When talking about LLC, what really comes to your mind? You might have heard about LLC but you don’t really understand the concept of how it’s been operated.
A limited liability company (LLC) is a business entity that offers certain legal protections and rights to its owners. An LLC is either a corporation or a sole proprietorship/partnership.
Do you know that forming an LLC is the simplest way of structuring your business to protect your personal assets in case your business is sued?
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An LLC can be owned by one or more people, who are known as LLC “members”. An LLC with one owner is known as a single-member LLC, and an LLC with more than one owner is known as a multi-member LLC.
Wyoming LLC Information
Forming LLCs in Wyoming is affordable and easy. Unlike other states, the State of Wyoming has some unique LLC requirements.
Interested parties must register with the Wyoming Secretary of State by filing the necessary forms, paying the necessary fees and meeting all naming and formation requirements.
The specifications required of a Wyoming LLC are:
1. Name Your Wyoming LLC
Choosing a company name is the first and most important step in starting your Wyoming LLC. Be sure to choose a name that complies with Wyoming naming requirements and is easily searchable by potential clients.
1. Follow The Naming Guidelines:
- Your name must include the phrase “limited liability company” or one of its abbreviations (LLC or L.L.C.).
- Your name cannot include words that could confuse your LLC with a government agency (FBI, Treasury, State Department, etc.).
- Restricted words (e.g. Bank, Attorney, University) may require additional paperwork and a licensed individual, such as a doctor or lawyer, to be part of your LLC.
- Your name must be distinguishable from any Wyoming limited liability company (LLC), corporation, limited liability partnership (LLP), or limited partnership (LP).
2. Choose A Registered Agent In Wyoming
You are required to nominate a Wyoming registered agent for your LLC.
What Is A Registered Agent?
A registered agent is an individual or business entity responsible for receiving important legal documents on behalf of your business. Think of your registered agent as your business’ point of contact with the state.
Who Can Be A Registered Agent?
A registered agent must be a resident of Wyoming or a corporation, such as a registered agent service, authorized to transact business in Wyoming. You may elect an individual within the company including yourself.
FAQ: Nominating A Wyoming Registered Agent
Can I Be My Own Registered Agent In Wyoming?
Yes. You or anyone else in your company can serve as the registered agent for your Wyoming LLC.
Is A Registered Agent Service Worth It?
Using a professional registered agent service is an affordable way to manage government filings for your Wyoming LLC. For most businesses, the advantages of using a professional service significantly outweigh the annual costs.
3. File The Wyoming LLC Articles Of Organization
To register your Wyoming LLC, you will need to file the Articles of Organization with the Secretary of State. You can apply online or by mail. Some states refer to the Articles of Organization as the Certificate of Formation or Certificate of Organization.
The Articles of Organization for an LLC (Limited Liability Company) in Wyoming is a legal document to officially form your business. You’ll be expected to provide the name of your LLC, the name and address of your registered agent, and the state filing fee.
After you file the Articles of Organization, we recommend you obtain an Employer Identification Number (EIN) if you plan to hire employees and open a business bank account.
FAQ: Filing Wyoming LLC Documents
How Long Does It Take To Form An LLC In Wyoming?
Filing the Articles of Organization is immediately after receiving payment online, and 5 to 7 business days by mail.
What’s The Difference Between A Domestic LLC And Foreign LLC?
An LLC is referred to as a “domestic LLC” when it conducts business in the state where it was formed. Normally when we refer to an LLC we are actually referring to a domestic LLC. A foreign LLC must be formed when an existing LLC wishes to expand its business to another state.
4. Create Your Wyoming LLC Operating Agreement
An operating agreement is not required for a Wyoming LLC, but it’s a good practice to have one.
What Is An Operating Agreement?
An operating agreement is a legal document outlining the ownership and operating procedures of an LLC.
Why Are Operating Agreements Important?
A comprehensive operating agreement ensures that all business owners are on the same page and reduces the risk of future conflict.
FAQ: Creating a Wyoming LLC Operating Agreement
Do I Need To File My Operating Agreement With The State?
No. The operating agreement is an internal document that you should keep on file for future reference. However, many states do legally require LLCs to have an operating agreement in place.
5. Get A Wyoming LLC EIN
What Is An EIN?
The Employer Identification Number (EIN), or Federal Tax Identification Number, is used to identify a business entity. It is essentially a social security number for the company.
Why Do I Need An EIN?
An EIN is required for the following:
- To open a business bank account for the company
- For Federal and State tax purposes
- To hire employees for the company
Where Do I Get An EIN?
An EIN is obtained from the IRS (free of charge) by the business owner after forming the company. This can be done online or by mail.
FOR INTERNATIONAL APPLICANTS: You do not need an SSN to obtain an EIN.
FAQ: Getting An EIN
How Do I Get An EIN If I Don’t Have A Social Security Number?
An SSN is not required to get an EIN. You can simply fill out IRS Form SS-4 and leave section 7b blank. Then call the IRS at 267-941-1099 to complete your application.
What Tax Structure Should I Choose For My LLC?
When you get an EIN, you will be informed of the different tax classification options that are available. Most LLCs elect the default tax status.
However, some LLCs can reduce their federal tax obligation by choosing S corporation status. We recommend consulting with a local accountant to find out which option is best for you.
6. Cost To Form An LLC In Wyoming
To start an LLC in Wyoming, you will need to file the Articles of Organization with the Wyoming Secretary of State, which costs $100-$102. You can apply online or by mail. The Articles of Organization is the legal document that officially creates your Wyoming Limited Liability Company.
7. Wyoming LLC Annual Fee
Wyoming’s LLC is required to pay an annual fee of $50 to the Secretary of State beginning the second year. There is again a $2 convenience fee for paying online. The annual report is technically calculated as the lesser of $50 or $50 for every $250k in assets in Wyoming.
For most clients this means they will have a $52 report to file every year. The company is also required to have a registered agent in Wyoming. We charge $49 annually to act as your agent. This brings your limited liability company’s annual cost to $99, or $101 if you pay online.
It is important to note the Secretary requests the name of the individual filing the company’s annual report. For those seeking anonymity, it is important you have someone us or someone else file the report for you. Once it has been filed the Secretary will not remove it from the public record.
Our nominee service is an additional $50. This would bring your Wyoming LLC’s annual fees to $149. That is the amount we charge to act as your registered agent ($49), file your annual report using our name ($50), and pay the annual report filing fee to the Secretary ($50). We technically file online, but we don’t pass the credit card convenience fee on.