With a business-friendly tax climate, Wyoming is an attractive destination for entrepreneurs looking to start their new businesses. If you’re looking to start an LLC in Wyoming, look no further. These are the key steps you need to take to register an LLC in Wyoming.
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Wyoming LLC Quick Facts
- To register an LLC in Wyoming, you will need to file Articles of Organization.
- The filing fee to start an LLC in Wyoming is $100.
- All LLCs in Wyoming must appoint a registered agent.
- After forming your Wyoming LLC, you will need to file an Annual Report.
6 Steps to Forming an LLC in Wyoming
Starting an LLC in Wyoming requires only a few straightforward steps.
To register an LLC in Wyoming, follow these six steps:
- Name Your Wyoming LLC
- Appoint a Registered Agent
- File the Articles of Organization
- Create an Operating Agreement
- Obtain an EIN and Handle Taxes
- File a Beneficial Ownership Information Report
Step 1: Name Your Wyoming LLC
To register an LLC in Wyoming, you need to decide on a name for your LLC.
Wyoming LLC names must meet the following criteria:
- Include “Limited Liability Company”, “LLC”, or “Limited Company”
- Be unique and distinguishable from any other business entity in the state
- Cannot include terms that imply government affiliation such as “FBI”
For the full list of naming requirements for Wyoming LLCs, visit the state’s How to Choose a Company Name guide.
To ensure your business name is unique, you will need to complete a business name search on the Wyoming Secretary of State website.
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Step 2: Appoint a Registered Agent
All LLCs in Wyoming are required to appoint a registered agent. A registered agent in Wyoming is a person or entity designated to receive legal and official documents on behalf of your LLC.
The registered agent must:
- Have a physical address in Wyoming
- Be available during regular business hours
- Not be the LLC itself
Who Can Serve as a Registered Agent in Wyoming?
In Wyoming, the registered agent can be the LLC owner, an employee of the company, a friend, a family member, or a professional registered agent service. It is essential to have a reliable registered agent to ensure that important documents are received and handled promptly.
Step 3: File the Articles of Organization
To register an LLC in Wyoming, one of the most important steps is to file the Articles of Organization with the Wyoming Secretary of State. This can be done online or by submitting this form by mail.
The filing fee for online filings is $102 and $100 if submitted by mail.
Before filing, it’s important to have the following information ready:
- Your LLC’s name and address
- The name and address of your registered agent
- The organizer’s contact information
- A completed Consent to Appointment By Registered Agent form
Quick Note: If the LLC is already formed in another state, it will need to register as a foreign LLC or out-of-state LLC in Wyoming. This can be done by submitting an Application for Certificate of Authority either online or by mail with a filing fee of $150.
Step 4: Create an Operating Agreement
In Wyoming, creating an operating agreement for your LLC is not mandatory, but it is highly recommended. An operating agreement is a document that outlines the internal procedures and ownership details of the company. This not only helps LLC members to be on the same page but also can prevent potential conflicts in the future.
Step 5: Obtain an EIN and Handle Taxes
The next step in registering an LLC in Wyoming is to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This unique number allows the IRS to track your business for tax reporting purposes and is essential for taxes, hiring employees, and opening a business bank account.
You can get your EIN for free on the IRS website.
In addition to obtaining an EIN, it is important to fulfill your tax obligations as an LLC in Wyoming. Be sure to research and understand any additional requirements for your business to pay taxes, which can vary depending on the nature of your business and its activities. You can find more information on tax obligations by visiting the Wyoming Department of Revenue website.
Step 6: File a Beneficial Ownership Information Report
In Wyoming, registering an LLC involves a few key steps to follow. One important step is to file a Beneficial Ownership Information (BOI) report. LLCs in Wyoming are required to file a BOI report with the US Financial Crimes Enforcement Network (FinCEN).
New LLCs must file this report within 90 days of formation, while existing LLCs must complete the filing between January 1st, 2024, and January 1st, 2025. Failure to do so can result in a $500 per day fine.
Filing for the Statement of Beneficial Ownership can be done for free online on the FinCEN website.
Next Steps
- Open a business bank account to separate and protect your personal assets. With Lili, you can open a business bank account for your LLC in just minutes.
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- Obtain any licenses and permits that may be required federally or by the state. Learn more about state licensing requirements on the Wyoming Secretary of State website.
- File an Annual Report with the Secretary of State to maintain your LLC’s good standing.
- Obtain appropriate business insurance coverage to protect your LLC. Next Insurance makes securing business insurance fast and affordable.
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Additional Tips for Success
- Build a network: Network with other entrepreneurs in Wyoming to gain insights and support
- Keep updated on state requirements: Stay updated on compliance requirements to avoid any penalties or legal issues
- Plan for the future: Set clear goals for your LLC’s growth and success to stay focused and motivated.
Conclusion
Starting an LLC in Wyoming is an exciting opportunity. LLCs provide businesses with tax flexibility, personal liability protection, and brand credibility. Following the steps outlined above will ensure that you can successfully register your LLC in Wyoming and operate your business legally and effectively.