun yet easy lesson on how to form LLC in Wyoming!

Let’s take a look at the basic steps to starting a Wyoming LLC. Once we go over that, we will start breaking down each step into simplified, easy-to-learn details!

How to Form an LLC in Wyoming - A Summary

Here are the 9 basic steps:

1. Search and Reserve a Name for Your LLC

2. Select a Registered Agent

3. Create the Articles of Organization

4. Create an Operating Agreement for Your LLC

5. File for an EIN with the IRS

6. File an Annual Report

7. Business Licenses and Permits

8. Wyoming Taxes

9. Create the Financial Accounts for Your LLC

These nine steps are the basics to knowing and understanding how to start an LLC in the state of Wyoming. If this resembles a foreign language to you, don’t fret! We will ensure that you understand each step in perfect detail. Once we break each section down, you’ll know what to do. It’s as easy as 1-2-3! If you’re ready for this, let’s get started!

1. Search and Reserve a Name for Your LLC

The first step toward forming an LLC In Wyoming is creating the name of your business. You’ll want to ensure that the name is unique and that no other business has it! In order to ensure that no one else has chosen the name in which you desire, you’ll have to do a Wyoming LLC search. To do this, visit Wyoming’s Secretary of State website and conduct a business search.

Wyoming is really strict on ensuring that the name of an LLC is distinguishable. For instance, if you file your LLC without conducting a name search and the state discovers that name is already used, you will lose your $100.00 filing fee. In other words, you’ll have to start completely over. It’s imperative that you do a name search before filing the LLC.

Quick Tips on Doing the Wyoming LLC Name Search:

a. Always leave out the designator when doing a name search

b. Search for a portion of your name to see any other names that have similarities

c. Leave out all forms of punctuation

d. No need to focus on capitalization during your name search

e. In the name search dropbox, select, “Contains”

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How Will You Know If Your Name is Available?

The best and surest way to know that your desired LLC name is not available and safe to use is when the search engine says, “No Results Found”. This indicates that your desired LLC name is likely distinguishable. (The state of Wyoming is really fond of the term, “Distinguishability”.)

If the search engine results show names that are very similar to yours but aren’t exactly the same, then the name will likely be rejected by the state. It’s best to ensure that your name is as unique and distinguishable as possible. Besides, who would want to pay the $100.00 filing fee a second time?

Another interesting detail to note is this: since the state’s website shows whether businesses are currently active and inactive, should an LLC name show that it’s inactive, it’s safe to use AS LONG AS it has been inactive for two years or more!

What Are Some Requirements and Restrictions to Choosing an LLC Name in Wyoming?

A. As with almost anything done legally, there are some restrictions and requirements for choosing an LLC name in the state of Wyoming. They aren’t very complicated, but it’s important to know. It’s the basics to choosing a name, after all!

You have to use a designator at the end of your name. A designator is stating that your business is an LLC. You can choose from 3 designators:

  1. LLC. This is actually the most popular designator
  2. L.L.C.
  3. Limited Liability Company

B. Your name cannot deceive people into believing that your company is a corporation. It’s not a corporation. It’s a limited liability company. There’s a major difference. The state will reject any inkling or hint of “corporation” from your name.

C. Your LLC name cannot compare closely to any other LLC name in the state. It MUST BE UNIQUE.

D. Certain words in your LLC name may require special permission or approval from the state.

Words such as:

Banking
Bank
Banker
Trust
Banc
Banquer

These words and words similar to them will need special approval from the Division of Banking.

Words such as:

College
University
Institution
Institute
Education
Educate

These words and words similar to them will need special approval from the Department of Education.

E. You can use a comma in your name or you may choose to leave one omitted. The choice is purely yours.

2. Select a Registered Agent for Your LLC

A registered agent isn’t someone as complicated and serious as it sounds. It’s simply a person or business that accepts legal mail for your LLC. Legal mail such as court subpoenas, summons or complaints against your LLC are sent to your registered agent.

The registered agent for your LLC can be you, a trusted friend or family member or a company. Commercial Registered Agents are the titles of companies that you choose as your LLC’s registered agent. These companies are purely in business for selecting legal mail on behalf of its customers. They usually charge $100.00 to $300.00 per year for their services.

In order to qualify as a Wyoming LLC Registered Agent, you must have a physical address in Wyoming. It cannot be a P.O. Box. The registered agent must also be available to receive legal mail from the hours of 9:00am to 5:00pm from Monday until Friday. You or your person of choice must be at least eighteen years of age. These Wyoming registered agent services LLC rules are mandatory.

Commercial registered agents are helpful to those that do not have a physical address in the state of Wyoming. If you fall under this category, they will be a great help to you.

3. Creating the Articles of Organization for Your LLC in Wyoming

Now that we’ve covered the details on searching and reserving your LLC’s name and selecting a registered agent, let’s discuss how to file the Articles of Organization with the Wyoming Secretary of State.

There are two ways in which you can file your Articles of Organization in the state of Wyoming. You can file them online or by mail. Either way, the filing fee will be $100.00. The difference is a matter of approval timing.

If you file your Articles of Organization online, your form will be approved instantly. Obviously, this is our recommendation for you! However, if you prefer to submit your Articles of Organization through the mail, then it’ll be approved within 3 to 5 business days.

Once the Articles of Organization is approved by the Wyoming Secretary of State, your LLC has been formed! Let’s take a deeper look at how to dig into this process!

How Do You Create and Submit the Articles of Organization?

To get started with the process, you’ll visit the Wyoming Business Center’s website. The link for it is here: https://wyobiz.wy.gov/Business/RegistrationInstr.aspx

The Wyoming Business Center’s website allows for eager, new business owners to easily sort through the process of creating their LLC. While you’re there, the website will walk you through the specifics such as:

  1. Desired Business Name – This is where you will enter your LLC’s desired name. Don’t forget the designator!
  2. Period of Duration for the Business – How long do you plan to operate the business? Indefinitely? If you have a planned closure date, be sure to include that date here.
  3. Registered Agent – Give the name and physical address of your chosen registered agent.
  4. Principal Addresses – Enter your LLC’s official and physical address. (If your LLC has more than one physical location in Wyoming, list that as well.)
  5. LLC Organizers – Who owns the business? Who are the members of the LLC? Be sure to list your name and any other owners and organizers for your LLC.
  6. Confirmation – You’re almost there! Simply confirm that all of your information is correct!
  7. Your Signature – Electronically sign your name.
  8. Payment – Set up your payment whether it’s by credit card, debit card or your bank account. Then you’re good to go!

The website is fairly straightforward. Follow the instructions and guidelines that are listed on the web page. Don’t forget to type your LLC name as it was originally reserved. In fact, Wyoming insists that you enter it TWICE. And remember, do NOT forget to include the designator! (This will be the LLC, L.L.C. or the Limited Liability Company.) We cannot express to you enough how important it is that you choose a name that is clearly distinguishable and unique. The state of Wyoming is very, very strict on name choices for LLC businesses. If an LLC name is anything similar to another LLC name, the state will reject it. The last thing you want to occur is for your LLC to be rejected due to a name conflict. You don’t want to pay for your LLC filing twice.

If you choose to do everything by mail, the state’s website has the appropriate forms to print out, fill out and mail in. Just be sure to follow the same rules as applied for the online process.

However, assuming that you’ve chosen to go the online route, the state of Wyoming will process and approve your Articles of Organization instantly. Upon the formation of your LLC, they immediately email you for the LLC approval paperwork. This includes:

  • The Certificate of Organization
  • The Filing Receipt
  • The Articles of Organization (the official copy that’s stamped and approved)

You can also download your Certificate of Good Standing. This is a great document to keep with your other LLC approval documents. Although it isn’t necessary, we recommend that you download and print the Certificate of Good Standing along with everything else.

4. Create an Operating Agreement for Your Wyoming LLC

Although an operating agreement isn’t required by the state of Wyoming for the formation of an LLC, it’s highly recommended. Drafting an operating agreement is important for establishing the rules and regulations for your business entity as well as detailing the operational and financial responsibilities of the LLC. It also provides protection for you and any other LLC members should a conflict ever arise. Since every party involved must sign and agree to the operating agreement, everyone must abide by it whether conflict arises or not.

What does it outline?

A typical operating agreement follows this outline:

1. It states when the LLC was officially formed.

2. It states the LLC owners, who it’s managed by and how it’s managed.

3. It states how the investment by each LLC member.

4. It states how the profits will be divided should a conflict ever arise.

5. It states how changes in management roles would apply should any member leave the LLC.

6. It states the process of every member dissolving the LLC should each member agree to leave it.

The state of Wyoming doesn’t expect you to mail your copy of the Operating Agreement to the Secretary of State. It’s a legal document for you and your business members that provides rules, regulations and protection from future conflict. It covers your bases, so to speak. It’s a great practice to keep copies of your LLC’s Operating Agreement; especially if your business involves accounting professionals, investors, real estate companies, lawyers and lenders.

When it comes to owning your own business, you should always be prepared to protect not only yourself but your business as well!

5. EIN (Employer Identification Number)

You cannot operate a business without an EIN. This stands for, “Employer Identification Number”. This number works for a business just as a social security number works for a person. You apply for it with the IRS, and it’s FREE!

There are several Wyoming LLC benefits to obtaining an EIN. First and foremost, it aids the IRS in identifying your LLC for tax purposes. This is really important! You cannot file any taxes without your EIN.

However, the EIN ensures that you can open your LLC bank account and other financial accounts such as credit cards, loans and much more! You will need an EIN to apply for various permits and licenses. Finally, if you’re going to hire employees to work for your Wyoming business, then you’ll need the EIN to deal with the employee payroll.

To help further simplify the details on an EIN, there are other names that this crucial identification number can go by. Let’s take a look at a few of these:

  • Employer ID Number
  • Federal Employer ID Number
  • Federal Tax Number
  • Federal Tax ID Number
  • Employer Identification Number
  • FEIN
  • EIN Number

The EIN can also be referred to by any of these names and abbreviations. If you ever see these, don’t get confused. They all refer to the EIN.

Now that you’re familiar with the EIN, let’s move on to discuss the Wyoming LLC Annual Report.

6. Wyoming's LLC Annual Report

It’s important to note that the number one reason any LLC in the state of Wyoming is shut down is largely due to the failure of sending in an Annual Report. This is another detail that the state is strict upon.

Don’t let this worry you too much as the state always sends 3 reminder notices for the Annual Report. However, should you not receive any reminders, it’s still your responsibility to send the state your Annual Report. Always stay on top of this!

The Annual Report for any LLC in the state of Wyoming is always due BEFORE the first day of your LLC’S birthday month. For instance, if you formed your LLC on October 17, 2018, then your first Annual Report will be due before October 1, 2019. In fact, it will ALWAYS be due before the first of October.

So, always keep a reminder of your LLC’s birth date and calculate when your Annual Report is due. It will be that way for every year.

Wyoming LLC Annual Fee

For the state of Wyoming, the Annual Report filing fee is only $50.00. However, that is for MOST LLC’s in Wyoming. If your company’s assets are valued at more than $250,000.00 in the state of Wyoming, then the Annual Report fee will be much higher.

There is a specific formula that’s used to calculate an LLC’s Annual Report fee for businesses that have assets worth more than $250,000.00.

The formula looks like this:

$0.0002 times the complete value of the LLC’s total assets.
If you’re not the best in mathematics, don’t worry! Wyoming’s website for filing the Annual Report has a calculator that configures this formula for you!

And, in case you should come across this, Wyoming often refers to the Annual Report filing fee as a “License Tax”. If you see that term in any of your Annual Report reminders from the state, that’s what they’re referring to.

7. Business Licenses and Permits

The state of Wyoming does not have a general business license like most other states do. In fact, the state is widely known for this perk! Many people from around the country desire to start businesses in Wyoming for this purpose alone.

Wyoming chooses to leave the licenses and permits to be determined by the type of profession the business entity is involved in. For instance, if you’re a plumber, then you’ll need to provide any permits and licenses that show you’re a certified plumber. Or, if your building needs a permit for the city of residence, then you need a building permit.

However, not being in compliance with the laws of Wyoming’s licenses and permits may result in penalties that’ll threaten your LLC. Be sure to do the research in knowing what type of permits or licenses that you may need for your type of profession.

Listed below are some examples of licenses that you may need in the state of Wyoming:

  • Food Service License
  • General Contractor’s License
  • Sales/Use Tax License
  • Motor Vehicle Dealer License
  • Health Department License
  • Department of Agriculture License
  • Commercial Vehicle License
  • Alcohol and Liquor License
  • Cigarette Wholesaler License
  • Retail License
  • Special Fuel License
  • Vehicle Disposal License

Listed below are some examples permits that you may need in the state of Wyoming:

  • Public Land Permit
  • Insurance
  • Agriculture Permit
  • Fire Prevention Permit
  • Wildlife Permit
  • Building Permit
  • Environmental Protection Permit
  • Consumer Credit Permit
  • Transportation Permit

At LLC Formations, we can research and find out any answers to any questions that you should have. However, for your record, if you want more information on licenses and permits in the state of Wyoming, then you can check out the Wyoming Economic Development Agency’s website at http://www.wyomingbusiness.org/content/licensing-and-permitting

8. State Taxes in Wyoming

Are you sitting down? There are no state taxes in Wyoming. This means that you won’t file a state tax return in Wyoming. In fact, the state doesn’t place a tax on retirement income or income earned from capital gains or interest. This is another reason that people from around the country desire to open businesses in the state of Wyoming!

And it keeps getting better! Wyoming doesn’t even impose a tax on income that’s earned from other states!

However, keep in mind that a few locations may impose taxes on things that other areas do not. This is why we recommend that you let us help you here at LLC Formations. We can help you decide whether you should seek an accountant for the location in which you’re placing your LLC in the state of Wyoming. We are experts in the field of forming LLCs and know the varying laws in each state. If you’re from outside the state of Wyoming and are new to their laws and regulations, we will be glad to guide you along the way to forming your first LLC!

9. Opening Your LLC Bank Account in Wyoming

Now that you have officially formed your LLC in the state of Wyoming and have received your EIN number, it’s time to open your business banking account. This is an absolute must for operating a business of any kind. You never want to combine your business accounts with your personal accounts. It’s a big no-no.
As we discussed earlier, you will need an EIN to open any kind of financial account for your LLC. We talked about how the EIN is the tax identification number for your LLC just like your social security number is your tax identification number.

It’s a good idea to browse through the different banking institutions in your LLC’s area. We recommend that you call each bank ahead of time to find out what documents you’ll need to provide for them. Each bank does business differently. There’s no need to waste your time AND their time by showing up without the proper documents in hand.

However, with that being said, the documents that are usually needed for opening a bank account for an LLC in the state of Wyoming are as follows:

  • The Stamped and Approved Copy of Your Articles of Organization
  • Your LLC Operating Agreement
  • Your EIN Confirmation Letter
  • Driver’s License

Conclusion

Now that we have gone over the steps in detail of how to form your LLC in the state of Wyoming, let’s review everything in summary once more.

In the state of Wyoming, there are 9 basic steps to forming an LLC. It’s a good idea to write down these steps as you work you way through them. It will be a helpful guide toward forming that LLC dream of yours!

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How to Set Up an LLC in the State of Wyoming - A Summary

Here are the 9 basic steps:

1. Search and Reserve a Name for Your LLC

Remember that the state of Wyoming is very strict on the name of your LLC being distinguishable. It cannot be similar to any other LLC name in the state. They will reject it, and you’ll have to refile again. (You will also have to repay the filing fee of $100.00!) Be sure to have a unique and distinguishable name!

2. Select a Registered Agent

The registered agent can be yourself, a trusted family member or friend or a company. However, the registered agent MUST have a physical address in the state of Wyoming AND they must be eighteen years of age or older. P.O. Boxes do NOT count as physical addresses.

3. Create the Articles of Organization

This is the meat of forming your LLC in the state of Wyoming. Be sure to include the name of your LLC and don’t forget the designator! Once you have submitted the Articles of Organization with Wyoming’s Secretary of State, your LLC will be officially formed.

4. Create an Operating Agreement for Your LLC

Although this is not enforced by the state of Wyoming, it’s highly recommended to draft an operating agreement for your LLC. This should state the rules and regulations for your business, the daily operations and financial functions as well as delegating the LLC members and their roles in the company. This document will protect you and your LLC members from any future conflict. Therefore, we highly recommend that you draft an operating agreement for your LLC in the state of Wyoming.

5. File for an EIN with the IRS

You cannot operate a business with the EIN. This is the tax identification number for your business. All taxes are filed with the EIN. The EIN is also needed to open necessary LLC financial accounts such as bank accounts, credit cards and so much more.

6. File an Annual Report

The state of Wyoming requires you to file an Annual Report every year. Remember that it must be done before the first day of the month in which your formed your LLC in the state of Wyoming.

7. Business Licenses and Permits

Be sure to research all the necessary licenses and permits for your specific profession and location of your business. However, remember that Wyoming does NOT have a general business license!

8. Wyoming State Taxes

Here’s the beauty to this section: Wyoming does not impose state taxes on their LLC businesses!

9. Create the Financial and Banking Accounts for Your LLC in Wyoming

Finally, don’t forget to open your banking account and other important financial accounts for your LLC! You’ll need your EIN Certification Letter, driver’s license, a stamped and approved copy of your Articles of Organization and the operating agreement.

Whether you’re looking to start a Wyoming vs Nevada LLC or have a question about starting an LLC anywhere! At LLC Formations, we look forward to guiding you with every step of the way! Are you looking to start your own LLC in the state of Wyoming? Let us help you today! Check out our Alabama LLC guide as well.